Among the most consistent questions my colleagues and I have received as financial planners from investors relates to the timing of when they should take their Social Security (SS) benefits. Social Security is a relatively complex system with many rules that pertain to various circumstances. Let me first emphasize that there are no absolute answers,…
In 2003, in order to address a shortfall in Medicare, Congress passed the Medical Modernization Act of 2003. In it, they created a progressive monthly surcharge to Medicare Part B coverage (which covers outpatient services) called the Income Related Monthly Adjustment Amount or IRMAA. The surcharge began affecting those on Medicare in 2007. In 2010,…
If you are expecting to inherit a sum of money, there are many key considerations to be aware of in order to make the most of your inheritance regardless of the amount. As you can imagine, the decisions can be tough but as with anything, going in with a plan is the best course of…
In light of the recent headlines around bank failures, which may have brought back some very bad memories for those investors who lived through the 2008 financial crisis, it is helpful to examine what the rules are in order to sleep better at night. When it comes to a bank or a credit union,…
Investing can be a very emotional rollercoaster ride for many individuals. These emotions are inherently counterintuitive. The desire to sell during difficult periods can be quite strong. Additionally, the desire to put money to work when markets are doing well can be equally as strong. These emotions often lead investors to sell low and buy…
In recent months there has been increased interest in US Treasury savings bonds, particularly I-Bonds, because of the higher interest rates resulting from the recent spike in inflation. Investors who are pursuing these bond should ask the question, “what is the plan when they mature, or if you want to redeem them?” If Inflation ends…
After nearly a decade of near zero interest rates, 2022 was a year in which the Federal Reserve aggressively reversed course and increased interest rates multiple times. The aggressive moves by the Fed had a major impact across the financial markets. One of the few positives for 2022 was the increase in return that good…
In this holiday season, the government has given savers in retirement plans a gift in the form of enhancements to the SECURE ACT of 2019. The original SECURE ACT (Setting Every Community Up for Retirement Enhancement Act) increased the Required Minimum Distribution age to 72 among other changes for retirement savers. This time, they added…
ESG investing has been widely discussed in recent years, and many financial institutions have raced to roll out investment products that are designed to support the ESG agenda. ESG stands for Environmental, Social & Corporate Governance. While that is what the acronym stands for, what does it actually mean in reality? In fact, there is…
Every year or two since 2001, there are annual increases to IRA contributions that are adjusted due to inflation. However, IRA contributions are not the only thing that is adjusted for inflation. Many components in the tax code are adjusted that can impact various aspects of retirement planning. Some of the important new limits and…
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