What is the Net Investment Income Tax, and how does it affect retirees? This tax was introduced as part of the Affordable Care Act in 2013 and applies to individuals with significant investment income. It targets taxpayers with modified adjusted gross incomes over certain thresholds, which are $200,000 for single filers and $250,000 for married couples filing jointly.
Continue readingMaximize Retirement Savings with a Health Savings Account (HSA)
As retirement planning becomes increasingly complex, one vehicle is gaining attention for its potent blend of savings and tax advantages: the Health Savings Account (HSA), often dubbed the “medical IRA.”
Continue readingUnderstanding the Tax Efficiency of Your Investments
As an investor, one of the most critical aspects of managing your finances is understanding the tax implications of your investments. Let’s explore how tax-efficient your investments are and what strategies you can employ to optimize your retirement income.
Continue readingJanuary 2024 Market Update
Markets staged an impressive reversal in the fourth quarter thanks to a surprise dovish pivot by the Federal Reserve, which combined with solid economic activity and declining inflation to push stocks sharply higher and send the S&P 500 to two-plus-year highs, resulting in the best annual return since 2021.
Continue readingWhy Portfolio Rebalancing Matters
One way a retiree should keep their finances in tune is through something called “portfolio rebalancing.” Let’s dive into what this is all about and why it’s a handy tool for a secure and happy retirement.
Continue readingMaking Sense of The New Age of Required Minimum Distributions
With the passing of the Secure 2.0 Act, investors must adapt to new timelines for withdrawing from their retirement nest eggs.
Continue readingCommon Estate Planning Mistakes and How To Avoid Them
Here’s a closer look at the six most common estate planning mistakes and how you can sidestep them.
Continue readingOctober 2023 Market Update
The S&P 500 ended the second quarter and first half of 2023 at a 14-month high and most major stock indices logged solid gains in the second quarter following a pause in the Fed’s rate hike campaign, stronger-than-expected corporate earnings (especially in the tech sector), and the relatively drama-free resolution of the debt ceiling.
Continue readingWill I Be Automatically Enrolled In Medicare?
Some people are automatically enrolled in Medicare at age 65, while some have to apply. Follow this flowchart to better understand what, if any, action you need to take to ensure you’re enrolled in Medicare at the right time.
Continue readingUnderstanding IRMAA
IRMAA, which stands for Income-Related Monthly Adjustment Amount, is a term that may not be familiar to everyone. However, for individuals enrolled in Medicare, IRMAA can have a significant impact on their healthcare costs.
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