Several significant changes to the Social Security system will go into effect beginning in January 2026. These changes will affect benefit amounts, retirement age rules, taxes, and the minimum income required for future benefits. Cost-of-Living Adjustment (COLA): 2.8% Increase On October 24, the Social Security Administration (SSA) announced a COLA of 2.8% for 2026. This […]
Changes Coming to Social Security in 2026 Read More »
We frequently write about longevity and how important it is to have savings we don’t outlive. And while we’ve always striven to give our clients options for products where the income stream continues no matter how long you live, we are still often asked for a ‘number’ so that can be ascribed to someone’s projected
Years ago, it seemed as if the only reason to purchase life insurance was simply to make sure loved ones who depend on your income had what they needed financially after you passed away. Products have evolved along with the passage of time. While life insurance may still seem like something you buy primarily for
Evolution of Life Insurance Read More »
By the middle of the twenty-first century, one out of every six people will be 65 or older. In the United States, the Social Security Administration is expected to be unable to pay full benefits beginning in 2034. These demographic and financial pressures are frequently thought to be the eventual cause of a retirement crisis.
Retirement Age Is Changing Read More »
Working after retirement brings with it the need to understand certain tax and contribution rules governing the way you can use and/or continue to contribute to the money in your qualified retirement savings accounts. Looking first at continued contributions, in most cases, you should be able to, regardless of your age. There are no income
Working After Retirement Read More »
There is nothing generally inherent in any given year that says it’s a bad or good time to retire. The question that needs to be answered is whether you’re ready financially and emotionally. So, how do you determine if you are ready? Begin by asking yourself if you have estimated your stream of lifetime retirement
Is This Year a Good Year To Retire? Read More »
Among those turning 65 today, 49% of men and 64% of women will require extensive long-term care. Although many rely on unpaid assistance from family members, almost half will need paid services. Long-term care (LTC) insurance is one approach to addressing the significant issue of covering these costs. The situation, however, has changed over time
Understanding Long Term Care Read More »
We often think that emotions only impact inter-personal decisions, however making consequential financial decisions in a heightened emotional state also generally isn’t a good idea. Behavioral psychologists have identified a few common biases that can undermine our decision-making skills. While some are rooted in emotion, others are what we think of as mental shortcuts our
Behavioral Decision Making Read More »
Late in life job loss can be devastating on many fronts. One area we haven’t discussed before is a different use of an annuity you purchased, originally intending to turn on the income stream upon retirement or leave the funds to beneficiaries. Because different annuities offer different benefits, some provide the ability for growth of
Planning for the challenges of aging is one of those situations we are probably inclined not to want to think about, either for ourselves or our extended family. The term “diminished financial capacity” is often bandied about as we age and describes a decline in a person’s ability to manage money and financial assets to
Challenges of Aging Read More »
