One important question that all who are approaching retirement should consider is how taxes will impact their retirement income. Especially since most retirees are “spending down” their retirement nest egg, making it last as long as possible is a high priority.
Public-sector employees nationwide received an early gift from the US House and Senate just a few days before Christmas, 2024. Two policies related to Social Security benefits were repealed via the Social Security Fairness Act (SSFA), which was passed by both houses of Congress on December 21, 2024, and signed into law by President Biden on January 5, 2025. The bill had strong bipartisan support in both chambers, passing in the House 327–75 and in the Senate 76–20.
As newlyweds, you’re entering a beautiful new chapter of love, partnership, and—wait for it—shared bank accounts. Marriage is all about compromise, from deciding who gets the last slice of pizza to figuring out who’s responsible for paying the bills. And when it comes to money, it’s less about whose turn it is to buy dinner and more about aligning your financial goals. It could be splurging on a vacation or saving for the future.
While it may be true that “knowledge is power,” it’s still surprising how little knowledge most people have about money, saving, and investing. Recently a popular financial website gave a quiz on investing concepts, asking questions about very basic concepts like what stock ownership means, the definition of diversification, and the effects of compound interest. The average respondent was able to answer just under half of the questions correctly (48%).
We’ve written previously about various ways grandparents might want to structure the financial gifts they provide for their grandchildren. Grandparents may wish to include their grandchildren in their annual gifting plans as a regular part of their estate planning; in 2024, by combining their individual gift tax exclusions, a married couple filing jointly can gift as much as $36,000 to one or more individuals.
There is research demonstrating that people who are habitually grateful for what they have also tend to be financially healthier. And that can make a big difference in the quality and satisfaction you achieve during your retirement years.
Because losing a spouse is an emotionally tough time, managing financial tasks may feel almost impossible. In addition to consulting with your wealth advisor, ask for help from a trusted family member or close friend.
The fact that many of us will enjoy longer lifespans brings up some questions that our ancestors didn’t need to consider: How do I want to spend my retirement years? How much will it cost to live the way I want to live? Do I want to continue to work part-time after retirement—or even start a new career? All of these considerations are important, but there is one more that perhaps trumps them all: Will I stay in my home, or move into a retirement community?
Since its enactment in 1932, families with significant assets have utilized the annual gift tax exclusion as a tool for both transferring wealth to the next generations and also reducing the size of the taxable estate.
Through a technique known as “tax-loss harvesting,” recognizing a loss on an investment that is down in value can position you for future tax advantages as you manage your portfolio. Our article explains.
You had a will drawn up, signed, and notarized; you created a power of attorney and a health care directive. You’re all done, right? Your estate planning is set, and you can move on to more pleasant endeavors.
Not necessarily.
After all your years of working, saving, and paying taxes, you’re finally approaching retirement, and it’s time to ensure your benefits and income sources are in place. For many retirees, Social Security benefits make up a sizeable portion of the funds you’ll need to maintain your retirement lifestyle.
Stay informed with the latest financial insights from our experts.
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