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Healthcare is one of the largest expenses for people in retirement, but it’s not easy to budget for them. Sometimes, accidents happen, or certain health-related concerns can come out of nowhere. Because of how difficult it can be to predict; it can be just as difficult to plan for it. But luckily, there are tools […]Continue reading
Let’s talk about tax brackets. They aren’t straight across the board but graduated based on income, meaning most taxpayers fall into more than one bracket. Current tax brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%, and you could fall into as few as one and as many as all. Check this example […]Continue reading
Long-term care is generally the most significant question mark when saving the optimal amount for your retirement years. According to Financial Professional Barry Bigelow, “statistically, if you’re a married couple, there’s a 25% chance one of you’ll need this type of care.” The concern here because, it’s an unknown expense based on unknown needs. This […]Continue reading
The IRS has changed the tax codes for the upcoming 2022 tax year. So, what changes can you expect to your tax bracket and other deductions after having gone through an inflation 30-year high? Standard Deductions will Increase (Depending on how you file) For married couples filing jointly,the standard deduction rises to $25,900, up $800 from […]Continue reading
The 2019 Employee Wellness survey by PwC found that 73% of Millennials, 70% of Generation X, and 61% of Baby Boomers think health care costs will adversely affect their retirement. If a healthy 65-year-old couple retiring in 2019 expected to spend more than $387,000 for retirement health care costs, not including long-term care, what do you […]Continue reading
If there’s one thing almost everyone can agree on, it’s not wanting to pay taxes. After all, who wants to give up their hard-earned money to the government? The retirement savings gap is a multifaceted issue for many working people. With many challenges workers face, it’s easy to forget about taxes when it comes to […]Continue reading
As we get older and become frailer, we may find ourselves needing help with everyday activities that’s as simple as getting dressed, eating, or getting in and out of bed. Even if we’re healthy, accidents may necessitate assistance with such activities. This assistance is called long-term care (LTC) and can be provided at home, in […]Continue reading
Since its inception on August 14, 1935, Social Security has been instrumental in providing a foundation of income for many American retirees. Not only are Americans falling behind on savings for retirement, but Social Security was truly designed to replace only 40% of the average pre-retirement wages. In 2019, the average Social Security income paid […]Continue reading
