Tax, Wealth Management and Financial Planning

3 Things to Know Before Making Summer Travel Plans

The COVID-19 pandemic has resulted in many things, including canceled trips. Americans are now wondering about summer travel plans, and if it’s wise to make them before the country fully reopens. Just because everything isn’t completely back to normal yet doesn’t mean you can’t or shouldn’t take a vacation this summer – even if it means staying closer to home than you originally planned. Here are three things to know before making summer travel plans.

Can and Will You Retire in a Crisis?

Life is unpredictable, and there are a number of events that can impact our finances, from global pandemics to personal crises. And while adjustments sometimes may need to be made to get back on track, no one wants to put off an event like retirement because they feel forced to. It’s important to take stock of what you have and what you’ll need if you’re nearing or entering retirement. No rule says you must put off retirement, or that your desires are beholden to the state of the world when you reach retirement age.

3 Ways to Stay Safe As We Get Back to Normal

America is starting to reopen, but that doesn’t mean the threat of the coronavirus is gone. While we can all be thankful for looser social distancing measures, it’s still important to think about safety. Here are 3 ways to stay safe as we get back to normal.

3 Strategies for Creating a Solid Retirement Plan

A recent survey found that 54% of Americans say they’d like to continue working in retirement, while 40% say they worry they won’t be able to retire at all. What they may not realize is that many older workers are forced to retire earlier than expected. A study showed that 26% retired earlier because of job loss, and this number is likely higher after the coronavirus pandemic.

Far-Reaching Effects of This Pandemic on Social Security and Taxes

Long after the restaurants and hotels are open again, the economic impact of the COVID-19 pandemic will still be felt by many individuals and the country. During this time of widespread unemployment, less is collected in payroll taxes that fund Social Security, while emergency federal spending has increased significantly. Here are potential far-reaching effects of this pandemic on Social Security and taxes

Consider Volunteering in Retirement

Some look forward to retirement as a time to relax, free of the responsibilities of work. And while this might be enjoyable at first, some retirees might eventually feel that a lack of purpose and social connections does not make for the best possible retirement. Rather than just retiring from something, it can be a good idea to retire to something.

3 Ways to Help Reduce Your Expenses in Retirement

No matter what your current age or financial position, it’s always a good idea to revisit your overall retirement plan, review your goals, investments, and budget for the future. Also, while you’re at it, you might as well try and find some new ways to help reduce your expenses in retirement. We welcome you to join us for a complimentary, no obligation financial review where we’ll work together to help make sure you’re well organized and prepared for the long road ahead.

3 Tools to Help Survive Hard Times

Life is unpredictable, but that’s no reason not to have an emergency plan. This is especially important in retirement, when you must replace your paycheck and decide how to use your savings. Your retirement could be decades long, and there could be market downturns or personal hardships during that time.

Tending to Your Garden

The warm weather is here, and that means it’s time to garden! Of course, not everyone has a garden – gardening can be too time-consuming for people who work full-time or travel frequently. But, one of the things to love about retirement – and quarantining – is having more free time to relax and adopt a hobby. All of the above can be benefits of tending to your garden.

Tax Minimization in 2020 and Beyond

As the coronavirus spread, the government stepped in with unprecedented economic interventions, from direct payments to Americans, to relief for businesses. While these measures may be necessary to mitigate the damage done by the virus and the economic shutdown, they’ve also resulted in a ballooning of the national deficit.

What’s Your Definition of “Winning” In Retirement?

Inside each of us lives some form of competitive spirit. Whether you are a “go for the throat” type of competitor or take a more passive approach, we all like to win.It’s not in our nature to enjoy losing; it’s probably some type of primal response left over from the caveman days. Whether you’re playing board games at home or competing in a sporting event, winning is the goal we all strive for.

3 Helpful Tips for Preserving Your Wealth

Whether you’re approaching, transitioning into, or already in retirement, it’s crucial that you develop a plan to protect your hard-earned savings. According to a recent retirement survey by the Insured Retirement Institute, 41% of Baby Boomer participants stated “monthly guaranteed income” as the #1 or #2 most important trait for their retirement investments.

Technology and Human Interaction Play Important Roles in Retirement Planning

Bill Gates once said “technology is just a tool.” He was right, but maybe even he didn’t see just how effective that tool was going to be. Sometimes it feels like modern technology has transformed everything, to the point where the world you grew up in has nothing in common with the world today. These days, we can talk to people through our watches, have robot vacuum cleaners, and cars that can drive themselves.

A Guide to the CARES Act for Americans Age 50 and Over

President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law to help Americans combat the economic effects of the coronavirus. It includes potential tax breaks, checks for qualifying Americans, and temporary new rules for retirement account withdrawals.

Things to Love About Retirement

There’s a lot of things to love about working. You can love your job, your coworkers, and even the daily routine that a standard 9-to-5 job offers. The feeling of work is safe for most people. After over 35 years, you most likely know what you’re doing and you’re probably very good at it. For these reasons, retirement can seem overwhelming to some people. The fear of the unknown is scary and there may still be challenges that await you, but there are also so many things to love about retirement!

5 Tips for Staying Cyber-Secure

The coronavirus pandemic forced many office employees to work remotely. It also caused an increase in cybersecurity threats, as hackers and scammers attempt to capitalize on panic and vulnerabilities. If you’re taking steps to protect your financial wellbeing and health, make sure also to protect yourself from cyber threats.

3 Questions a Financial Advisor Can Help You Answer

It can be hard to know where to start when retirement planning, or who to go to for answers. Recent market drops and recoveries, increased unemployment, and uncertainty about the future could have you thinking about your financial future. If you’re wondering what your course of action should be right now, you should consider your risk tolerance, where the market is heading, and how you can minimize your taxes.

Don’t Let a Flat Tire Derail Your Retirement

When you’re cruising the open road, or when you’re stuck in traffic, there’s a good chance you’re listening to something. Maybe it’s your music, a podcast, someone talking to you on the phone, or maybe just some friendly conversation with your passengers. Now, next time you’re in your car, I want you to do yourself a favor… I want you to stop, get out, and check your tires.

3 Easy Ways to Develop New Habits

We’ve all heard the saying “old dogs can’t learn new tricks,” but is it true? Maybe it is for dogs, but not for people. You can always learn new habits, no matter what age you are. It starts with understanding how the brain works and building on success. You can go from seeing an action as alien to second nature more easily than you think.

3 Retirement Rumors You Should Ignore

When it comes to money and especially retirement, there are many rumors that arise. It seems like people who don’t want to know the truth would rather just make something up and tell their friends. If you want to retire, however, you must learn to sort fact from fiction and good advice from the bad.

Stay Cool This Summer by Checking Your Portfolio

As we head into summer, you probably have many plans. These might include seeing friends and family you haven’t seen in a while due to social distancing, or just getting out of the house a bit more to golf, go to the beach, or take a walk. While there are a number of things in your life to get back on this summer, don’t forget about something as important as your finances and retirement portfolio.

Planning is the Key to Your Retirement Masterpiece

We all have retirement dreams and personal goals. For some of us, that means biking across Europe, or hang-gliding off the coast of Morocco. But for others, the ideal retirement may be more of an inward journey. There are plenty of closet artists, writers, and musicians out there who can’t wait to leave the daily grind behind, and pursue their true passions. Even if you’ve never been one for the arts, you might find the inspiration to unleash your creativity once you’re the master of your own time.

“Never Bet Against America”

Although we're living in an unprecedented time, it’s not the first time that America has seen a crisis. It’s important to remember that when people talk about recovery, it's a question of "when" not "if." America has gone through numerous wars and hardships and always come out stronger. This Memorial Day, many of us won’t be celebrating in the usual way with a cookout or a parade, but we can still take time to remember our past and those who have given their lives for our country.

Should You Pay Taxes Now or Later?

No one can fully escape taxes, but you do have some say in when you pay them. Different types of retirement income are taxed at different times. Orchestrating these sources in retirement can take some work, as the rules for each differ. Under the umbrella of tax-advantaged income sources, there are those that require taxes to be paid now, and others that require taxes to be paid later.

What Makes a Blue Zone Special?

Have you heard of “Blue Zones”? No, they’re not places where everyone is a Democrat. They’re places in the world where there is an unusually high number of people living into their 90’s and even 100’s. Specifically, these people are relatively healthy in their old age. These populations are known for having lower instances of chronic diseases like diabetes and heart disease. It’s not that they have special technologies, or the best doctors, or special genes – it’s thought to be their lifestyle.

Market Ups and Downs and Your Retirement

The events over the last few months remind us that no one can predict the ups and downs of the stock market. While there’s abundant information out there to reference so you can make informed decisions, there’s also a lot of conflicting advice. Some argue for “timing the market,” but there is simply no way to foresee all the periods of market volatility that may occur throughout your retirement. Sometimes market drops – like the coronavirus correction – are tied to unpredictable events like epidemics and natural disasters.

3 Tips for Staying Put in Retirement

It’s easy to fall into the trap of following a script when it comes to retirement, especially if you’re unsure of how to create your own plan. This “script” can dictate a retirement age, lifestyle, and even important financial decisions. For example, many people assume that they should downsize in retirement, or even move to a less expensive area of the country

3 Ways a Financial Advisor Can Help You With Tax Strategies

They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to minimize your overall tax burden before and in retirement. One of the advantages of going to one professional for all of your financial planning needs is that everything from investment strategies to Social Security Maximization to income planning works together in one overall plan.

4 Things to Understand About Taxes in Retirement

There are probably a few surprises in store for you in retirement, but your tax burden shouldn’t be one of them. Even if you don’t receive a paycheck anymore, it doesn’t mean you can’t have a plan to help minimize taxes in retirement. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. Start with these 4 things to understand about taxes in retirement.

Things to Consider Before Moving in Retirement

Where you live can be the biggest factor in your retirement plan, both in terms of finances and quality of life. There are many aspects of moving to consider, from accessibility to good healthcare, to proximity to family. Considering your goals, needs, and what really makes you happy can be the best way to decide whether moving is right for you. Here are a few things to consider before moving in retirement.

3 Reasons to Thank Your Aging Brain

Don’t hate your aging brain just because it takes it a bit longer to figure out the crossword or remember a name. According to a Harvard Medical School report, this slower thinking actually shows that the brain is working better. Many people reference the fact that teenagers have poor decision-making skills due to their not yet fully developed pre-frontal cortex.

Federal Coronavirus Relief

The government is working to assist Americans and businesses directly in a number of ways: President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law to help Americans in the wake of the coronavirus pandemic. The legislation provides a one-time payment of up to $1,200 to individuals, and $2,400 to couples, plus an additional $500 per child, for those within the income thresholds.

Why You Might Need to Adjust Your Withholding

Taxes are complicated. Even if the tax code were to never change, your bracket, filing status, or withholding might. Common life events like marriage, divorce, and your children leaving the nest can mean that you need to adjust your withholding. Knowing when to adjust your withholding is an important thing to understand about taxes in retirement: If too much money is withheld, you’ll have to wait until after you file your taxes for a refund. If not enough is withheld, you could potentially owe money come tax time.

Finding Happiness in Retirement

There’s no doubt that our culture is obsessed with youth and often overlooks the benefits of aging. You may not have looked forward to getting older when you were younger, but now that you’re nearing retirement you may have gained a different perspective. The fact is, older Americans tend to be happier, according to a Gallup-Healthways poll that measured various aspects of well-being like sense of purpose, social relationships, financial well-being, community involvement, and physical health.

Avoid Ageism in Retirement

Despite the fact that America has an aging population, there is much evidence of ageism around us. The way we perceive older adults can limit their roles in society and a pervasive negative view of aging can have a psychological impact on us. Sometimes ageism can be seen in a seemingly benign birthday card depicting age as something to laugh at or feel bad about, but other times it takes the form of workplace discrimination.

Suspended RMDs for 2020

If you haven’t taken an RMD for 2020 yet, you don’t have to – RMDs for 2020 have been suspended, in an effort to help Americans whose retirement account balances have suffered recently. Times of market volatility are never pleasant, but they pose a particular threat to you as you near and enter retirement. The state of the market just before you retire can impact your returns throughout your entire retirement.

Do’s and Don’ts in a Volatile Market

If the state of the market has caused you to worry, you’re probably not alone. The coronavirus and falling oil prices have caused many to panic. In times of uncertainty, it can be easy to make knee-jerk decisions and forget about the long-term. However, consider these do’s and don’ts in a volatile market.

Will Your Tax Burden Decrease in Retirement?

The tax filing deadline has been pushed back, but that doesn’t mean you don’t need to think about your tax burden in retirement. Most people don’t expect their taxes to disappear in retirement, but they may assume they’ll decrease substantially. However, this may not be the case. Between collecting Social Security, interest, dividends, and Required Minimum Distributions, your retirement income could be substantial.

Will You Retire in an Uncertain World?

We’re living in unprecedented times, and the government is taking unprecedented actions to mitigate the damage done by the coronavirus. While strict measures like canceling events of more than 10 people, closing bars and restaurants, and restricting travel are meant to help from a public health standpoint, they’re also having a crippling effect on the economy. The Federal Reserve and the government are working to help the economy, but the results are uncertain.

When it Comes to Taxes, Plan for Your Future Self

Retirement is a major event that can drastically change your day-to-day life, your financial strategies, and even your tax burden. Retirees may no longer receive taxable income from an employer, but they will likely receive income from other sources which can be taxed. This is why when it comes to taxes, it’s important to help plan for your future self.

Retirement Planning in a Volatile Market

The recent market volatility surrounding the Coronavirus may have you concerned, especially if you’re approaching or already in retirement. Feelings of uncertainty, anxiety, and uneasiness are all common during any scary and volatile market. These feelings are normal and sometimes it can be beneficial to take a step back and look at the big picture. We can’t predict the markets, so acting with haste and making emotional decisions can potentially negatively impact your retirement outlook.

The Benefits of Gardening

Spring will be here soon, and that means it’s time for gardening. Of course, not everyone has a garden – gardening can be too time consuming for people who work full-time or travel frequently. But, one of the things to love about retirement is having more free time to relax, adopt a hobby, or develop your social life. All of the above can be benefits of gardening.

Spending Your Free Time in Retirement

If you’re planning on taking a vacation, it’s probably something that you’ve looked forward to for a while now. And, that’s what retirement is about… It’s your 30 or more year vacation. Whether you’re traveling, volunteering, taking up new hobbies, or relaxing with friends and family, retirement is a time to unwind and do something you enjoy. One thing that’s great about life in retirement is the freedom you have to choose how you want to spend your time, and the people you want to surround yourself with.

Reasons to Update Your Retirement Account Beneficiaries

Your retirement account has a long life, and it doesn’t necessarily end when yours does. If you’ve contributed to a 401(k) or IRA throughout your career, you’ve probably accumulated a substantial nest egg. Then once you turn 59 ½ you can start withdrawing. And at 70 ½ you must start withdrawing. Required Minimum Distributions (RMDs) will force you to draw down your account balance, but might not deplete it. No matter how much money is left in your account, you need to designate a beneficiary.

Preparing for a Bear Market

So, what happens if you retire during a bear market? Or if – and when – there is volatility? Luckily, there are ways to help protect yourself when retirement planning in a volatile market. Generally, as someone gets closer to retirement, they’ll want to limit their risk exposure. They might invest less in stocks and more in bonds. For some retirees, an annuity can act as a steady and predictable source of income for a certain period of time, or their entire lives.

Common Social Security Scams

Turning 65 means a lot of great things – you’re eligible for Medicare, you’re at or near your full Social Security age, and of course, you can get into some museums, buy Amtrak tickets, and eat at certain restaurants for a discounted price. Unfortunately, you may also be targeted by criminals trying to steal your Social Security number. It’s important to recognize what these common Social Security scams look and sound like so you can avoid them.

Benefits of Pets

Once people retire and become empty nesters, they often enjoy their freedom to travel, make their own schedule, and have some time to themselves. But after a while, they might experience a lack of social connections and a loss of purpose that a career previously provided. There are so many ways to spend your free time in retirement, and getting a pet is one.

An Active Retirement

We’ve all heard that exercise is good for us, but what about as we get older? Over the course of a career spent working countless hours and long nights, we may have gotten somewhat out of shape. We might think it’s too late to get back into shape by the time we’re retired, or pointless to carve out time for physical activity, but this isn’t true. Incorporating more physical activity into your day could be a good way to spend your free time in retirement.

Age Can Have Its Benefits

We typically don’t think of the word “aging” as having a positive connotation. It may bring to mind graying hairs, aching backs, and slowing down. But these things don’t always have to be true, and they don’t necessarily tell the whole story when it comes to getting older. In fact, in most cultures older people are well respected and seen as wise from having had so many life experiences. In Korea, the “hwan-gap” or 60th birthday garners a special celebration.

BOOK LAUNCH: Wesley Learns About Insurance Guest-Starring NFL HOF Terrell Davis

Friday, June 14th at Broncos Boys & Girls Club we launch the 3rd Book on the #wesleylearns series. Hosted by Broncos Legend Rod Smith and NFL HOF Terrell Davis. Sponsored by Alpha1 Tax & Wealth and Bellco Credit Union.

A Donation The Children's Hospital - Fighting Leukemia

Denver has a unique fan base in that it supports its teams regardless of whether they win or lose. This year the team at Alpha 1 Tax & Wealth had the opportunity to give back to the community in a very special way.

Will Inflation Erode Your Social Security Benefit’s Buying Power?

In 2019, Social Security benefits received a 2.8% increase– the largest since 2012. But in 2020, benefits will only see a 1.6% increase. Even though inflation is low right now, the cumulative effect of inflation has eroded the buying power of Social Security by a third since 2000 according to the Senior Citizens League.

What is Your Desired Retirement Lifestyle?

Even though finances are important, life isn’t just about money. Rather than have your finances dictate your retirement lifestyle, your retirement lifestyle can help dictate how you plan for your finances. After all, two people with similar amounts of money could have completely different concepts of what constitutes their desired retirement lifestyle. No matter if your priority is traveling, working part-time for fun, or just enjoying your free time, it’s important to have a comprehensive financial plan in place.

Technology of the Future: Invisibility Cloaks

Could you have imagined that there would be phones small enough to fit in your pocket, smart enough to talk to you, and with enough storage to hold more music than a room full of vinyl records? Technology has advanced at such a fast rate over the last 100 years that life as we know it has changed drastically.

Strategies to Help Reduce Your 2019 Tax Bill

Your holiday season might be full of social plans, shopping, and traveling, but it’s important to take time to make important financial decisions before the end of year. Even though April 15th seems far away, the decisions you make now can potentially affect your 2019 tax situation. There are strategies to help reduce your 2019 tax bill before the end of the year, so don’t forget about your finances in the midst of a busy holiday season.

Reminder: Don’t Forget to Take RMDs by December 31st

Tax-advantaged retirement accounts like traditional 401(k)s and IRAs offer many advantages, but some of these don’t last forever. The government eventually reaps the reward of years of tax-free compounded interest by forcing you to withdraw funds from your own retirement accounts and inherited accounts. So if you have a retirement account, be prepared for your RMDs once you reach 70 ½ or inherit an account.

Put Your Money to Work

You’ve worked for your money, and retirement is the time to have your money work for you. But what does this mean? Basically, your goal in retirement should be to turn what you’ve saved into retirement income. Many Americans are worried about running out of money, since pensions are rare and there are reasons why you can’t rely solely on Social Security in retirement.

Make the Most of Your 401(k)

We all know that a 401(k) is one of the most important retirement planning tools we have: The potential tax benefits and power of compound interest can make it a great savings and investment tool for anyone who practices financial discipline and contributes regularly. But your contributions aren’t the only things to consider when figuring out how to make the most of your 401(k).

Lifestyle Tips to Consider for Retirement

You’ve worked the majority of your life, and deserve to have many blissful years ahead. With a proper plan and execution strategy in place, you should be on-track to accomplish all of your retirement goals and dreams. If it’s been a little while since your last retirement review, then CLICK to request your complimentary, no obligation meeting.

Are You Ready for Endless Summer?

It’s time to start planning your summer, and whether you’re going to laze around on the beach, visit friends, or take a trip, it’s important to also start thinking about your retirement plan. On average, we spend more time every year planning for vacations than planning for retirement – and retirement is much longer than any vacation you will take.

Keeping Your Brain Sharp in Retirement

Retirement planning forces us to make many decisions, as well as calculations. And while a professional can help you with those, it can also help to sharpen up your math skills. Calculating percentages and interest rates off the cuff this isn’t difficult, but it can be intimidating without pen and paper. After all, you haven’t taken a math test in decades! But, maintaining your calculation skills is an important part of keeping your brain sharp in retirement.

Be Aware of 401(k) Fees

Do you know how much you’re paying in 401(k) fees? Or that you’re being charged fees at all? According to a TD Ameritrade Survey, 27% of participants didn’t know how much they were paying. And, 37% of those surveyed didn’t know they were charged fees at all. This doesn’t quite square with the fact that 95% of 401(k) participants pay fees.[

A Plan for a Better IRS Experience

“I love dealing with the IRS,” said no one, ever. But, President Trump has signed a bill that will reform the IRS in an effort to make it more taxpayer-friendly. You’ll still have to pay your taxes, and rule breakers will still be punished, but hopefully the average person will have a better experience with the agency when it comes to customer service, identity theft protection, and payment. The Taxpayer First Act is aimed at creating a plan for a better IRS experience.

4 Reasons Why You Should Travel In the Fall

Summer is over, but once you retire you can go on a vacation anytime of the year you want. And since people tend to go on vacation during the summer, the fall can be a good time to avoid crowds – as well as the heat. There’s really no good answer to the question of why you shouldn’t travel in the fall, so here are 4 reasons why you should.

4 Reasons to Plan for Long-Term Care Costs

We can all celebrate an increasing life expectancy as we look forward to our golden years. In 1950 the life expectancy for American men was 65.6, and for American women was 71.Now it’s 76.3 for men and 81.4 for women. Of course, many people live to be older than that. In fact, the Census Bureau estimates that by 2050, Americans 90 and older will make up 10% of the population.

4 Phases in Retirement

Everyone talks a lot about how to prepare for retirement financially, but there is less focus on how to adjust your mindset in retirement and manage expectations. You might not be happy every single day in retirement, but that doesn’t mean your retirement won’t be happy. Transitioning into retirement is no small task, and research shows that the way people feel about their retirements follows a u-shaped curve; first people are quite positive, then not as much, and then are positive again.

3 Ways to Give Thanks in Retirement

Thanksgiving is a good time to think about how you express gratitude. Some people donate their time or money to a charitable organization, or just enjoy the simple pleasures of retirement. The great thing about giving is that you often get something back. Volunteering is a great way to make new social connections, you might save on your taxes with a charitable donation, and thinking about all the ways you can enjoy retirement can make it that much better.

3 Tips for Caregivers: Don’t Forget to Take Care of Yourself

If you’re in your 50’s, 60’s, or 70’s, you probably watched your parents age and maybe took on caregiving responsibilities. In fact, about 34 million U.S. adults provide unpaid care to an adult over the age of 50, usually a parent. Whether you’re working full-time, part-time, or are retired, this can be time consuming and straining.

3 Retirement Costs to Watch Out For

Some surprises are great, like birthday parties, winning the lottery, and getting two candy bars from the vending machine. Others may not be as much fun, like taxes and unforeseen expenses. However, there are ways to help prepare for these expenses so that they’re not surprises. With a custom strategy in place to help cover retirement costs, you can focus on looking forward to the fun surprises.

Why You Should be Worried About Inflation

You may have heard that we’re on the brink of war – a trade war that is, with China. Trump’s proposed tariffs on imported Chinese goods and services has already affected the market, and could affect inflation. If tariffs are imposed on $300 billion worth of Chinese goods, the core inflation rate would rise noticeably above 2% next year, according to Goldman Sachs Group.

The State of Social Security

The annual report on Social Security’s financial condition was recently released, and many are worried about the program’s solvency. The annual cost of the program is expected to exceed its income for the next 75 years starting in 2020.

What is a Phased Retirement Program?

Some look forward to their last day of work, some are disappointed to leave coworkers and a purposeful career, and others are somewhere in between. There are many things to love about retirement, like the freedom to travel, spend time with family and friends, and just wake up whenever you want, but hopefully there are also things you love about your career.

Social Security’s Decreased Buying Power

Some are worried about the state of Social Security since the latest report found that starting next year, the program’s annual cost will exceed its income. Some speculate that since the program’s trust fund is expected to be depleted by 2034, cuts are inevitable. But, there should be a more immediate worry facing beneficiaries than a theoretical future policy change: Social Security’s decreased buying power.

Small Steps and Giant Leaps Toward Retirement

July 20th marks the 50th anniversary of the moon landing. In the middle of summer vacation, Baby Boomers gathered around their TVs to watch Neil Armstrong take one small step for man and one giant leap for mankind. This milestone in human history marked many Americans’ upbringings and identities in a significant way.

Retirement the Machiavellian Way

When someone says “Machiavellian,” you might think of a lying schemer, a power-hungry politician, or ruthless individual who believes the ends justify the means. But this characterization isn’t quite fair to the political philosopher Niccolo Machiavelli.

Plan to Maintain Your Independence This 4th of July

Many Baby Boomers are watching their parents age to the point where they should move out of their home – and refuse. Maybe it’s that they are stubborn when it comes to their independence, or maybe they refuse to be a burden on their children. While these sentiments are admirable, older children can be faced with daily anxiety about their elderly parents’ wellbeing alone in their homes.

Life in 2050

2050 seems like a long time away, but 2019 seemed far away in 1989. Back then, did you think a cell phone would fit into your pocket? Or that you could shout at Alexa to order you more paper towels without getting off the couch?

Financial Lessons from a Founding Father

July 12th marks the 215th anniversary of Alexander Hamilton’s death. As the first secretary of the treasury for America, he created the first national bank, consolidated the new country’s war debts, and established credit the country could count on. You could say he was America’s Chief Financial Officer. He was also a self-taught immigrant who started off with no wealth, and ended up on the $10 bill.

Higher HSA Contribution Limits

If you have an HSA or are planning on opening one, you’re in luck: The IRS has announced higher contribution limits for 2020. Starting next year, you can contribute up to $3,550 for individual coverage, or $7,100 for family coverage.

Giving the Gift of Education

It’s graduation season, and along with all the wonderful things a college degree comes with are also student loan debts. If you’re attending high school or college graduations, no one may be talking about it, but the graduates and their parents likely have the high cost of college on their minds.

Covering Long-Term Care Costs

Some of the major expenses you’ll need to anticipate in retirement are your healthcare costs. There are many choices to make when it comes to choosing a Medicare plan, using an HSA, and qualifying for Medicaid. One healthcare cost that is easy, but possibly detrimental to overlook is long-term care. It’s estimated that 52% of people turning 65 will need some type of long-term care during their lifetimes‍

Check Your Blind Spots When Planning for Retirement

It’s not enough to save for retirement, you have to plan for it. And planning for retirement is more than deciding where to go on a trip or when to start collecting Social Security – it’s anticipating your healthcare needs as you age, including your long-term care needs.

A Plan to Help Minimize Your Taxes in Retirement

Your steady source of income might disappear in retirement, but unfortunately your taxes probably won’t. Did you know that up to 85% of your Social Security benefit could be taxed? And, retirement account distributions are taxed differently than investment income. If you’ll have multiple income sources, you should know how each is taxed so that you can best plan to minimize your taxes in retirement.

3 Things to Do if the Stretch IRA Dies

The House of Representatives voted in favor of the Secure Act 417-3, and the bill is now on a fast track to vote in the Senate. The bill would do away with the tax-planning strategy for inherited IRA commonly referred to as the “stretch IRA.” “Stretching” an IRA allows beneficiaries to take required minimum distributions (RMDs) from an inherited IRA based on their own, longer life expectancies.

When Retirement Isn’t Your Choice

If you’re nearing retirement age and know you’re not financially prepared for retirement, your solution may be to work longer. While forgoing an early retirement can be prudent, your career might not last as long as you’d like it to.