The time is finally here. It’s when the chickens come home to roost. In most of the financial blogs of late concerning Social Security, it’s been nothing but doom and gloom. Everyone is scared the trust fund will run out of money, and suddenly, Social Security will go away. We’ve been reading about this for a long time. Economists have sounded the alarm many times over the years about the imminent insolvency of Social Security if fixes aren’t put into place to shore up the deficiencies. If you allow the media to guide your thinking, you might be in this …

Except in some rare cases, we all need to have a plan for our retirement years. Each person has individual financial goals along with their personal savings situation. Hopefully, you have a personal financial advisor to help manage the savings you have accumulated. However, your healthcare is a “wildcard” during your retirement years, and you need to plan for it. Planning for retirement is one of the smartest things you can do, not only for you but your loved ones, too. Here are five helpful tips to keep your retirement plans on track. Let’s look at the upcoming important dates …

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 …