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Federal Tax Filing Season Begins Mon., Jan. 29

By Contributor(s) / January 26, 2024 / Comments Off on Federal Tax Filing Season Begins Mon., Jan. 29

The IRS will accept and process 2023 tax-year returns beginning on Monday, January 29, 2024. Tips for making tax filing easier To speed a potential tax refund and help with tax filing, the IRS suggests the following: Make sure you have received Form W-2 and other earnings information, such as Form 1099, from employers and payers. The dates for furnishing such information to recipients vary by form, but they are generally not required before February 1,…

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Bull Markets: 10 Things You Should Know

By Contributor(s) / January 11, 2024 / Comments Off on Bull Markets: 10 Things You Should Know

Here’s what you need to know about rising, or bull markets. Like sunshine after rain, up markets have always followed down markets. What’s a bull market? A bull market is a period of upward-trending prices. A new bull begins once prices rise at least 20% off the most recent market bottom. Generally speaking, optimism is high and investors and consumers feel confident, pushing company earnings and stock prices higher. Apples and oranges — Though they often…

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Retirement Plan Limits for 2024

Retirement Plan Limits for 2024

By Contributor(s) / December 27, 2023 / Comments Off on Retirement Plan Limits for 2024

Many IRA and retirement plan limits are indexed for inflation each year. Several of these key numbers have increased once again for 2024. How much can you save in an IRA? The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2024 will be $7,000 (or 100% of your earned income, if less), up from $6,500 in 2023. The maximum catch-up contribution for those age 50 or older remains $1,000. You…

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Merry Christmas & Happy New Year

By Contributor(s) / December 20, 2023 / Comments Off on Merry Christmas & Happy New Year

As we reflect on the year gone by, we’re feeling grateful for all the opportunities we’ve had to connect with our clients, celebrate their achievements, and progress together. We have a big year ahead of us in 2024, but before we race into new goals and aspirations, we’re reflecting on all we have accomplished together with our referral partners who we are very grateful to.  We can’t do what we do without all of you, and…

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After a Surprising 2023, a Cautiously Optimistic Economic Outlook for 2024

By Contributor(s) / December 11, 2023 / Comments Off on After a Surprising 2023, a Cautiously Optimistic Economic Outlook for 2024

Despite high interest rates and unsettling geopolitical conflict, the U.S. economy outperformed the expectations of most economists in 2023 and they are cautiously optimistic regarding the economic outlook for 2024.1 Inflation-adjusted gross domestic product (Real GDP) accelerated to an annualized rate of 5.2% in the third quarter, after growing 2.1% in Q2 and 2.2% in Q1. Inflation, as measured by the 12-month change in the price index for personal consumption expenditures (PCE), was 3.0% in October 2023,…

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Long-Term Care Insurance (LTCI) as a Protection Planning Tool

By Contributor(s) / November 22, 2023 / Comments Off on Long-Term Care Insurance (LTCI) as a Protection Planning Tool

What is it? Long-term care insurance (LTCI) In return for your payment of premiums, a long-term care insurance (LTCI) policy will pay a selected dollar amount per day (for a selected period of time) for your skilled, intermediate, or custodial care in nursing homes and, sometimes, in alternative care settings, such as home health care. Because Medicare and other forms of health insurance do not pay for custodial care, many nursing home residents have only three…

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What are the Three Levels of Long-Term Care?

By Contributor(s) / November 16, 2023 / Comments Off on What are the Three Levels of Long-Term Care?

What is long-term care? Learn more about the types of long-term care below. In general, long-term care refers to a broad range of medical and personal services designed to assist individuals who have lost their ability to function independently. The need for this ongoing care arises when you have a chronic disability or when physical/mental impairments prevent you from performing certain basic activities, such as feeding, bathing, dressing, transferring, and toileting. What are the three types…

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Are You Prepared for Long-Term Care Expenses?

By Contributor(s) / November 14, 2023 / Comments Off on Are You Prepared for Long-Term Care Expenses?

Am I prepared for long-term care expenses? In general, Americans are not sufficiently prepared to pay for long-term care expenses. Many of them go through their lives simply hoping that they won’t ever need it. Unfortunately, in the event that you or a loved one does need long-term care, hope won’t be enough to protect you from potential financial ruin. Self-insurance as an option for long-term care expenses To self-insure — that is, to cover the…

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Determining Your Need for Long-Term Care Insurance

By Contributor(s) / November 10, 2023 / Comments Off on Determining Your Need for Long-Term Care Insurance

Determining the Need for Long-Term CareInsurance (LTCI): How Much Is Enough? To determine the need for long-term care insurance (LTCI) depends on your financial ability, age, health status, retirement objectives, and whether you have assets you want to protect. Once you’ve made the decision to buy, you’ll need to decide how much coverage is enough. Insurance protects against an event that may (or may not) occur in the future. Buying sufficient protection is important, but the…

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Notepad with words long-term care insurance on it sitting on a desk

Should I buy long-term care insurance?

By Contributor(s) / November 10, 2023 / Comments Off on Should I buy long-term care insurance?

Should I buy long-term care insurance? As we get older and our health declines, the greater the chances are that we will require home care, nursing home care, or other assisted-living arrangements. This care is quite expensive, and Medicare, HMOs, and Medigap don’t pay for it. You might want to look into purchasing long-term care insurance (LTCI) to protect your assets in case you need long-term care. Whether or not you should purchase long-term care insurance…

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