Taxes and Tax Planning Archives - Millstone Financial Group

Examining the Future of Social Security, Medicare, and Your Taxes

Examining the Future of Social Security, Medicare, and Your Taxes Millstone Financial

The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, […]

2021-09-20T12:38:17+00:00September 20th, 2021|Medicare, Social Security, Taxes and Tax Planning|

Three Eroding Forces on Your Retirement Savings

Three Eroding Forces on Your Retirement Savings Millstone Financial

Over 60% of Baby Boomers are more afraid of running out of money than of dying, according to a recent survey.[1] Even retirees who have saved a substantial amount for retirement may be worried about outliving their […]

2021-09-07T01:46:18+00:00September 7th, 2021|Economy, Health & Wellness, Retirement Income, Taxes and Tax Planning|

How a Financial Advisor Can Help You Pursue Tax-Smart Strategies

They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to help minimize your overall tax burden before and in retirement. An advantage of going to one professional for […]

2021-08-09T13:42:14+00:00August 9th, 2021|Taxes and Tax Planning|

Retirement Has Changed – Have Your Plans?

People are retiring differently today than in the past – just think, will you retire exactly like your parents did? Probably not. Retirement is no longer about the end of a career; it’s about the beginning of a new, often quite active phase of life that could […]

2021-07-12T03:34:19+00:00July 12th, 2021|Healthcare, Retirement Planning, Taxes and Tax Planning|

Where Could Interest and Tax Rates Be Headed?

Are you aware of the latest news that could affect your money? We recently heard from Federal Reserve Chairman Powell regarding interest rates, plus the Biden administration released a “Green Book” outlining some potential tax-increasing measures. There are several big changes proposed, and if they come to […]

2021-06-28T11:42:37+00:00June 28th, 2021|Estate Plan, Federal Reserve, Taxes and Tax Planning|

Prepare for Taxes On Your Retirement Accounts

The Biden administration already plans to spend $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals. You may […]

2021-05-03T03:23:15+00:00May 3rd, 2021|Retirement Planning, Taxes and Tax Planning|

More Time to File Taxes and Review Your Retirement Plan

Tax season is the perfect time to take stock of your overall finances and how they may have changed in the last year. And luckily for you, tax season is extended until May 17th this year, so you have even more time to […]

4 Types of Retirement Income and How They’re Taxed

Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. […]

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