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Navigating The Medicare Advantage
One of your largest retirement expenses could be your healthcare costs. An average 65-year-old couple retiring today will need an estimated $300,000 to cover their healthcare costs, according to one study. Unfortunately, the Medicare system can be quite complex, leading too many retirees to miss out on an accurate and comprehensive assessment of their options on an annual basis. Don’t be one of them.
2024 Tax Guide
We believe it’s important that you look to employ tax diversity in your retirement plan. Different types of investments can impact your taxes differently. Having accounts that receive varying tax treatments is a key strategy. You should work with a qualified professional to help determine exactly how much you should have in each tax “bucket” to help minimize your overall tax burden in retirement.
While the tax code can be incredibly complex, you still need to stick to the basics when it comes to filing and preparing your tax returns. So, here are our 5 tips to help you better prepare for tax filing this year.
The Social Security Guide
Social Security planning is one of the most important elements in any retirement plan, but getting the most from your Social Security benefit can also feel complex and frustrating. In our guide, Maximizing Social Security in Today’s World, you’ll uncover practical tips and easy-to-understand steps to get the most out of your Social Security benefits.
Are You Prepared For RMD’s?
The SECURE Act 2.0, which passed in the final days of 2022 and stands for Setting Every Community Up for Retirement Enhancement, is the most significant retirement-related law seen since the initial passage of the SECURE Act in 2019. One noteworthy transformation that will influence all retirees with a standard retirement account like an IRA or 401(k) is that the age of Required Minimum Distributions has been raised from 72 to 73, with a provision that then raises the age to 75 after 2032.1 Even though it implies retirees can have more time for their savings to accumulate without taxation, they should not underestimate the eventual impact of RMDs on their tax liability and retirement savings.
A Short Introduction To Long-Term Care
If you know someone who takes care of their parents or if you’ve done it yourself, you know how stressful it can be. Now, think about a time when you might need that same care. Even if your family members are nearby and can help you around the house as you get older, they might not be able to provide you with all the care you need. That’s why having a long-term care strategy can help give you and your family peace of mind and help lessen the burden of an unexpected expense.
