Tax Pitfalls

Millions of Americans took advantage of the delayed tax-filing deadline in 2020. In fact, according to one survey, 11% of taxpayers filed their 2019 returns after the July 15 extension, and 3% still hadn’t filed as of last December. The primary reason most taxpayers file late isn’t due to procrastination, but rather because they owe…

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Retirement Planning Insights

Amid lost jobs and a scaled-back economy in 2020, some workers may have decided to retire earlier than planned. There are a couple of Social Security strategies worth considering in this scenario.   First, if both spouses are over age 62, determine if you can make ends meet by taking only one Social Security benefit…

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When To “Buy Low”

The beginning of the year is typically full of hope. We make New Year’s resolutions, and it may take a few months for our enthusiasm (and vigilance) to wane. There’s also the “January Effect,” when the stock market generally gets a performance boost thanks to tax harvesting in December and subsequent reinvestments. But even that…

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How To Help Maximize Social Security Benefits

There are good reasons to delay starting Social Security benefits, but there are also good reasons to begin them early. It really does depend on your circumstances.   If you claim earlier than your full retirement age (FRA), your benefit will be permanently reduced. The age to qualify for the full Social Security benefit varies…

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2021 Outlook: Wealth Managers Weigh In

While challenges likely still lie ahead, there’s no denying we all weathered our fair share of storms in 2020. Now that the calendar has turned to a new year, we looked to wealth managers across the nation to find out what they’re expecting for 2021. As you’ll see, the answer often changes depending on where…

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Social Security Updates

The Social Security Administration (SSA) recently announced a new cost-of-living adjustment (COLA) starting in 2021. Beneficiaries can expect a 1.3% increase in their income payouts next year, which is actually smaller than the COLA increase was for this year.1 For single households, that’s an average increase of about $20 a month; $33 for married retirees.2…

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Let’s Talk About Bankruptcy

According to a recent paper by a Wharton Business School professor, 1 in 10 U.S. households have filed for bankruptcy at some point. Moreover, approximately 1 million file for personal bankruptcy each year. Yet, even in the wake of total household debt soaring to a record $14.3 trillion in the first quarter of 2020, the…

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Let’s Talk About… the 401(k)

 The 401(k) originally began as a company profit-sharing plan. Companies had been funding defined benefit pensions for years, but as their annual profits and stock prices experienced volatility, they looked for ways to share that burden with employees. Through profit sharing, workers made money when the company did and made less during down years. While…

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Fixed Income vs. Stock Portfolio

Early this year, many stopped spending and began saving money. This wasn’t difficult as many areas of the economy were — and possibly still are — shut down. For some, vacation plans were canceled, and the normal level of entertainment activities and dining out have been curbed. If you’ve remained employed, chances are good you’ve…

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The Millennial Economy

The millennial generation hasn’t had it so great. A recent economic analysis reports that since entering the workforce five to 20 years ago, the average millennial has experienced slower economic advancement than any other generation in U.S. history.1 It’s not just a matter of long periods of high unemployment. It’s also because getting that first…

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