The Social Security Administration periodically analyzes the program’s financial security and adjusts various factors to ensure its sustainability for the long-term. However, it’s suggested by many reports that it will suffer a benefit reduction. It’s no surprise, therefore, that most millennials have said they won’t factor Social Security into their strategy for retirement. After all, …
You’ve worked a long time to ensure that you and your family will be financially protected. You’ve also done what you can to prepare for any surprises that the future might bring you. However, even the most well-thought-out strategy can have a wrench thrown into it by the unexpected cost of long-term care. With Americans …
The recent failures of both Silicon Valley Bank and Signature Bank have led many Americans to be concerned. Concern is natural when something like this occurs. If something similar happens to your bank, how safe is your money? Additionally, this event has increased ever-present fears of a recession. Right off the bat, we’d like to …
Long-Term Care Insurance Options About 70% of Americans who reach age 65 end up needing some form of long-term care for some time in their remaining life. This was found in a study from the U.S. Department of Health and Human Services. While it’s true, some people will get by with unpaid care from their …
Biggest Tax Changes For 2023 The Inflation Reduction Act is ushering in a number of changes to the 2022 tax year. It might seem easy to get overwhelmed with all the new rules. Some of these changes could make things harder for you, while others are quite beneficial. The tax code as a whole is …
One possible upside to 2022’s market downturn: It could potentially lower the impact that RMDs (required minimum distributions) have on your retirement accounts. Here’s a quick list of what you need to know in order to calculate RMDs in 2023. If you’re over the age of 72 and are no longer working, you’re probably already …
Older Americans may have many reasons for taking on part-time work after leaving behind their full-time job. It’s becoming more and more common for retirees to work well into their 60s and 70s. If you’re among those considering a part-time job, it’s important to know how the income can impact other things that are most …
As you’re nearing retirement and are due a pension, a tricky decision you’ll be faced with is whether to take your benefits as a lump sum, or as an annuity over time. For those leaning towards an upfront payment, the choice may be more complicated now, because of rising interest rates. As rates rise, lump …
Does your retirement budget account for all of these costs? If not, they could derail your retirement. You may need to alter your strategy. Hidden Housing Costs First, there are housing costs to consider. Many pre-retirees fail to look beyond their monthly mortgage payment when estimating their long-term housing costs. Unanticipated home repairs and renovations …
“In this world, nothing is certain except death and taxes.” Death may be a certainty, but some taxes actually aren’t, depending on the circumstances. The tax implications of your charitable contributions and what you leave to your heirs might not be a top concern of yours. However, it is an important thing to think about. What …
A Tax-Smart Way to Leave Money to Charities and Your Family Read More »
Donald L Retallick III
FL Insurance License # P109239
Retallick Financial Group
Florida Lic. #L096591
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