Life insurance can be called “love “insurance because we use it to protect the ones we hold dear. It’s the true definition of love for your family that can be the key to ensuring their future financial security.  What is life insurance? When trying to piece together on the importance of life insurance, you will probably have numerous questions. Luckily for you, we have put together the basic information you need to figure out life insurance’s role. Life insurance is one of the common types of insurance available. It merely implies that you buy various life policies that shield your …

This year has been quite an adventure for people who need to file and pay taxes. COVID-19’s impact on the economy led to the delaying of the income tax filing date as well as the passing of the CARES Act, or what’s otherwise known as the COVID-19 Stimulus. If you met the eligibility requirements set forth by Congress and the Treasury Department, you received a payment from the government for the amount you qualified for. Many people may have questions about whether receiving stimulus payments will mean a lower amount in their tax return, or a higher amount in taxes …

With a third of the 2020 tax year behind us, the Internal Revenue Service (IRS) has finally released the 2020 tax brackets. While it might seem a little late in the year, you still have plenty of time to make adjustments to your tax planning strategy. Before getting to the actual changes within the tax brackets, it’s worth noting that the effective tax rates have not changed. There will still be 7 brackets with the effective tax rates set as follows: 10%, 12%, 22%, 24%, 32%, 35% and 37%. What did change was the wage ranges that are applicable to …

Retirement could be a stressful phase in your life if you did not do any prior planning before you became a retiree. This is because you need to put food on your table and pay bills like medical expenses, electricity, and water bills. However, with a proper retirement plan, you can be confident that you can still enjoy comfortable living. You need to save for retirement as soon as you start getting a stable income. You can also seek the services of a financial advisor that can help you plan appropriately for retirement.  Whether you are retired or working, are …

When we pass, there will be debts that are left unpaid even if we stay caught up with our financial obligations. At the very least, there will be the medical bills accrued towards the end of life and any bills that can end up delinquent as a result of illness. There are more ways that you’ll leave unpaid debts behind after you die, so knowing how to prepare for them in advance with a good estate plan is essential. What Happens at Probate? When anyone dies, their estate goes through the probate process, and this process can take anywhere from …

Should I claim my Social Security benefits now? It’s a common question, and it’s one that you’re very prudent in asking. Timing is the biggest facet in maximizing your benefits. Yet, you’ll get an array of answers on the best timing. Let’s break down three questions that will give you the most definitive answer to your question. Social Security: Timing Is A Crucial Decision Approaching Social Security age can be one of the most confusing times in life. While there’s a plethora of information to warn you of the potential pitfalls and mistakes, much of this info that’s supposedly designed …

If you have been one of the many impacted by COVID-19 and you’re closer to retirement than some, then you should look through these tips to see what you can do to overcome this problem. Check Your Savings Check your savings account to see how much money you have.  It’s a necessary exercise to be sure you have enough in your account to last your entire retirement.  If you are not working with a financial planner, this may be an ideal time to start.  You should also verify that you have more than you need since you never know when …

If you missed the news, the IRS announced that if you already took out your maximum percent for your Required Minimum Distribution, you are still in luck. According to the IRS, you can still roll over those funds and put them back into your account. That is according to the current Coronavirus, Aid, Relief and Economic Security (CARES) Act waiver. This new waiver has been extended until the end of August. That should give you enough time to replenish your accounts before the end of this year, if you choose to. These updates also include what will happen with your …