Retirement Central
How Much Should I Budget For Health Care Costs In Retirement?
The number is higher than you think. When you total up the deductibles and premiums for Medicare part A, B, and D, that alone can cost a married couple $7,000 per year. We look at that figure as the baseline number. That $7,000 does not account for the...
Lower Your Tax Bill By Directing Your Mandatory IRA Distributions To Charity
When you turn 70 1/2, you will have the option to process Qualified Charitable Distributions (QCD) which are distirbution from your pre-tax IRA directly to a chiartable organizaiton. Even though the SECURE Act in 2019 changed the RMD start age from 70 1/2 to...
How Do Inherited IRA’s Work For Non-Spouse Beneficiaries?
The SECURE Act was signed into law on December 19, 2019 which completely changed the distribution options that are available to non-spouse beneficiaries. One of the major changes was the elimination of the "stretch provision" which previously allowed non-spouse...
Social Security Filing Strategies
Making the right decision of when to turn on your social security benefit is critical. The wrong decision could cost you tens of thousands of dollars over the long run. Given all the variables surrounding this decision, what might be the right decision for one person...
Required Minimum Distribution Tax Strategies
If you are turning age 72 this year, this article is for you. You will most likely have to start taking required minimum distributions from your retirement accounts. This article will outline: Deadlines to take your RMD Tax implications Strategies to reduce...
Social Security Loophole: Age 62+ With Kids In High School
There is a little known loophole in the social security system for parents that are age 62 or older with children still in high school or younger. Since couples are having children later in life this situation is becoming more common and it could equal...
Should I Establish A Power of Attorney?
There are three key estate documents that everyone should have: Will Health Proxy Power of Attorney If you have dependents, such as a spouse or children, the statement above graduates from “should have”...
Who Pays The Tax On A Cash Gift?
This question comes up a lot when a parent makes a cash gift to a child or when a grandparent gifts to a grandchild. When you make a cash gift to someone else, who pays the tax on that gift? The short answer is “typically no one does”. Each individual has...
Should I Gift A Stock To My Kids Or Just Let Them Inherit It?
Many of our clients own individual stocks that they either bought a long time ago or inherited from a family member. If they do not need to liquidate the stock in retirement to supplement their income, the question comes up “should I just gift the stock to my...
Planning for Long Term Care
The number of conversations that we are having with our clients about planning for long term care is increasing exponentially. Whether it’s planning for their parents, planning for themselves, or planning for a relative, our clients are largely initiating...
