Retirement planning is a crucial process that everyone should undertake to ensure their financial security in their golden years. It involves setting and achieving financial goals for the future, such as saving enough money to cover living expenses, health care costs, and other retirement-related expenses. In this post, we will discuss the importance of retirement planning and some strategies that can help you achieve your retirement goals. The Importance of Retirement Planning One of the main … [Read more...] about Retirement Planning Should Extend to Legacy Preservation
Retirement Planning
Congress Is Making Secure Act 2.0 Push Prior to New Year
The SECURE Act was enacted in December of 2019, and it made some changes to the individual retirement account parameters. In 2021, legislation that would make further changes was introduced. It has been making its way through the legislative process since then. According to reports, lawmakers are attempting to approve the measure that is being called SECURE Act 2.0 before the new year. We are going to explain the changes that would be included in this post. But first, we will provide an … [Read more...] about Congress Is Making Secure Act 2.0 Push Prior to New Year
Elder Law Insight: High Social Security COLA Anticipated for 2023
For the most part, there is nothing good to say about inflation, and it is a frequently discussed topic these days. Many Social Security recipients are definitely impacted by rising prices, but there is some good news looming over the horizon. Social Security Cost-of-Living Adjustments (COLAs) Each year, the Social Security Administration can increase benefits to account for the cost of living. Calculations are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers … [Read more...] about Elder Law Insight: High Social Security COLA Anticipated for 2023
IRS Has Lowered Retirement Account RMD Requirement
Your 401(k) or individual retirement account is supposed to provide income that you can draw from during your retirement years. However, if you do well financially and make some strong moves along the way, you may never need the money. At that point, your account will fit into your estate plan. The IRS has recently implemented a change that will allow you to keep more money in the account if you have a traditional IRA or a 401(k), and we will explain the details in this post. Required … [Read more...] about IRS Has Lowered Retirement Account RMD Requirement
Consider the Tax Climate When You Pick a Retirement Spot
If you live in Connecticut, you may want to retire to a location that has a milder climate, and this is understandable. In addition to the weather, you should also consider the tax climate when you are choosing a retirement destination. Income Taxes on Retirement Income There are 41 states in the union with state-level estate taxes, so you do not have to pay taxes on any type of income if you live in any one of nine states. They are Texas, Florida, Nevada, South Dakota, New Hampshire, … [Read more...] about Consider the Tax Climate When You Pick a Retirement Spot
Report: Expect Nice Social Security COLA in 2022
Social Security recipients can see cost-of-living adjustments (COLAs) that will increase their benefits when inflation justifies it. The inflation rate has been low over recent years, so the adjustments have been minimal. Last year, the COLA was just 1.3 percent, and it was 1.6 percent the previous year. This sounds disappointing, but there were no adjustments at all in 2010, 2011, and 2016. The COLA in 2017 was a microscopic .3 percent. This time around, the adjustment is going to be … [Read more...] about Report: Expect Nice Social Security COLA in 2022
Medicare Eligibility Age Reduction Is Possible
Elder law attorneys pay close attention when lawmakers talk about making changes that impact senior citizens. Medicare is an extremely important piece of the retirement planning puzzle, and any movement with regard to the guidelines is going to be big news. We are hearing a lot of chatter about a reduction in the Medicare eligibility age, and we will take a look at the details here. Expansion of Coverage When you work and pay FICA or self-employment taxes, you get something in return of … [Read more...] about Medicare Eligibility Age Reduction Is Possible
Biden Administration Eyes Social Security Reform
President Biden has a number of legislative priorities that he will push for during the next two years, and Social Security reform is one of them. People on one side of the spectrum will look at the proposed changes favorably, but those at the top may not share their opinion. Minimum Benefit Increase Your Social Security benefit is based on the 35 years during which you earned the most amount of money. There is a maximum amount that can be taxed for Social Security purposes, and in 2021, the … [Read more...] about Biden Administration Eyes Social Security Reform
Medicare Costs Updated for 2021
As elder law attorneys, we keep a finger on the pulse of matters that are important to senior citizens. Clearly, Medicare is an important piece to the puzzle, and when you are planning for retirement, you should be fully cognizant of the out-of-pocket costs. Each year, there are updates to the relevant figures. The changes for 2021 are now available, and will share them in this post. Retirement Credits to Qualify for Medicare Some people assume that you automatically qualify for Medicare … [Read more...] about Medicare Costs Updated for 2021
Asset Protection and Business Succession Planning
If you are going into business for yourself, you have to make some choices. Asset protection should be taken into consideration, and from a retirement and estate planning perspective, you should have a succession plan. Let’s look at the most commonly used asset protection structures, and we will then move on to the second part of the equation. Small Business Asset Protection The limited liability company (LLC) can be the right choice for a wide range of small business people. When you … [Read more...] about Asset Protection and Business Succession Planning
