The start of a New Year is a good time to share our financial checklist again. We created our checklist in January of 2020, as we began a new decade, to help people take a fresh look at their financials. As Financial Advisors, we are dedicated to educating our clients and our community about the importance of their financial health. We hope you find this checklist helpful! You can download the checklist here:
On October 21, 2022, the IRS announced that the contribution limit for 401(k), 403(b), many 457 plans, and the federal government’s Thrift Savings Plan has increased to $22,500 for 2023. Below is a summary of the upcoming 2023 changes to retirement plan contribution limits...
What 5 things should you be thinking about at the end of the year when it comes to your finances? 1. Review your personal budget and commit to a savings plan for 2023. 2. Review your long-term investment strategy...
Baron Financial Team Answers Questions About “Your Personal Economy”. Presented by James Suazo, ChFC®. Today’s question is on Estate Planning. Do I need an Estate Plan? What are the three basic estate planning documents? View or listen to our video to learn more
Many clients have been asking us about Series I Savings Bonds. Here are some details that you need to know to determine if I Bonds are right for you - they are typically best for someone who has additional savings, which they feel they may not need for the next 1-5 years.
The Social Security Administration (SSA) announced on Thursday, October 13, 2022, that it will be increasing Social Security (SS) and Supplemental Security Income (SSI) benefits by 8.7 percent in 2023. This is the highest increase in 41 years. This cost-of-living adjustment (COLA) will begin for more than 65 million SS beneficiaries in January 2023 and for more than 7 million SSI beneficiaries, on December 30, 2022. Some people receive both Social Security and SSI benefits.
Medicare is health insurance for individuals who are 65 and older, under 65 with certain disabilities, or those who have End-Stage Renal Disease (ESRD). The Medicare annual open enrollment period for the 2023 Medicare Advantage and Part D prescription plans begins Oct. 15, 2022 and runs through December 7, 2022. You can change your Medicare Advantage and Part D plans without special enrollment requirements. The 2023 Medicare Parts A & B premiums and deductibles will be available in the latter part of the Annual Enrollment period at cms.gov. If you are applying for Medicare for the first time:
James Suazo, ChFC®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “We sold our stocks. What should we do with the money?”, originally published on September 7, 2022. Without knowing your full financial situation, we recommend answering the following questions to help you make an informed decision.
Many clients have been asking us about Series I Savings Bonds. Here are some details that you need to know to determine if I Bonds are right for you - they are typically best for someone who has additional savings, which they feel they may not need for the next 1-5 years.
As of January 1, 2022, the retirement plan contribution limit has been increased to $20,500. Plans include 401(k)s, 403(b)s and most 457 plans, as well as the federal government’s Thrift Saving Plan. Please note that contribution limits to traditional and Roth IRAs remain unchanged at $6,000 ($7,000 if you are age 50 or older).
James Suazo, ChFC®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I have an inherited IRA. How soon do I have to take distributions?”, originally published on November 30, 2021. If your inherited IRA falls under the 10-year rule, the IRS has clarified the rule in their publication 590-B...
What 5 things should you be thinking about at the end of the year when it comes to your finances? 1. Review your personal budget and commit to a savings plan for 2022...