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Understanding Social Security
Approximately 70 million people today receive some form of Social Security benefits, including retirement, disability, survivor, and family benefits.1 Although most people receiving Social Security are retired, you and your family...
Read MorePlanning Points: SECURE ACT 2.0 Adds Early Withdrawal Exceptions
The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. The Act also expanded an...
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🌸MAY🌺 Your Month Be Full of Joy
What’s not to love about May! As the days get longer and the weather gets warmer, May brings a host of reasons to celebrate. It’s the perfect time of year to get outside, appreciate the beauty of nature, and spend time...
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A Woman’s Guide to Health Care in Retirement
At any age, health care is a priority. But when you retire, you should probably focus more on health care than ever before. That's why it's particularly important for women to factor in the cost of health care, including long-term care...
Read MoreSECURE 2.0 Adds New Early Withdrawal Exceptions
The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. The Act also expanded an...
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Bank Failures Shine Light on Interest Rate Risks
Financial markets reacted turbulently to the collapse of Silicon Valley Bank (SVB) on March 10, 2023, followed two days later by the failure of Signature Bank of New York. With $209 billion in assets and $175 billion in deposits, SVB...
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April’s Focus on Growth and Self-Care
Happy April Greetings! What do rain showers, baseball, and Earth Day have in common? They all happen in April! So whether you’re anticipating May flowers, enjoying the opening of our national pastime, or renewing your focus...
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There's Still Time to Fund an IRA for 2022
The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2022. If you had earned income last year, you may be able to contribute up to $6,000 for 2022 ($7,000 for those age 50 or older by December...
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IRS Issues Guidance on State Tax Payments
The IRS has identified 21 states that made special payments to taxpayers in 2022. After a review of those special payments, the IRS has determined that taxpayers in many states will not need to report those payments on their 2022...
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The Debt Ceiling and Deficit Spending
On January 19, 2023, the outstanding debt of the U.S. government reached its statutory limit, commonly called the debt ceiling. The current limit was set by Congress at about $31.4 trillion in December 2021.1On the day the limit was...
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Marching Ahead Toward Spring!
Welcome to March! It’s no secret that many of us are anxiously awaiting the first day of spring on March 20th, along with daylight saving time starting on 3/12. Beginning this month, we’ll start to see extended...
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Five Ways SECURE 2.0 Changes the Required Minimum Distribution Rules
The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019....
Read MoreDetermining the Need for Long-Term Care Insurance (LTCI): How Much Is Enough?
IntroductionWhether you should purchase a long-term care insurance (LTCI) policy depends on your financial ability, age, health status, retirement objectives, and whether you have assets you want to protect. Once you've made the...
Read MoreIRS Releases Standard Mileage Rates for 2023
Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates...
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So Much to Do and See in February!
Welcome to February! Despite being the shortest month of the year, February often seems to last forever, with limited daylight and a lingering chill in the air. The calendar might imply that we’re nearing the end of winter,...
Read MoreIs the Yield Curve Signaling a Recession?
Long-term bonds generally provide higher yields than short-term bonds, because investors demand higher returns to compensate for the risk of lending money over a longer period. Occasionally, however, this relationship flips, and...
Read MoreRetirement Investors Get Another Boost from Washington
Amid the 1,650-page, $1.7 trillion omnibus spending legislation passed by Congress last week and expected to be signed by President Biden were several provisions affecting work-sponsored retirement plans and, to a lesser degree,...
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We Wish You a Happy and Prosperous New Year!
Wow, kinda hard to believe it’s 2023 already! Doesn’t the past 12 months seem like a blur? And yet, here we are with a clean slate ahead of us and a world of possibilities. Even in astronomy, there is a sense of new...
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Tis the Season for Tax-Friendly Giving Strategies
You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax...
Read MoreStudent Loan Repayment Delayed Again to Future Date in 2023
The Biden administration has announced another extension for repayment of federal student loans to an unspecified date in 2023 due to legal challenges that have blocked implementation of the student loan debt relief program. The...
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College Cost Data for 2022-2023 School Year
Every year, the College Board releases new college cost data and trends in its annual report. The figures published are average cost figures based on a survey of approximately 4,000 colleges across the country.Over the past 20 years,...
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From Our Homes to Yours… Happy Holidays!
Welcome to December. This time of year makes us all feel something. It may be happy; it may be sad; it may be giddy or stressed. But as we approach the end of a challenging year (to say the least), the one thing WE are...
Read More2022 Year-End Planning Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year.1. Defer income to next yearConsider opportunities to defer income to 2023, particularly if you think you may be in a lower tax...
Read MoreWhat Does a Strong Dollar Mean for the U.S. Economy?
In late September 2022, the U.S. dollar hit a 20-year high in an index that measures its value against six major currencies: the euro, the Japanese yen, the British pound, the Canadian dollar, the Swedish krona, and the Swiss franc. At...
Read MoreMedicare Open Enrollment Is Here: How Are Costs Changing for 2023?
Medicare's Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. Just in...
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Estate Management Checklist
Do you have a will?A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children.Do you have healthcare documents in place?Healthcare documents...
Read MoreCHIPs and Science Act Aims to Preserve U.S. Technology Edge
The CHIPs and Science Act of 2022, signed into law on August 9, is a bipartisan legislation package that provides more than $50 billion in direct financial assistance for semiconductor companies to increase U.S.-based design, research,...
Read MoreNew Cancellation for Federal Student Loans and Delayed Repayment to 2023
On August 24, 2022, just a few days before federal student loan repayment was set to resume, President Biden announced a plan for additional student loan debt relief.Federal student loan repayment was originally halted in March 2020 at...
Read MoreCreating Your Family Legacy
While creating an estate plan is a common part of a financial plan, creating a family legacy is equally as important when thinking about how you want the wealth you’ve built to be distributed. In addition to including your family...
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Is the U.S. Economy in a Recession?
In an early July poll, 58% of Americans said they thought the U.S. economy was in a recession, up from 53% in June and 48% in May.1 Yet many economic indicators, notably employment, remain strong. The current situation is unusual, and...
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Preparing for the Expected
As Teddy Roosevelt once observed, “Old age is like everything else. To make a success of it, you've got to start young.”1 The challenges seniors have met throughout their lives have made them wiser and stronger, preparing...
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You May Need to Make Estimated Tax Payments If…
You may have to make estimated tax payments if you earn income that is not subject to withholding, such as income from self-employment, interest, dividends, alimony, rent, realized investment gains, prizes, and awards. You also may...
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