9 12, 2019

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 [...]

11 11, 2019

4 Reasons to Plan for Long-Term Care Costs

There’s a 70% Chance You’ll Need Long-Term Care 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.[1] Now it’s 76.3 for men and 81.4 for women. Of course, many people live to be older [...]

4 11, 2019

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

In 2019, Social Security benefits received a 2.8% increase[1] – the largest since 2012. But in 2020, benefits will only see a 1.6% increase[2]. 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[3] according to the Senior Citizens League. [...]

14 10, 2019

Reviewing Your Healthcare Needs in Retirement

Your healthcare needs can change in retirement, as can the way you pay for them. At 65, most Medicare beneficiaries must start navigating a new system. If you are or will be a Medicare beneficiary, one important date that should make it onto your calendar is October 15th. This is the beginning of the Medicare [...]

12 07, 2019

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 [...]

5 07, 2019

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 [...]