Each year, the Social Security Administration (SSA) announces the cost-of-living adjustment for the next year. Whether you are retired or not, you should be aware of what the changes mean. Last October the Social Security Administration announced that the cost-of-living adjustment (COLA) for 2020 will be 1.6%. The increase will show up in beneficiaries’ January …
The Cost-of-Living Adjustment and What It Means For You Read More »
The usual method for estimating spending needs in retirement is to take your post-retirement household budget and tack on an inflation rate, such as 2%. Not so for health expenses. Some expenses increase at a faster rate than the inflation rate you use, others at a slower rate, but overall, expenses such as housing, utilities, …
Nobody looks forward to discussing finances and elder care with their parents, but every family needs to do it. These tips will help you start the conversation now and get a plan in place before you urgently need it. Most of us have always thought of our parents as the people who took care of …
Given the complex tax situation many high-income earners face, start tax planning in the fall while there is still time to make adjustments. These seven questions can help you spot problem areas and better understand the services you may need. Although tax season is still months away, tax management should begin in the fall—especially for …
What would happen if your earliest childhood dreams actually powered your life and business plans? What if you integrated fun into your weekly, monthly, and life goals? If you’re spending time on things that don’t matter, here’s a chance to rethink your plan. What life lessons would you share with the world if you had …
The Tax Cuts and Jobs Act has made major changes to the tax code. It’s important that you understand these changes to best plan your tax strategy going forward. The Tax Cuts and Jobs Act has brought the biggest tax overhaul in 30 years and has left many with questions. It’s important that you understand …
Having a will is necessary, but there is a great deal of information the legal document does not include. Here’s what to cover in a supplemental letter that specifies preferences, discloses critical logistic info, and will save your family significant stress during a difficult time. Having a proper will goes a long way to prevent …
Last Will & Testament: Add a Letter Covering These 14 Wishes Read More »
The most accurate and reliable way to determine your spending needs in retirement is to sit down and make up a budget projecting costs in the areas of housing, utilties, food, transportation, leisure activities and so on. Depending on how your life will change (or not) after retirement, you can base these projections on the …
The Tax Cuts and Jobs Act of 2017 introduced a limit for deductions on state and local taxes. Some states hoped to get around that through charitable contributions. But the IRS says no. In August of 2018, the IRS released new proposed regulations (technically, they are amendments to existing regulations) to deal with states’ recent …
IRS Throws Salt in the SALT Deduction Limit Wound Read More »
Cyber-attacks are launched at us every day. Do you know the warning signs that your security has been compromised? With cybercriminals constantly prying at your door, it can be tough to know if one of them had gotten through your cyber-defenses. Weekly, we hear news of data breaches exposing our personal records and putting our …
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