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AUTHORS: Jennifer Climo Jean Fullerton Jonathan Harrington Nick Prigitano Jenna-Rose Finnie Kyle Labelle

Can I Afford to Retire?

January 24, 2022 Retirement Jennifer Climo

You have worked very hard all your life and are now interested in slowing down, but you just do not know if you can afford to not have a paycheck coming in. This blog is aimed at the frugal among us — you know who you are. You diligently saved 15%-20% of your income most of your life, kept your lifestyle below your income, hate debt and are paying down your mortgage. Your goals include spending money on experiences, not things. You do not want to worry about your day-to-day living expenses, including medical costs and health insurance. In my 18+ years as a financial advisor working with individuals and couples, the one thing everyone who can afford to retire has in common is…not their net worth. Not their income. Not their demographics (single, married, divorced, widowed…). Not their occupation.....

Doubling Up on Retirement Plan Contributions with 403(b) & 457(b) Plans

January 7, 2022 Retirement Working Professionals Jonathan Harrington

Do you work for a public school, college or university run by a state or local government that offers a 457(b) plan in addition to a 403(b) plan? If so, you may be able to double your retirement plan contributions and start socking away some serious cash for retirement.

Time to Reflect on the Upcoming Year - Our Top 5 Financial New Year’s Resolutions

December 31, 2021 Retirement Insurance Estate Planning Cash Management Nick Prigitano

Setting New Year’s resolutions is a common practice for millions of Americans. Although we all know the stats about how frequently we fail to live up to them, it doesn’t mean we shouldn’t try. If we don’t set goals, then there is a 100% chance we won’t meet them. With that in mind, we have some typical, and not so typical, financial New Year’s resolutions to consider adding to your list for 2022.

When Should I File For Medicare?

December 22, 2021 Retirement Insurance

Some of the scariest things about enrolling in Medicare is that it's incredibly complex; you may only have one chance to make decisions for life; and it can be extremely costly if you make a mistake. It's no surprise many retirees are left wondering when to file for Medicare. To make things more complex, if you're still working or are in an unmarried relationship there are more special rules that may apply to you.

The Importance of Retirement Tax Planning – Why Tax Planning in Retirement Is Just as Important as When You’re Working

November 26, 2021 Taxes Retirement Nick Prigitano

In financial media, there is significant chatter about saving for retirement and utilizing ways to reduce your taxable income during your working years. But what often gets neglected are the discussions surrounding taxes in retirement, which, in many cases, are even more complex than when you’re working. With Medicare premium surcharges, Social Security brackets, estate taxes, required minimum distributions, and withdrawal decisions from tax-deferred, tax-free, and taxable accounts, juggling all these different items can be incredibly challenging.

Can I keep my HSA after I retire?

November 19, 2021 Retirement Jennifer Climo

My colleague Nick Prigitano, CFP®, wrote about when you should file for Medicare, but what happens to your Health Savings Account (H S A) after you retire? We love HSAs due to the triple tax benefits associated with contributing to an HSA. To summarize, you can take a tax deduction for the contribution (which never phases out at any income level), the money can be invested and grows tax-free, and there is no tax when you withdraw the money to pay for qualified medical expenses. Of course, to be able to contribute to an HSA in the first place, you must be enrolled in an HSA-eligible health plan that has “HSA” in its name.

End of the Backdoor Roth? New Tax Law Proposal Aims to Quash This Powerful Retirement Savings Move

September 24, 2021 Taxes Retirement Working Professionals Nick Prigitano

An incredibly wise man, Benjamin Franklin, once said, “In this world nothing can be said to be certain except death and taxes.” While there isn’t anything we as financial planners can do about death, one of our main goals is to help our clients reduce their total lifetime taxes paid. One of the best ways to accomplish this is to contribute money to a Roth retirement account (either a Roth IRA or a Roth 401(k)). The trouble with this is that not everyone is eligible to contribute to a Roth IRA directly or has an employer that offers a Roth 401(k) option. In these instances, another avenue to pursue is evaluating whether it makes sense to do what’s called a backdoor Roth contribution instead.

The Inflation of Everything

June 25, 2021 Retirement Cash Management

If you need to buy a house or a car in this market of rapidly rising prices, what do you do? Interest rates are low, inflation is high, every month that goes by the cost of what you want to buy increases. The amount home prices, and car prices, have grown over the past year is not the point (it’s a lot), but understanding the reason behind it can help you decide what the best path is for you.

9 Ways to Protect Your Money and Accounts from Hackers

May 24, 2021 Retirement Working Professionals Families Small Business Jennifer Climo

From fraudulent transactions to identity theft, securing online accounts is a hot topic in financial planning discussions in today’s cyber-connected world. There are some things you can do to protect yourself. Just like locking your doors and installing a security alarm and security cameras can protect your physical assets, there are similar approaches that can protect your online accounts.

Financial Planning for your 50s - What to Consider

February 19, 2021 Fiduciary Retirement Working Professionals Families Insurance Estate Planning

The financial planning considerations when entering your 50s can be quite extensive. Between retirement rapidly approaching, life changes, and estate planning issues, there's a lot on the to-do list! For many, this is their last full decade before retirement. It is one of the last chances to save, plan, and make sure you are on track to meeting your long-term financial planning goals. While there are many topics to review, some of the big ones are: - Overall retirement planning considerations - Big life changes - Reviewing your insurance - Updating and reviewing your estate plan

Medicare Costs for the LGBTQ+ Community

February 17, 2021 Retirement Insurance LGBTQ+

Health care expenses can be a significant cost in retirement. This is no different for the LGBTQ+ community. What is different for members of the LGBTQ+ community is that they may be more likely to be unmarried, and therefore subject to higher Medicare premiums.

Financial Planning for your 60s - What to Consider

January 20, 2021 Fiduciary Taxes Social Security Retirement

Financial planning, and the considerations involved, vary greatly depending on where you are in life. A typical benchmark for what life events you may be experiencing is your age. While there will clearly be overlaps from decade to decade, there are some unique circumstances that certain age groups will experience. In this series, we will review some of the common financial planning topics during many decades of life. We thought a good place to start would be financial planning considerations for someone in their 60s. Some common questions for those in this age group include: -When to go on Medicare, and what plan to choose? -When to take Social Security? -What will your taxes look like in retirement? -What will you do with your time?