When planning for retirement, one of the most important financial decisions involves Social Security: Should you claim benefits early and invest the payments, or wait until age 70 to receive larger guaranteed payments?
It’s not surprising that a survey last year by T. Rowe Price found that healthcare costs are the biggest financial worry among retirees, especially for women who may be going through retirement on their own.
Many individuals and couples have enjoyed the lower tax brackets brought about by the Tax Cuts and Jobs Act (TCJA). However, the current tax brackets are expected to change at the end of 2025 when the TCJA sunsets. Are you prepared for this?
With this summary guide, you can quickly navigate the upcoming tax changes that will take place at the end of 2025 and start having conversations with your tax advisor or financial advisor about how your tax planning needs might change. This summary guide covers some key comparisons of the TCJA and Post-TCJA tax numbers, such as:
Planning for the future is essential, especially as we age. Whether it is your wish to leave a legacy or not, making decisions about how your assets will be managed and distributed after you pass away is crucial.
Keeping track of one’s beneficiaries isn’t always an easy task. Relationships change over the years, and individuals often forget to review their beneficiaries in light of new planning goals. Furthermore, many individuals aren’t aware that their current beneficiary setup may not be as equitable or efficient as they had intended.