Whether you want to leave work at 62, 67, or 72, claiming the retirement benefits you are entitled to by federal law is no casual decision. You will want to consider a few key factors first.
Continue reading “Before You Claim Social Security”Category: Personal Finance
Given the threat of COVID-19, seniors today may be considering their extended care alternatives with extra caution.1
In addition to health factors, the cost can be an issue. According to Genworth’s 2020 Cost of Care Survey, the median annual cost of a semi-private room in a nursing home is now $90,000. A single-occupancy room may cost over $100,000 a year.1
Continue reading “Eldercare Choices in the COVID-19 Era”
Why sell shares when you can gift them? If you have appreciated stocks in your portfolio, you might want to consider donating those shares to charity rather than selling them.
Continue reading “Making a Charitable Contribution”
We all know the value of a good credit score. We all try to maintain one. Sometimes, though, life throws us a financial curveball and that score declines. What steps can we take to repair it?
Continue reading “Ways to Repair Your Credit Score”
Did you know that May is Disability Insurance Awareness Month? First started in 2007, the month of May was the first time that information about disability insurance became more easily accessible to millions of Americans. Recently, Disability Insurance Awareness Month has become a time in which many insurance professionals come together in order to help educate the public on the importance of disability insurance.1
Continue reading “May Is Disability Insurance Awareness Month”
Are you or someone you know currently making federal student loan payments? In light of the COVID-19 pandemic, some welcome relief may be on the way.
Continue reading “Federal Student Loan Relief”
The COVID-19 pandemic has shaken up nearly every aspect of American life. To say it’s been a difficult time would be an understatement.
However, difficult times may open doors to new possibilities. Businesses are changing their ways of operating, and individuals are exploring new avenues for investment. It may be time for you to consider some opportunities, as well.
Continue reading “Roth IRA Conversion in the Era of COVID-19”
In this guide, we’ll explore ways to help you prepare for the upcoming tax season.
Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy.
April 15, 2020 is the deadline the Internal Revenue Service sets for filing your 2019 tax returns. If you believe you will miss that deadline, you should consider filing for an extension.
Here’s a quick summary of the major changes for 2019:
Continue reading “A Guide for the 2020 Tax Season”
The IRS audited about 1 million tax returns in fiscal year 2018, and nearly 75% of those examinations were conducted entirely through correspondence.1 Taxpayers selected for an official audit are notified by mail.
Confusing matters, the IRS also mails other types of compliance notices, which may propose additional tax based on math errors, the automated detection of underreported income, or other factors. The National Taxpayer Advocate calls these notices “unreal” audits, because the IRS doesn’t count them as audits. But their impact is real — so the frequency and effectiveness of IRS compliance contacts are somewhat understated. About 8.5 million taxpayers experienced “unreal” audits during fiscal year 2016, and if they were included the audit rate would jump from 0.7% to more than 6.0%.2
Continue reading “Five Red Flags That Raise the Odds of an Audit”
Like almost everything else these days, the holidays have become a barrage of options and choices, with nearly limitless opportunities to overspend. Here are some tips to help you make sure your family’s spending remains in check this holiday season.
Continue reading “Tips for Managing Your Holiday Spending”