Possibly the most important question you can ask before you retire is how to maximize your social security benefits. The short answer is yes, you can, but the strategy depends on your personal situation. Social Security has been in the news a lot recently. On the positive side, recipients received an 8.7% cost of living adjustment for […]
Creating Wealth Inside and Out™
How is wealth created? Many agree that wealth is created by individuals and businesses exchanging goods and services. When companies produce products or services in exchange for money, that money can be used to purchase more goods or services from someone else. This creates a cycle of economic activity as people use their money to […]
What is Income Tax Planning
Personal income tax planning When it comes to income tax planning, it’s essential to understand your situation and ways to reduce your tax burden. One way to plan for your taxes is to look into tax deductions or credits you may be eligible for. These are designed to help reduce the amount of taxable income, […]
What is Required Minimum Distribution (RMD)?
RMD and Why Is It Important? Required Minimum Distributions are called RMDs for simplification. The most common RMD is from your retirement account. However, if you inherit someone else’s retirement account, you can also have a separate RMD for that account each year. To clarify what an RMD is, think about your lump sum of […]
Why Understanding Behavioral Finance is Important
What is Behavioral Finance? Behavioral finance is a study that blends traditional finance theory with psychology. The goal is to understand why people make the financial and investment decisions they do. It seeks to understand why investors behave the way they do and how this behavior affects the financial markets. Behavioral finance aims to understand […]
What is Medicare, and What You Need to Know?
Planning for health insurance when you are retired is an integral part of a successful financial strategy. Medicare is a federal government health insurance program. The program is for people 65 and older. In addition, this insurance may be used for disabled people as decided by The Social Security Administration. One signs up through The Social […]