Finance Made Simple

As the tax-filing season approaches, it’s important to get organized! This is especially true this year, as pandemic-related delays are still slowing the process for filing returns and getting taxpayers their refunds. Additionally, because of new complexities (such as Advanced Child Tax Credit payments and Economic Impact Payments), filing may be more complex this year for both taxpayers and their tax professionals. 

If you were to change jobs tomorrow, would you know what to do?

The typical employee stays at their job for an average of 4 years, which means that most people will have about 10-12 jobs in their lifetime. Since the reality of changing jobs is so frequent, you need to be prepared for when the time comes to take on a new challenge.

This time of year, figuring out last-minute ways to save on taxes is on everyone’s mind. However, in order to keep your end of year holiday season still (relatively) stress free, you can focus on a few key to-do’s to make a big financial impact next filing season. 

When you envision your living situation in retirement, what does it look like? Perhaps you’ve always dreamt of downsizing and moving to the beach or a cabin in the woods. Or maybe you’d like to enjoy your home for a bit longer. 

When deciding which option is best for you, you’ll need to consider several factors.

Planning for assisted living and long-term care is something that can’t be put off. It feels like you have ages to prepare for it, but then before you know it, it’s time. The decision to move into assisted living is a difficult one, but you can plan for it with your spouse.

Long-term care can be tricky, so let’s take a look at the basics.

From the moment you started your first job, life insurance has likely been a part of every stage of your adult life. But now that you're retired (or going to be!), what happens next? When your employer isn’t paying for your life insurance anymore, it can be daunting.

As you enter retirement, you have to decide whether you want to take out a new policy or risk it without one. How do you make the best choice? 

Pension maximization is a retirement income strategy for couples. The goal is to “maximize” the pension benefit and offset risk with other avenues. Let’s take a closer look at how this strategy could benefit you and your spouse.  

For this strategy, one spouse opts for the highest annuity payout for their lifetime (single-life annuity) and obtains a life insurance policy to provide income for the surviving spouse. 

When working with couples who are part of the Millennial or Gen Z generation, the topic of starting a family often comes up. For many, the idea of having kids has always been part of their long term life plans. Then, when the milestone starts to get closer, sticker shock starts to set in. 

Although many organizations have stopped offering formal pensions, there are still several large corporations out there with a pension plan in place for dedicated employees. If you have a pension available to you, or if your spouse has one, it’s critical to understand how the cash flow from your benefit will impact your retirement. Knowing what payout options you have, and which is right for you, is the perfect first step. 

Buying your first house is an exciting adventure. It’s also one of the largest purchases you’ll ever make! Knowing how to budget for your first home, and how to financially prepare, is the best way to start your journey to homeownership off on the right foot. 

Many retirees look to relocate in retirement, or to pursue a snowbird lifestyle where they spend the warmer months in the midwest or north near their family, then go to their southern home for the colder months of the year. While relocating somewhere new and exciting in retirement is an appealing option for many, there are several key questions to consider before taking the leap. 

One primary consideration is how your potential new home’s tax laws compare to where you currently live. 

Couples have a unique opportunity to collect benefits from their spouse’s or former spouse’s work record. Spousal Social Security benefits were designed to help supplement income where one spouse was the primary income earner. These benefits are also extremely helpful for ex-spouses and surviving spouses. 

So how do spousal benefits work and when will they impact you? Let’s find out. 

Your financial advisor plays a key role in your life. They help you use your financial resources to craft a plan that embodies your goals, dreams, and aspirations. That is a big responsibility. Entrusting a professional with your hard-earned money is no small feat, and you deserve to be working with a team of professionals who knows you and cares about your success. 

Receiving an inheritance is often an affecting experience—marked by a loved one’s passing, the money is a wonderful gift that also gets intertwined in the grieving process.

After a loved one’s passing, it can be difficult to sort through the legal and financial repercussions that come with an inheritance. Your inheritance is an important responsibility and a chance to use the money in a thoughtful, meaningful, and intentional way that promotes the life and legacy of those who came before you.

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Finance Made Simple

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