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Information provided on this page is informational only. Nothing posted here should be considered investment advice. Please review your financial situation with a qualified financial professional before taking action. For more information please see our disclosure.

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Milestone Financial Planning acquires Mosaic Financial Advisors

Milestone Financial Planning, LLC has acquired Mosaic Financial Advisors, LLC of Westford, MA. The acquisition is an extension of the longtime friendship and working relationship between Mosaic’s founder, Kathryn Lund, and Milestone’s founders, Jennifer Climo and Jean Fullerton.

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Social Security Scams

Social Security numbers are the gateway to identity theft, and fraudsters and scammers try to use scare tactics on unwitting individuals to get them to disclose their Social Security numbers or pay money for a Social Security-related scam. The Federal Trade Commission received reports of more than $174 million lost to government imposter scams in 2020. The bottom line is that the Social Security Administration (SSA) will never contact you by phone, text, or email with any problems related to your Social Security account. Do not give scammers money or personal information. Just ignore them!

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

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.

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When Should I File For Medicare?

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.

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Financial Planning for Unmarried Couples

Financial and tax planning advice is relatively easy to find online for married couples and single individuals. However, according to the U.S. census, about 8% of adults live with an unmarried partner. When you are living with a long-term partner, you may think of yourself as married for most purposes, but the law treats you very differently than it does a married couple. It is important to understand these differences, as they can have a dramatic impact on your lifetime taxes paid. It used to be that if you were LGBTQ+ and in a relationship, you were going to be an unmarried couple, as the federal government did not recognize same-sex marriage. This all changed in 2015, when gay marriage was made legal by a Supreme Court decision. However, many LGBTQ+ couples were long disgusted by the lack of marriage equity and chose to remain unmarried even after the court decision. This means there are still many unmarried LGBTQ+ couples.

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Last-Minute Tax Planning for 2021

Where has the time gone? Another year came and went. Although we are beginning to draw the curtain on 2021, that does not mean there aren’t some last-minute tax planning considerations before we close out the year. With the clock winding down, there are some final tax moves you should consider before year-end. However, for others, you may have until early 2022, or even the tax filing deadline, to make final decisions that will impact your taxes in 2021. Here are some things to review before the year is out.

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

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.

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Can I keep my HSA after I retire?

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.

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Contribution Limits for Retirement Accounts in 2022

As financial planners, we obviously adore retirement accounts and saving for the future. What makes these accounts so great are the tax rules associated with contributing money to them. You can either get a tax deduction today (but pay taxes later when you withdraw the money), or you can skip the deduction now and know that the money invested will grow tax free going forward. The tax benefits are so appealing that there are contribution limits to these various retirement accounts. Every year, the IRS reviews these limits, and financial planners everywhere wait with great anticipation to see whether these limits will increase in the coming year. Well, the numbers for 2022 are out....

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What to Know About the Healthcare Exchange Open Enrollment and Tax Credit for 2021

Health insurance open enrollment comes around the same time every year. Last week, we wrote a post about open enrollment for those people who are already on or who are going to soon be on Medicare. This week we’re going to review open enrollment for the health insurance exchanges. Having adequate health insurance is a foundational part of any complete financial plan. Many people are offered health insurance coverage through their employer or, if they are old enough, from Medicare. It gets a little more complicated for self-employed people or for those who are currently out of a job.

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Medicare and Me? Making the Most of Open Enrollment

The annual open enrollment period for Medicare started on October 15 and goes until December 7. It is the one time every year that Medicare beneficiaries have an opportunity to modify their Medicare coverage. During the open enrollment period, you can switch or add a Medicare Advantage plan, switch or add a Part D prescription drug plan and, in some states, like Massachusetts, switch or add a Medigap plan. Any changes that you make take effect on January 1 of next year. We’ll try and cover the basics to give you a general understanding of Medicare and your options during the open enrollment period.

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