Money can be a delicate subject, but ignoring it often leads to confusion, stress, or misunderstandings. Many families discover that taking time to discuss finances helps build relationships and clarify goals, duties, and expectations. Regular financial conversations can help everyone in your home stay aware and aligned, whether you’re saving for retirement, important 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.
Joint and Why Not? Read More »
Selecting a senior living community is an important life decision—one that can greatly influence physical health, emotional well-being, and overall happiness. Whether you’re planning for yourself or helping a loved one make the transition, it’s essential to look beyond surface-level features. Understanding the range of senior living options and evaluating both obvious and subtle details
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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
Some clients have asked us what the difference is between having a life insurance policy that benefits their family, and having an annuity policy that has beneficiaries connected to it, in addition to the annuity having a specific death benefit feature. And that’s a good question, because it addresses the differences between each situation, even
Preparing for the Future Read More »
One of the most difficult aspects of developing a retirement strategy is dealing with uncertainty. Markets fluctuate, tax laws change, healthcare costs unexpectedly rise, and, perhaps most importantly, no one knows how long they will live. However, we believe that determining longevity—the number of years a person can live in retirement—is a critical component of
Answering One of Retirement’s Biggest Questions: How Long Will Your Money Need to Last? Read More »
Traditional IRAs, 401(k)s, and other retirement accounts enable you to save money before taxes, allowing your investments to grow for decades. But, eventually, the IRS requires you to begin withdrawing a portion of your savings each year. These withdrawals are known as required minimum distributions, or RMDs, and the amount you take out is taxed
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There is no one “ideal retirement.” But there are many ways to have a happy retirement if you have reflected on the choices you have, and what you are willing to leave to chance. The way you answer the following questions may help you decide what may need more thought before you begin your retirement:
Several significant changes will be implemented in the Social Security system beginning in January 2026. These changes will have an impact on benefit amounts, retirement age rules, taxes, and the minimum wage required for workers to qualify for future benefits. Cost-of-Living Adjustment (COLA): 2.8% Increase On October 24, the Social Security Administration (SSA) announced a
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