The Consolidated Appropriations Act: What It Means for You

After months of handwringing, Congress finally passed a second stimulus bill on December 21, 2020—the Consolidated Appropriations Act. Here are the main provisions that might have an impact on your finances: Stimulus Checks. Congress authorized one-time, non-taxable payments of up to $600 per qualifying individual (or $1,200 per couple) plus …

How Our Planning Service Helps You

In the year’s final entry, we’re taking a step back from the specifics to reflect more broadly on our financial planning philosophy and how we implement it for our clients. Understanding your destination. Before we start on your plan, we first spend time getting to know your goals and where …

5 Medicare Enrollment Mistakes to Avoid

Since its 1965 inception, Medicare has been an essential component of a successful retirement. Yet, as we’ve noted, navigating its complexities can be frustrating. Here are a few common mistakes to avoid: Opting for COBRA after retiring at age 65 or older. COBRA—the Continuing Budget Reconciliation …

Social Security FAQs

Social Security is a complex topic. While you may understand the basics (like when to file and what family benefits you’re entitled to), you might still be left wondering how to claim benefits, manage taxes associated with Social Security, and more. At …

Five Tips for End-of-Year Tax Planning

The holiday season means the year is nearly over. With that in mind, we have five tax tips for you to consider before the calendar flips to 2021. Take Advantage of Charitable Deductions: If you are looking for ways to lower your 2020 taxes through deductions, Read More keyboard_arrow_right

Planning in Your 50s: Catch-Up Contributions

Turning 50 is momentous for so many reasons—including the extra boost you can provide to your retirement savings. The Internal Revenue Service (IRS) allows investors to contribute to tax-advantaged retirement accounts up to a specified limit per calendar year. In 2020, that limit is $6,000 to individual retirement accounts (IRAs) …

Social Security’s Family Benefits

You don’t have to be retired to receive Social Security. You read that right. In certain cases qualified family members and dependents can receive benefits. Let’s look at some of those cases and consider how they may factor into your financial plan.

Benefits for Spouses

Planning in Your 60s: The ABCs of Medicare

Last week, we wrote about Medicare’s open enrollment period. Since the program’s creation in the 1960s, it’s been expanded and amended several times, leaving participants facing a confusing hodgepodge of rules and terminology. This week, we’ll sort through the alphabet soup of Medicare coverage and spell …

Planning in Your 60s: Fine-Tuning Your Medicare Coverage

Medicare—federal health insurance coverage for people 65 and older—is a pivotal part of your retirement plan. With the Annual Election Period (AEP) approaching (it runs from October 15 through December 7), Medicare recipients must decide whether to make changes to their plan or not. But consumer beware: The devil is …

When Should You File for Social Security?

Social Security is a hot topic in our frequent conversations with clients. While it’s a complex issue, one of the questions we field most commonly is: “When should I file for Social Security benefits?” To help break it down, here are four key factors to consider as you make this …

Planning in Your 50s: Streamline Your Finances

From your first checking account to your current 401(k) plan, by the time you reach your 50s, you may have opened accounts with dozens of financial institutions. But if you’re like most people, you may not have closed nearly as many. When we begin the financial planning process for our …

Understanding Defined Benefit Plans

There are two main types of employer sponsored-retirement plans: Defined contribution plans and defined benefit plans. What sets the two apart are who is contributing to the plan and where the investment responsibility lies. With defined contributions—the most common of which is the 401(k)—employees determine the amount they wish to …