You might have more money stashed away in the Social Security trust fund than anywhere else. In fact, what you put into Social Security very well might be your biggest asset and future source of retirement income.
When you think of retirement planning, you likely think about the financial aspect of it—whether you’ll have enough money, be able to pay for your healthcare expenses, and how much your housing will cost. But retirement has a huge emotional aspect. And generally, thinking about retirement doesn’t elicit positive feelings. USA Today recently reported that 61 percent of those surveyed are more afraid of retirement than they are of dying. There are a myriad of reasons this is the case—including fear of running out of money, fear of losing identity, and fear of being lonely.1
Philanthropy is not just about giving; it’s about giving wisely. As you contemplate your philanthropic strategy, understanding how to maximize both the impact of your giving and the associated tax benefits can help you pursue your goals while enhancing your financial plan.
As the election season approaches, many individuals are wondering how the outcome might influence the financial markets. Here’s what you need to know to navigate these uncertain waters and make informed decisions for your portfolio.
Estate planning requires us to do something today that hasn’t happened yet.
While we encourage you to sit down with a legal professional, we also want to provide some general guidelines you can think through independently. Estate planning is a complex field, but a general outline can clear up some of the mystery.
Quite the Pickle: The Challenges of Being In the Sandwich Generation
7 ways to minimize audit risks.
We are one year into SECURE Act 2.0 (Act or 2.0), passed at the end of December 2022, and the opportunities and confusion continues. With more than 90 provisions that are being phased in over the next 10 years, It’s important to review the newly effective provisions at the beginning of each year.
The Internal Revenue Service announced last year the annual inflation adjustments for more than 60 tax provisions (63 to be exact) for the tax year 2024, including the tax rate schedules. As incorporated into law, the IRS adjusts various categories to account for inflation. It’s not a perfect measure, but the adjustments help mitigate the impact of inflation on income. Without indexing, a cost-of-living raise, for example, could automatically push you into a higher tax bracket or reduce the value of your standard deduction. Annual inflation adjustments, however, do not cover all tax provisions. We won’t cover each of the 63 changes. We will touch on the high points. If you have questions, please reach out to us. As always, if you have specific tax questions, feel free to check with your tax advisor.
The holidays are a time of great joy and celebration. With parties, shopping, and family events filling up the calendar, it may also be a busy time for many. We encourage you to set aside some time for year-end financial planning. It will help put an exclamation point on 2023 and prepare you for the new year.
As we approach the end of the year, consider this list of tax planning strategies. While not all of them may be appropriate for your situation right now, it’s worth discussing with your Financial Advisor how they might fit within your financial plan now and in the years ahead.
