While saving money during your working years is certainly an important aspect of retirement planning, it should not be your entire plan. Living comfortably when the time comes to retire will require more than just a hefty bank account. Another important consideration is where to live when you retire. Not only will your choice of retirement location directly impact your finances, but it is also likely to impact your quality of life as a retiree. Each year, WalletHub ranks the states for … [Read more...] about How Does Vermont Rank for Retirees?
Retirement Planning
Practical Retirement Planning Tips
Ideally, both estate planning and retirement planning should begin as soon as you enter the adult work world. Throughout your life, those two plans may remain separate but intertwined. The closer you get to retiring, the more those two plans will necessarily merge. For now, however, the Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC offer some practical retirement planning tips. Tips To Make Retirement Easier and More Financially Secure The idea of retirement may seem … [Read more...] about Practical Retirement Planning Tips
Weigh the Impact of Taxes During Retirement
Vermont is a great place to live in many ways, but there are those that want to head to warmer climates during their retirement years. This is understandable, but you should definitely consider the tax situation in your preferred retirement location. State-Level Estate Taxes The federal estate tax can shave down the value of your estate by 40 percent of its taxable value, but your estate is probably not exposed to it. There is a credit or exclusion that allows you to transfer a certain amount … [Read more...] about Weigh the Impact of Taxes During Retirement
Biden Would Like to Reform Social Security
According to the Social Security Administration (SSA), between 10,000 and 15,000 applications for benefits are being received every day, and this volume has been consistent for years. There is no end in sight, because the baby boomers are reaching retirement age. Clearly, there is a lot of interest in the ongoing solvency of the Social Security program, and the person in the Oval Office is certainly concerned. President Biden has proposed some changes, and we will look at the details … [Read more...] about Biden Would Like to Reform Social Security
An Overview of Proposed Secure Act 2.0
In December of 2019, the SECURE Act was signed into law, and it went into effect this year. It changed the individual retirement account parameters in some important ways. A new piece of legislation that is been dubbed SECURE Act 2.0 was introduced into Congress in late October, and if it is passed, there would be more changes to 401(k) plans and IRAs. Before we look at the legislation that is on the table right now, we will provide a recap of the changes that were included in the first … [Read more...] about An Overview of Proposed Secure Act 2.0
Taxes Can Impact Retirement Choices
Vermont is a beautiful place that offers a high quality of life in many ways. This being stated, many people from our area retire to other states that have milder weather. In addition to the climate, there are other considerations, and different people have different priorities. One reality that is shared is the matter of taxation, and we will look at this part of the retirement equation in this post. Income Taxes The lists that rank the most tax friendly places for retirees revolve around … [Read more...] about Taxes Can Impact Retirement Choices
2021 Medicare Cost Increases at a Glance
The Centers for Medicare & Medicaid Services (CMS) has released the premium and deductible increases for 2021. We are going to provide a rundown here, but before we get there, we will explain the Medicare eligibility parameters. Retirement Credits A lot of people think that you automatically qualify for Medicare when you reach the age of 65, but this is not the case. You gain eligibility through the accrual of retirement credits, and you accumulate them when you pay payroll or … [Read more...] about 2021 Medicare Cost Increases at a Glance
Will Social Security Go Up in 2021?
We are approaching the end of the year, and around this time, agencies that administer government programs start to release adjusted figures for the following year. The Social Security Administration has recently unveiled their cost-of-living adjustment (COLA) and some other changes, and we will take a look at them here. Slight Increase There will be a 1.3 percent increase for Social Security recipients in 2021. This may seem like a minuscule bump that will not have much impact, but during … [Read more...] about Will Social Security Go Up in 2021?
Holistic Planning Should Start Early
If you speak with elders when you are young and anxious, they will tell you that time may seem to move slowly for a while, but it passes very rapidly when you get older. This is certainly true, and before you know it, you may start to recognize the fact that your retirement years are just over the horizon. Unfortunately, many people do not come to this realization until it is too late to accumulate the resources that they need to retire in comfort. Retirement planning is very important, and … [Read more...] about Holistic Planning Should Start Early
4 Signs You’re Not Ready to Retire
Can I retire? This is one of the most common questions that Unsworth LaPlante, PLLC receives when talking to clients who are thinking ahead about their futures. Unfortunately, many people have far too little money saved for retirement and they do not have a solid plan in place to ensure they will be financially secure during their golden years. If you do not make your plans for retirement when you are young, the question, can I retire?, is probably going to cause you stress. You should work … [Read more...] about 4 Signs You’re Not Ready to Retire
