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
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
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
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
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?
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
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
Retirement planning is essential to ensure that you have the money you need when you stop working and want to enjoy your golden years. For most people, Social Security benefits aren't sufficient to live on after retirement. Saving enough to provide you with a steady income and money to do the things you want during retirement can be a challenge, and starting early and making informed choices is key to financial success. Fortunately, there are some tools to help you achieve financial … [Read more...] about What Kinds of IRAs Should You Consider During Retirement Planning?
Those who want to create a solid plan for retirement should consider reaching out to an elder law attorney. Talking to an elder law attorney to create a retirement plan is not just something that you should do when you are close to the retirement age. In fact, the younger you are when you get help, the better your chances are for a secure future. Today, far too many seniors rely on Social Security as their only source of retirement income. Social Security used to be part of a "three-legged … [Read more...] about Vermont Senator & Presidential Candidate Wants to Expand Social Security
Creating a retirement plan is one of the single best things that you can do in order to make sure that your golden years are filled with joy, rather than financial worries. The sooner you begin the process of creating a retirement plan, the more organized you can be about setting aside assets and structuring your accounts in a way that allows you to maximize your savings and protect your financial security. Creating a retirement plan can be complicated, no matter what stage of your life you … [Read more...] about Key Issues That Will Impact Your Retirement Plan