Archives for Financial Literacy

Top 5 Things Baby Boomers Should Know

The Social Security COLA (cost of living adjustment) in 2019 will be 2.8%. This is the largest COLA increase from the Social Security Administration since 2012.1 Social Security benefits are often taxed. If you work and are at full retirement age or older, you can earn as much as you want and your benefits will not be reduced; however, you may have to pay taxes on them. If your annual combined income is from $32-$44,000 filing jointly, you may have to pay taxes on 50% of your benefits. If your income is more than $44,000 filing jointly, then you may
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Categories: Estate Planning and Financial Literacy.

What You Should Know About Annuities

Annuities are similar to a pension you purchase for yourself.   Company pensions are pretty much a thing of the past in corporate America. While the ubiquitous 401(k) plan might help workers save pre-tax dollars for retirement, they’ve also shifted the responsibility for retirement planning to the individual. And as many people saw in 2008, 401(k)s can be fraught with market risk, including the risk of losing it all and having to go back to work. Annuities can be thought of as a way to transform savings into income. When you purchase an annuity, you are exchanging a sum of
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Categories: Financial Literacy and Retirement Planning.

April is Financial Literacy Month. Here Are the Top 10 Things You Should Know.

Tax reform changes a lot of things starting in the 2018 tax year. (And a lot of the new law sunsets in 2026, returning to 2017 levels.) Under the new tax law passed last December—the “Tax Cuts & Jobs Act”—some of the changes include new tax brackets, new limits to mortgage interest deductions, lower deductions for local property/sales taxes, higher standard deductions, higher estate tax exemptions, and more. We suggest that you meet with both your financial advisor as well as your tax professional to see how you will be affected, and how you might best prepare for 2018 and
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Categories: Financial Literacy.