Posts by Ashley Pruchnic

Why You Face a Bigger Retirement Challenge Than Ever

A study by the TransAmerica Center for Retirement revealed a startling truth: nearly 80 percent of Americans believe they will have a harder time achieving financial security in retirement than the previous generation. That’s a personal opinion, of course, but it’s backed up by some real trends. There are several major reasons that saving for retirement is tougher than ever… You probably won’t get a pension. Fifty years ago, pension plans were a standard benefit for many American businesses. A pension guaranteed you a fixed payout, for as long as you lived, after you retired from your career. What security!
Read More

Categories: Blog.

How Does the New Income Tax Law Affect You?

It happened just before Christmas, so maybe you missed it: Congress did indeed finally agree upon a bill to overhaul our income tax structure. Or, perhaps you’ve heard the news, but you’re wondering how exactly it will affect you. With such complicated legislation, it can be difficult to know exactly how everything will pan out, but here’s what we do know at this point… We still have seven income brackets. The original idea was to compress income brackets down to only four, but that idea apparently didn’t make it through to the final writing of the bill. However, the taxation
Read More

Categories: Blog.

Start Off the Year on the Right Foot

Start Off the Year on the Right Foot Although New Year’s resolutions might seem silly, studies have demonstrated that those who make them are actually more likely to accomplish their goals. Maybe it’s the simple power of defining and mentally committing to an objective, or perhaps it’s the social pressure of sharing your plans with at least one other person…. Whatever the reason, resolutions work! So, on that note, we suggest that you consider the following resolutions with regard to your financial life. “I will get my finances organized this year”. You might be shocked at how much you’re spending
Read More

Categories: Blog.

The Effects of Taxation on Your Retirement Income

It’s a myth we hear a lot in the retirement planning world: Many people believe that, after years of working and saving for retirement, they will retire and enjoy lower taxes. That could technically be true, if you fall into a lower income bracket in retirement. Or, if you planned for certain types of retirement income, you might not pay taxes on that money at all. Unfortunately, the idea that taxes will be lower in retirement is not always the case and because some retirees find themselves unpleasantly surprised by their tax liability, we thought it would be a good
Read More

Categories: Blog.

A Creative Way to Address Rising Healthcare Costs

If you’ve been watching the news or reading the paper over the past few years, you know that the cost of healthcare is skyrocketing. In particular, retirees are adversely affected by rising prices. For the average 65-year-old couple retiring today, Medicare premiums for the balance of their lifetimes could add up to tens or even hundreds of thousands of dollars – and that’s just premiums, not additional out-of-pocket expenses! It’s no wonder many retirees are worried about the cost of their healthcare. Prices are going up at the same time that we’re living longer lifespans. What would happen if you
Read More

Categories: Blog.

Working During Retirement Could Cost You Part of Your Social Security

By now, you probably know that waiting until “full retirement age” to claim for Social Security can give you a larger monthly benefit. Your full retirement age is defined, by Social Security, according to the year that you were born and ranges from age 65 to 67. However, you can also claim benefits “early”, starting when you turn 62. People take this route for various reasons, such as needing to retire early or needing the extra monthly income. Commonly, people will retire from their primary occupation and then go back to work part time in order to stay busy and
Read More

Categories: Blog.

Take Action Now to Earn This Valuable Tax Deduction

The busy holiday season is upon is, and most likely your income taxes are the last thing you want to think about right now. That can wait until March or April! But unfortunately that’s not entirely true. While there is certainly no need to start working on your return right now, you should take a moment to think about which deductions and credits you might want to claim in the spring. To be eligible for most of them, you need to take action before December 31. In particular, you might be planning to claim a deduction for charitable contributions. There
Read More

Categories: Blog.

The Truth About Your Credit Score

For a lot of us, our lives all seem to boil down to numbers. We analyze our status and make decisions based upon how much money we earn, how much we’re saving for retirement, how many years we plan to work before retiring, the interest rate on our mortgages, and so on. One of those important numbers is your credit score. The good news is that you have a lot of control over your score, but the bad news is that a variety of factors can impact it. Since your credit score affects other parts of your life such as
Read More

Categories: Blog.

Start Planning for Income Taxes Now

Most people don’t even think about federal income taxes until January, or even as late as March or April each year. But this can often be a mistake, since some decisions that you make before December 31 each year will greatly impact that year’s tax burden. So, before the holidays get into full swing, you might want to take a look at your likely income tax liability for 2017 – and at ways you could reduce your bill. Standard deductions, or itemized deductions? The IRS has raised standard deductions just a bit this year, to the following amounts: $9,350 for
Read More

Categories: Blog.

Great News for Those Planning for Retirement

As you continue to plan for retirement, your tax-advantaged retirement account offers several distinct advantages. First, there is the obvious benefit of being able to stash money in a fund that allows for untaxed growth over the years, helping you save for a more comfortable retirement. That is the primary reason most people open and fund a retirement savings account. Then, of course, you also enjoy distinct tax advantages from utilizing a 401(k), 403(b), or Thrift Savings Account (for federal employees). All contributions, up to a certain limit, go into your retirement fund on a pre-tax basis. This lowers your
Read More

Categories: Blog.