The Social Security Administration (SSA) announced on October 13, 2021, that it will be increasing Social Security (SS) and Supplemental Security Income (SSI) benefits by 5.9 percent in 2022. This cost-of-living adjustment (COLA) will begin for 64 million SS beneficiaries in January 2022 and for approximately 8 million SSI beneficiaries, on December 30, 2021.
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...
Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 Trillion economic stimulus package from the U.S. Government. It addresses the economic impacts of the COVID-19 (coronavirus) outbreak, providing help for both individuals and businesses. The CARES Act provides:
If you are like many working Americans, you are in the middle stages of your journey towards financial independence. This is the time to redefine your financial path to ensure the steps you are taking are leading towards your desired destination. Although you may have several more years to go, it's time to begin coming up with specific and measurable retirement goals.
As part of Congress’ year-end budget deal, the SECURE Act (Setting Every Community Up for Retirement Enhancement) has been signed into law. The SECURE Act includes many changes that will affect retirement accounts starting in 2020. Below is a summary of some of the major changes:
What is the best age to file for your Social Security? There are many factors to consider when planning to maximize your benefit, including your specific situation. Watch our 2 1/2 -minute video to learn more about what factors to consider.
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 2020 Medicare annual enrollment period begins Oct. 15, 2019, and runs through December 7, 2019. You can change your Medicare Advantage and Part D plans without special enrollment requirements.
There are important questions at certain ages that you should keep in mind on your journey. Your options for Retirement and Financial Planning need to be given very serious thought and examination. You need to identify your goals, explore your options, and test for the unexpected.
The penalty for not taking one’s Required Minimum Distribution (RMD) from an IRA, according to the IRS, can be 50% of the amount that was not distributed. For example, if one is required to take $1,000 of RMD this year, failing to do so may cause a $500 tax bill.
If you began taking Social Security before full-retirement age and are looking to postpone payments until a later time, there is a solution: the 1-year payback rule.
Whether you are making a plan to travel or planning for retirement, determining an appropriate strategy ahead of time will provide guidance for a path to success and for actions to take when things might not go as smoothly as expected.
1. Turning wealth into income – creating a total return strategy that produces a continuous paycheck just like you had when you were employed 2. Revising your investment strategy – which was successful for the accumulation phase but may not work as well now during the distribution phase 3. Protecting against new risks and concerns...