Tag Archives: Financial Planning

In 2022, Social Security recipients got a 5.9% cost-of-living adjustment (COLA). That was the largest increase in 40 years. The COLA coming in 2023 may be even bigger. Social Security calculates cost-of-living increases based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from September to September each year. According to the Bureau of Labor Statistics, the CPI-W has increased 9.4% from March 2021 to March 2022. So,...

The seven deadliest words in the English language—We’ve never done it this way before. And that certainly applies to Baby Boomers whose prospects for retirement are different than any preceding generation. Many Boomers, those born between 1946 and 1964, have made their retirement plans based on their parent’s generation. The World War II crowd retired with income from Social Security and, in most cases, a generous pension, providing non-stop income that lasted the...

Oh, the day you can hang up your career and ease into that status you’ve been working toward most of your adult life, the place that brings a smile to your face, your happy place where you no longer answer to an employer, where you set your own schedule—that magical place called “Retirement.” You’ve been saving and planning and getting things in place. But have you planned for the taxes you have to pay on retirement income? Many retirees don’t take that into...

There was dancing in the streets when Social Security announced that 2022 checks will go up by 5.9%, the biggest Cost of Living Adjustment (COLA) in 40 years. But now, the streets are empty and the cheering is gone. Most of that Social Security COLA will be eaten up by increases in Medicare. Medicare Part B, which covers doctor services and outpatient care, will go up by 14.5% which is the largest Medicare increase ever. This year the monthly premium for Medicare...

2021 isn’t over yet. So here are 10 smart money moves to make right now. Saving money should be a year-round endeavor, but life gets in the way just like anything else. So with 2021 coming to a swift, thankful end, take advantage of the fourth quarter to accelerate your financial acumen, bolster your balance sheet and successfully springboard into the new year. Tip One: Max Out HSA Contributions for 2021. A Health Savings Account is a pre-tax savings miracle...

Alhambra’s Bob Williams answers the question, “What do I do if I choose the wrong Medicare Plan?”. [embedded content] [embedded content] You Might Also Like Weekly Market Pulse: Perception vs Reality 2021-10-18 It was the best of times, it was the worst of times… Charles Dickens, A Tale of Two Cities Some see the cup as half empty. Some see the cup as half full. I see the cup as too...

[embedded content] [embedded content] You Might Also Like SNB Sight Deposits: Inflation is there, CHF must Rise 2021-07-19 Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars. RRP No Collateral Coincidences As Bills Quirk, Too 2021-07-12 So much going on this week in the bond market, it actually...

Hey! It’s just an IRA. What is there to know? You put money in and it’s a tax deduction, you get to take it out after 59 ½ without paying a penalty, and at 72 the IRS makes you take some out. What else could there be? In reality, there’s a lot more. Besides being able to contribute $6,000 every year, or $7,000 if you’re over 50, IRAs make up one of the major sources of retirement savings in the United States. The Investment Company Institute says there was more than...

Social Security is an important part of almost every retirement plan, whether you’ve saved enough or not. That’s why it’s important to know as much about your Social Security situation as possible. And you don’t want to wait until you’re about to retire to gather the facts and take appropriate steps. Social Security planning needs to start 5 years before your target retirement date. Check your estimated benefit amount The easiest way to check Social Security’s...

First, it was 10%, then 20%, and today more than 50% of U.S. retirees pay taxes on their Social Security benefits, and the number is expected to go even higher. The cause seems to be that one government hand doesn’t know, or care, what the other government hand is doing. The rub comes because income tax brackets are adjusted for inflation each year. But income thresholds determine if you pay taxes on Social Security, and how much, haven’t been adjusted for inflation...