Your Health is Priceless – But How Much Will It Cost You?
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 a recent study.[1] Although good health is priceless, it could cost you in retirement. First, know what you can do during the Medicare Fall Open Enrollment period. You Can Switch From Original Medicare to Medicare Advantage Original Medicare consists of Part A, which covers hospital stays, skilled nursing facility care, and some nursing home care[2], and Part B, which covers most doctor services, outpatient therapy, and Durable Medical Equipment.[2] Many […]
The Potential Hidden Costs of Inflation
You’ve probably heard about or experienced the effects of inflation – everyday items can cost more, and the monthly inflation numbers make the news. While the increased costs we see on a regular basis can have an impact on our finances, there may be some potential hidden costs to inflation we don’t necessarily see right away. Not All Tax Thresholds Are Indexed to Inflation Income tax brackets are indexed for inflation, but what about other tax thresholds? The $3,000 limit on capital loss deductions hasn’t increased since 1978 and isn’t likely to in the near future. Due to inflation […]
Phil Williams and Jim Brogan on Current Economic Trends Part 2
Jim Brogan joins The Phil Show on NewsTalk 98.7 where breaks down potential effects inflation could have on your financial plan, and how to plan ahead for this. Click the play button below to listen!
Hallerin Hilton Hill Interviews Jim Brogan on Protecting Your Assets Against Inflation
Jim Brogan joins Hallerin Hilton Hill on NewsTalk 98.7 to discuss strategies for protecting and investing against inflation, as well as the potential long-term effects inflation could have on consumer prices. Click the play button below to listen!
How the “Millionaire Next Door” Can Approach Retirement Planning
Many of today’s retirees are the wealthiest retirees of all time. Rising home values, strong market returns, and a generation of dedicated workers mean there are more millionaires than ever. But, even if you have built a substantial nest egg, you may not feel like a millionaire and may be worried about how you’ll maintain your lifestyle in retirement and avoid running out of money. Here’s what you can ask yourself when planning for retirement. How Much Money Do You Need to Retire? Don’t know how much you need to save before you can retire? Start by figuring out […]
How a Financial Advisor Can Help You Pursue Tax-Smart Strategies
They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to help minimize your overall tax burden both before and in retirement. An advantage of going to one professional for all of your financial planning needs is that everything from investment strategies to estate planning works together in one overall plan. Here’s how a financial advisor can help you pursue tax-smart strategies. Manage Investments with a Tax-Smart Strategy Every part of a financial plan is connected, including an investment strategy and […]
How Will Social Security Respond to Higher Inflation?
Inflation is on the rise, and Federal Reserve Chairman Jerome Powell recently testified to Congress regarding the Federal Reserve’s commitment to controlling inflation. He admitted that inflation is “well above target” but didn’t indicate any major changes in Fed policy in the near future.[1] Retirees may need to be concerned about inflation, which can eat away at savings and any fixed-income payments they receive, including Social Security benefits. Because of this, we could see a change in how Social Security responds to inflation. Are Social Security Benefits Adjusted for Inflation? Most years, Social Security beneficiaries see a Cost of […]
Where Could Your Retirement Income Come From?
You’re used to receiving a paycheck, and perhaps you’ve been used to it steadily increasing over the course of your career. You may have experienced what’s known as “lifestyle inflation” and may not plan to downgrade in retirement. Whatever the case, it’s important to know where your retirement income will come from. It could come from several different sources, so know how much will come from each and the total amount. Social Security Social Security benefits are a highly reliable source of retirement income that can last for the rest of your life. While you likely won’t be living […]
The Most Important Ages for Your Retirement Accounts
If you have a 401(k), IRA, or other retirement accounts, it’s important to keep a few things top of mind: Know how much you’re contributing, how your investments are performing, and how much you’re paying in fees. You should also note important milestone ages and their recent changes. Here are the most important ages for your retirement accounts, starting at age 50. Age 50 At age 50, workers can make annual “catch-up” contributions in addition to their normal contributions. In 2021, you can contribute up to $6,000 to an IRA if you are under 50 and an additional $1,000 […]
4 Reasons to Have a 401(k) Strategy
If you’ve saved a substantial amount in a tax-deferred retirement account, it will no doubt be instrumental in retirement. The next step is to strategize how you’ll use those savings. There are several important things to know about your 401(k), such as how much you can contribute, options for your 401(k) when you leave your job, and how RMDs work. Here are four reasons to have a 401(k) strategy. You Have Options for Old 401(k)s When you leave a job, you can either cash out of your 401(k), roll it over into a 401(k) at your new job, leave […]
