Qualified Charitable Distributions
With two months left in the calendar year, it is time for those of us who have yet to take our required minimum distribution (“RMD”) from our individual retirement account (“IRA”) to do so. If you find yourself in the fortunate position of having to take your RMD, but not needing some or all of it, you may want to consider donating some or all of your RMD […]
Charitable Giving Strategies To Consider
The onset of the pandemic in 2020 inspired many individuals to be more generous with their charitable giving. According to a recent Giving USA Report released in June, individuals gave an estimated $309.66 billion to charities in 2020. This was a 4.7% increase from 2019 and was the 2nd highest total dollar amount ever recorded. […]
President Biden’s Recent Tax Proposals
A couple of months ago, I wrote a blog discussing potential tax changes that might occur under our new President given his election and Democratic control of the Senate and House of Representatives for at least the next two years. That blog reviewed some of the changes President Biden proposed during his campaign. Since that […]
Disappearing Pensions Make Investing All The More Vital
It is somewhat hard to grasp today, but the concept of retirement has not been around for very long. Morgan Housel illustrates this well in his most recent book, The Psychology of Money: “The entire concept of being entitled to retirement is, at most, two generations old. Before WWII, most Americans worked until they died. […]
The Emotional Preparation for Retirement
As a person nears retirement, much of the conversation is frequently centered on financial preparedness. If you have done all the right things, you have been saving for retirement for many years leading up to this point and you have a financial plan in place, you have adjusted your portfolio, analyzed Social Security strategies, and planned for various what-if scenarios. That part is all mapped out for you. What is often a last-minute […]
Potential Tax Policy Changes under the New Administration
The election of Joe Biden as President coupled with Democratic control of the U.S House of Representatives and U.S. Senate could mean tax changes are on the horizon. Although control does rest with the Democratic party, control is only by the slimmest of margins. Any changes to tax policy likely will be only modest as […]
Helping Aging Parents Manage Their Finances
It is said that getting old is not for sissies. Well, neither is watching your parents slow down, mentally and physically, as they age. As our parents once did for us, adult children must know when to judiciously step in and help navigate the increasingly complex financial waters for our aging parents. But knowing when […]
How to Plan for Social Security?
One question we receive quite often from clients is how to plan for Social Security benefits. For many people, both young and old, this is a big question when considering their future. Based on recent projections from the Social Security Board of Trustees’, the Social Security trust funds are due to run out by 2035. Below is a chart from data on the Social Security website showing that in 2018, the trust fund assets, as represented by the blue line, decreased for the first […]
Benefits of Becoming a Florida Resident
When considering a move to Florida, it is important to understand the benefits of doing so. Besides the year-round pleasant weather, there are two primary benefits. The first is that Florida has no state income tax, while Ohio does. Ohio imposes income tax on income of every resident of Ohio. The highest tax rate is […]
Benefits of Early Retirement Savings
When it comes to retirement savings, it is never too early to start. In the early stages of your career, retirement seems so remote that you might think you can delay saving for awhile. You may not earn a high salary, or you may have debt to pay off, but you have one factor on your side that your older colleagues do not. That factor is time. With time on your side, saving for retirement becomes […]