Retired-ish

2024 is an election year, and not just any election year, but what could be one of the most controversial election years in our Nation's history. Given the constant influx of media hype around everything such as: geopolitical tension, political dispersion within the US, inequality, inflation, government spending and the nation's screaming debt levels, the collapse of the US dollar, student debt, t...

Whether you're self-employed or an employee, a Health Savings Account or HSA can provide you with a triple tax benefit! Therefore, if you're serious about saving taxes and building wealth, it's critical to understand the benefits and rules of the Health Savings Account. If an HSA makes sense for your situation, you can benefit by receiving tax deductions based on money contributed into the account...

Are you tired of handing over too much of your money to the tax authorities every year? Or wondering if there's a better way to go about managing your cash flow when it comes to paying your taxes? If so, it's time to take control of your finances and maximize your wealth building machine. In this episode, I will show you how to adjust your tax withholding to keep more money in your pocket througho...

If you are nearing retirement and have your eyes set on that dream day on the horizon (or even if you have recently entered into retirement) you need to know that you're more responsible now - than ever in our nation's history - for figuring out how to save, invest, and convert the financial resources you've spent your entire life accumulating into spending power that will last you a two to three...

It seems that each and every year when our firm reviews tax returns in consultations and second opinions we find dozens of missed tax savings opportunities: whether it be missed deductions, forgone strategies, less than ideal business entity or real estate structures, or simply improperly reported figures. This holds true whether you do your taxes yourself with an online software or use a professi...

Over the past few years one of the hottest topics has been the rise of inflation throughout the economy. Inflation impacts our day-to-day financial lives in numerous ways, good and bad, and has a significant effect on our investments over time. It is a silent killer that affects our spending habits, retirement income and other financial goals you we have.  Understanding how inflation works over th...

Although you may be familiar with some of the basics of Traditional IRA and Roth IRA retirement accounts, there are many different rules and tricky nuances that you might not know that can open the door for more wealth building opportunities, or possibly be a cause for concern. For instance, you may think you make too much money to contribute to a Roth IRA or that you can't because you have a 401(...

When looking into getting extra healthcare coverage beyond the basic coverage provided by Original Medicare Parts A and B, you'll have to choose between either a Medicare Advantage Plan or a Medicare Supplement Plan also known as Medigap. One isn't necessarily better than the other, they each have their place in the market. In order to make the decision on which one you should go with; you should...

Large pre-tax retirement accounts such as Traditional IRAs, 401(k) plans and the like are great savings vehicles for retirement. The problem is, they make for lousy and tax laden estate planning. The tax authorities have a claim to the money in these accounts, and the retirement and tax laws surrounding them are very complex and ever-changing. This requires careful strategizing if you have large b...

One out of four people that experience divorce in the United States is age 50 or older, and nearly one out of ten is age 65 or older. These later-in-life separations is commonly referred to as Gray Divorce, and with it often comes complex financial situations. By properly creating a thorough financial affidavit during the divorce process, you can significantly increase your confidence in your fina...

By having a better understanding of your tax situation, you are more likely keep more of your hard-earned money, which can also mean you don't have to rely as much on exuberant investment returns.  Moving to another state in order to potentially save money in taxes can have a huge impact on your finances in retirement by allowing your money to go further, which means less stress on your income pro...

While the vast majority of people will choose to live in the same home once they retire, many more housing opportunities typically open up during your retirement years due to kids being out of the home - hopefully – and the fact that you don't have any obligations to show up to any specific workplace or maybe you're now able to work on your own terms from the comfort of your own home. In this case...

There typically comes a time when your income sources drastically change from one source to another, or from one to multiple sources. For most, this will be shifting from earning income from a career, to then living off your own savings, potential pensions, or even passive income from real estate or businesses. During this phase of life is when you have the opportunity to capitalize on tax plannin...

If you have an aging parent, there's a high likelihood that you will eventually need to step in to help them with their caretaking and financial decision making. There are many steps you can take to protect their finances and well-being as long as these steps are taken ahead of time so that everyone's better prepared. Many of these things you should actually be doing for yourself, such as making s...

Women have unique challenges that they typically face in retirement, and although men have their own share of obstacles to face, women tend to juggle more than just worrying about themselves and their own livelihood. This phenomenon is mostly due to the fact that many women today are part of a "sandwich generation" in which they typically support themselves, their children, and often times aging p...

Our emotions impact our investing decisions when it comes to the stock markets. In this episode, I share a thought experiment to help you understand how to make your investing decisions. More specifically, I discuss: With everything going on in the world, why would anyone still invest in the stock market? When fear and uncertainty are at a peak, how do I go about making investment decisions? Thoug...

I discuss the common options you have for health insurance coverage when retiring before you are Medicare eligible at age 65.  More specifically, I discuss: Jumping on Your Spouse's Employer Health Plan Considering Shopping The Health Insurance Marketplace – Affordable Care Act Continuing Coverage Through The Consolidated Omnibus Budget Act – COBRA Looking into Healthcare Cost-Sharing Arrangements...

In this episode, I discuss some of the financial strategies you can implement into your own personal finances as the recipient of a financial windfall from a parent. More specifically, I discuss: Strategies when inheriting property from a parent Strategies when inheriting cash and investments from a parent Tax considerations and planning when inheriting various types of assets How and why these st...

I discuss the potential pitfalls to watch out for when inheriting assets from a parent. Receiving an inheritance isn't the same as maximizing an inheritance, as you could lose a significant portion if you're not prepared. More specifically, I discuss: What are common types of assets that are passed down to the next generation? What are the common pitfalls to watch out for when inheriting property?...

In this episode, I discuss potential Social Security Survivor Benefits available to a spouse and other family members after the loss of a loved one. Everyone's situation is unique in that they will typically have many options when it comes to deciding how and when to apply for these benefits which could be the difference of tens if not hundreds of thousands over a lifetime. More specifically, I di...

The Bucket Strategy, also know as Time Segmenting, is a simple and effective strategy to implement approaching retirement. This simple yet effective strategy allows you to assign a purpose to your various assets so you can understand how to enjoy the financial benefits they can provide. More specifically, I discuss: What is the "Bucket Strategy" aka "Time Segmenting" What is "Sequence of Returns R...

Revealing the mysteries around financial planning: What it means, what it can do for you, and what the process looks like. I also discuss the problem with simply knowing or researching things rather than using information to implement in your own life. More specifically, I discuss: What is Financial Planning? – Personal/Retirement What Are The Steps to Creating a Financial Plan? Examples of What t...

Learn how your business may be able to help you save more in taxes! In this episode, I'm joined by Mike Jesowshek, CPA and host of the Small Business Tax Savings Podcast as we discuss how to unlock the true benefits of an S-Corporation. Having a better understanding of your business shouldn't be complicated. Whether you're new to the business world, or semi-retired with a thriving family business,...

In practice, I have found many people think they are diversified looking at the surface, but come to find out their investments have very little to no diversification. In this episode, I discuss the benefits of diversifying your investment portfolio and the common myths around diversification. More specifically, I discuss: What does it mean to be truly diversified? What can diversification do for...

In this episode, I discuss the key facts that you need to know about Social Security benefits after divorce. More specifically, I discuss: What are the requirements to receive Social Security benefits based on an ex-spouse's record? How much can you receive as a former spouse? What if your ex-spouse dies before or after you begin receiving Social Security benefits? Can you start collecting an ex-s...