Because it’s tax time, our clients have been asking questions about how taxpayers ages 65 and older can make the most of the temporary $6,000 senior tax deduction that is in effect for tax years 2025 through 2028. This is an unusual situation, because a deduction is available to both those who itemize and those […]
Bonus Senior Tax Deduction Read More »
It is not surprising that people tend to compare their financial situation during retirement to others, because money is highly visible in life: through homes, cars, travel, and lifestyle. So it becomes an easy benchmark for perceived success. However, not only do these comparisons rarely reveal the full picture of someone’s debts, obligations, goals, or
Money can be a sensitive topic, but avoiding it often leads to confusion, stress, or misunderstandings. Many families find that setting aside intentional time to talk about finances can strengthen relationships and create clarity around goals, responsibilities, and expectations. Whether your household is planning for your retirement, saving for major milestones, or discussing inheritance plans,
How to Talk About Finances With Your Family Read More »
When you withdraw your first RMD may impact your taxes. You may wonder how that can happen, and with tax season approaching, we thought it best to draw your attention to a nuance you may not be aware of. Typically, you have until December 31 to take your full distribution—or if you’re taking your first
We’ve received some questions lately regarding joint ownership of an annuity, and why it can’t be done in qualified accounts. Joint ownership of an annuity allows two individuals, usually spouses, to co-own a contract, ensuring income continues for the survivor. This offers security in that it provides income for two people while either is alive.
Joint and Why Not? Read More »
Selecting a senior living community is an important choice that can significantly affect physical well-being, emotional stability, and overall quality of life. Whether you’re planning your own move or assisting a loved one, it’s essential to look past surface details during the decision-making process. Understanding the different types of senior living options—and assessing both obvious
What to Look for in a Senior Living Community Read More »
It is not surprising that the thought of retiring is overwhelming to many due to major life shifts. This could include financial uncertainty, loss of identity, and lack of structure. Studies show that high anxiety regarding outliving savings and maintaining one’s lifestyle is one of the more common reactions to anticipating retirement. We can help
Some clients have asked us what the difference is between having a life insurance policy that benefits their family, and having an annuity policy that has beneficiaries connected to it, in addition to the annuity having a specific death benefit feature. And that’s a good question, because it addresses the differences between each situation, even
Preparing for the Future Read More »
One of the most difficult challenges when planning for retirement is dealing with uncertainty. Markets fluctuate, tax laws change, healthcare costs rise unexpectedly, and, perhaps most difficult of all, no one knows how long they will live for. However, longevity—the number of years a person can spend in retirement—is one of the most critical assumptions
Traditional IRAs, 401(k)s, and other retirement accounts enable you to save money tax-deferred. But, eventually, the IRS requires you to begin withdrawing a portion of your savings each year. These withdrawals are known as required minimum distributions, or RMDs, and the amount you take out is taxed at your regular tax rate. Understanding the 2025
New RMD Rules For 2025 Read More »
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