If you are mulling over in your mind your list of tangible assets, savings accounts, and creating your will, you may be trying to determine that trifecta question of how to be able to keep what you have in your name, have access to income, but still leave something as a legacy to your heirs. […]
Our Clients have come to us asking why they are paying taxes on their Social Security income when they thought it would be tax-free. It isn’t just those that have built significant wealth that will be paying taxes on some of their Social Security; when your provisional income (your modified adjusted gross income plus 50%
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A recent AARP focus group study* sheds light on the concerns of women aged 50 and up, revealing a shared sense of financial stress, uncertainty about the future, and dissatisfaction with systems designed to help them. Participants, regardless of political affiliation or age, described dealing with rising costs, health-care challenges, caregiving responsibilities, and concerns about
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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
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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 subject, but ignoring it can lead to uncertainty, stress, and misunderstandings. Many families will find that discussing finances can actually foster connections and clarify goals, tasks, and expectations. Regular financial conversations can help everyone in your household keep informed and aligned, whether you’re preparing for retirement, celebrating major milestones, or
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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.
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Choosing a senior living community is a life-changing decision that can have a significant impact on physical health, emotional well-being, and overall happiness. Whether you’re planning for yourself or helping a loved one with the move, it’s critical to pay close attention to the details. Understanding your options when it comes to senior living communities
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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
