Millstone Financial Group Blog | Retirement & Wealth Advisor News
Our Blog2021-06-25T14:29:59+00:00
2009, 2021

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

September 20th, 2021|Medicare, Social Security, Taxes and Tax Planning|

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, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. Although this information may seem like a death sentence for the program, the truth regarding the future of Social Security, Medicare, and your taxes may be more complex. Social Security and Medicare Once the Social Security trust fund runs out, payroll taxes will be able to cover about 78% of promised benefits. The Medicare Part A trust fund is [...]

1309, 2021

How Would You Handle a Retirement Curveball?

September 13th, 2021|Retirement Planning|

Sometimes life gives us lemons, as the saying goes. In order to make lemonade, you need a plan. Whether it’s a financial crisis or a personal setback, there are events that can upend your retirement if you’re not prepared. We feel you should Have a plan for handling retirement curveballs if they come your way. An Earlier-Than-Expected Retirement It can be much harder for someone over 50 to find a new job and particularly hard to find a job that pays the same as a previous job. Although many Americans plan to retire late, they may not end up having the option to do so. According to the Employee Benefit Research Institute, almost a [...]

709, 2021

Three Eroding Forces on Your Retirement Savings

September 7th, 2021|Economy, Health & Wellness, Retirement Income, Taxes and Tax Planning|

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 savings, and there may be good reasons for this. The potential for higher taxes, inflation, and healthcare costs are three eroding forces on your retirement savings. 1. Taxes Could Affect Your Bottom Line Retirees of previous generations may have had lower incomes, and many did not have tax-deferred retirement accounts. For today’s retirees, taxes may be a bigger expense in retirement, especially if we see changes to the tax code. Most of the provisions in the Tax [...]

3008, 2021

Plan for the Tax Rates of the Future

August 30th, 2021|Taxes and Tax Planning|

Retirees may no longer receive taxable income from an employer, but they will likely receive income from other sources which can be taxed. And while we know what the tax rates are now, we don’t know what they’ll be in 10 or 20 years – or even one year from now. This is why it's important to plan for the tax rates of the future when it comes to taxes. Now vs. Tomorrow Right now, many people are enjoying relatively low tax rates: In 1944, the highest income tax rate was 94%, and in 1978 the maximum capital gains tax rate was almost 40%.[1] Currently, the highest income tax bracket is 37%, and the [...]



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