Understanding Medicare IRMAA Brackets and How to Plan Early
Planning ahead for IRMAA surcharges has become more important as the bracket tiers narrow and Medicare premiums increase.
Planning ahead for IRMAA surcharges has become more important as the bracket tiers narrow and Medicare premiums increase.
Learn how to safeguard your finances from potential scams and Ponzi schemes by identifying red flags and discovering essential insights to protect yourself and your investments from financial fraud. Learn who and what’s involved with investment management to help ensure a secure financial future.
Caregivers must be mindful of potential challenges that can arise, including accusations of fraud. Sometimes things start off on the right foot, but can land on a sour note unexpectedly. Here are some steps well-meaning caregivers can take to protect themselves.
The FAFSA Simplication Act will have families seeing changes to their application process and aid package this year. Many will do well by the calculation adjustments. And at the very least, they should find the application process much easier. Others may walk away with less than expected.
Learn how everyday families can benefit from estate planning to ensure their intentions are seen through and how to avoid common estate planning mistakes.
Did you know numerous tax saving strategies don’t adhere to a year-end deadline? In this blog, we’ll explore some effective methods to minimize last year’s tax burden.
Effectively benefiting the next generation comes in all shapes and sizes, learn about your options to gift relative to your net worth.
Life insurance can provide a valuable safety net for loved ones who depend on you financially. But children usually don’t have jobs, so no one depends on their income. Forbes look at the possible reasons for buying life insurance for children.
Choosing the right type of care community for a loved one depends on their specific needs, health conditions, and preferences. Here is my overview of Continuing Care Retirement Communities (CCRCs), Assisted Living, and Nursing Homes to help you make an informed decision.
Minimizing the burden of taxes and avoiding potential complications of settling an estate are certainly worthy goals to aim for! In this blog, we’ll discuss how I address the goal of leaving a tax-reduced estate.
Teaching young children smart money habits is a valuable life skill that can set them on a path to financial responsibility and success. Here are some tips on how to teach financial literacy to children aged 6-9.
Is it right to be giving more “stuff” to someone who is planning to or has already downsized? Maybe a different approach should be considered when gifting to seniors.
In reflecting on my New Year’s Resolution, there were repeated themes this year that I hope to incorporate into my life to maximize my Sandwich Generation efforts vs feeling encumbered with an unattainable goal. I’m sharing my conclusions with the hope that you start 2024 with an energized mindset.
Open enrollment is here, so as I offer every year, here is my latest recap that goes over the different Medicare Part/Plan options and their costs for 2024.
Teaching young children smart money habits is a valuable life skill that can set them on a path to financial responsibility and success. Here are some tips on how to teach children aged 3-5 smart money habits.
With no cost of living adjustment since 2006 and soaring property valuations, the MA state estate tax has been a pain point for the beneficiaries of the middle-class.
Last year the Northeast experienced a drought. This year my town had multiple floods wreaking havoc on both residents and businesses. While most people are trying to offload their bank required flood insurance to save on cost, you may be wanting to sign up ASAP in light of recent events. But is the premium worth it? More importantly, are you eligible to get it based on your zoning? Read more from BankRate.com.
Medicaid in Massachusetts, known as MassHealth, provides long-term care coverage to eligible low-income seniors within the state. Applying for this coverage can be daunting, but understanding the big picture can be helpful.
They’re restarting come October 2023 – don’t delay understanding your options for payment, payment method, and ensure it’s folded into your budget.
There is no need to hunker down in just the SP500 or gold to see returns, diversification is preached for a reason. This chart shows annual returns for eight broad-based asset classes. Notice how the “leadership” changes from year to year, and how competitively the diversified portfolio performed over 20 years (see the “annualized return” column).
Pre-paying a funeral is a way to plan and cover the costs associated with your end-of-life services in advance. Pre-paying can come into play to ensure services are carried out as intended, to help with Medicaid eligibility, and provide a little reprieve of responsibility as loved ones grieve.
Rethinking65 features Quentara Costa’s insight on how tax benefits for continuing care retirement communities can make them more affordable.
One of the most frequently asked questions I’m receiving these days is related to paying off debt and financing options. Gone are the days of a 2.5 – 3.5% mortgage. Whether it be for a home purchase, improvement, car, or business venture, here are some options to consider if you’re looking for financing.
Writing an obituary can be a challenging task, as it requires capturing the essence of a person’s life and honoring their memory. Here are some guidelines to help you write a great obituary for your loved one.
Student loan proposals didn’t go in Biden’s favor during debt ceiling negotiations and a deciding vote by the Supreme Court. The Biden Administration hopes to now find a win revamping the income-driven repayment plan.
Your child’s IEP and support network will not follow them to college, so it’s critically important for them to become their own advocate as they navigate the world of college accommodations.
Here are the top three suggestions on how a senior may be able to make use of ChatGPT in ways that are different than what’s already available through other popular technologies.
8 steps to help with financial planning as you consider an LGBTQ-motivated relocation. Plus info from ACLU and Wallet Hub on related state-by-state law proposals and tax burdens.
I’ve had a slew of clients adding “wedding” to their list of goals. Is their 20-something child even engaged yet – not necessarily, they just want to be prepared when the special day comes. But a part from funding the day, there is plenty else to consider as two become one.
While the process of downsizing can be emotionally and physically challenging, it can also be liberating and rewarding. To help you navigate this transition, we’ve compiled a comprehensive checklist for downsizing your home.
The attraction of 529 college savings programs is that they provide for investment earnings to grow on a tax-deferred basis, making them a tax-savvy choice compared to other options.
Caregivers of an aging loved one often feel like they’re stranded on an island with no support. But take heart that there are options if you know where to look.
What any bank depositor should know about Silicon Valley Bank and their own FDIC coverage.
There are SO many articles about layoffs and jobs being left unfilled. It makes you think about your own preparedness in the event of job loss. Here’s my game plan for helping you go from layoff to takeoff.
Read how you may be able to save a bit on taxes if considering a CCRC. You may potentially be able to deduct a portion of the initial buy-in and ongoing rent.
About half of U.S. adults plan to celebrate Valentine’s Day this year, spending a total of $25.9 billion!
What’s the best way to discuss financial limits as a family without stressing out children? How can parents support children’s well-being while taking care of their own?
SECURE 2.0 has 90+ new or updated retirement provisions. For retirees, this means expanded catch-up contributions, charitable gifting options, and changes to RMDs.
SECURE 2.0 is primarily meant to strengthen Americans’ ability to retire by enhancing savings options. For workers, this means automatic enrollment in retirement plans, enhanced matching, and flexibility to use savings for emergencies.
Determine what existing travel coverage you have first, and whether additional travel insurance is a good idea.
Many studies confirm “The January Effect” exists, so will the monthly performance for January predict how 2023 will pan out?
Is it right to be giving more “stuff” to someone who is planning to or has already downsized? Maybe a different approach should be considered when gifting to seniors.
It’s time to make sure you’re financially accounted for before the new year rolls around. It may be maxing out HSA and retirement plans, settling debt, or holding realistic assumptions about your spending habits. Here is a full list to consider tackling.
Open enrollment is here, so as I offer every year, here is my latest recap that goes over the different Medicare Part/Plan options and their costs for 2023.
There have been so many recent announcements related to 2023 adjustments, let’s just tackle them all together!
Open enrollment for Medicare is here (October 15 – December 7), and POWWOW encourages clients aged 65+ to work with a trusted resource to ensure existing coverage is still suitable.
Do Roth IRAs make sense from a tax perspective? The first question may not be whether it’s “right” for you, but whether you’re eligible to even open one at all. That’s where Roth Conversions come into play.
There are big differences in the quality of nursing homes and the care they provide. 2 Sisters Senior Living Advisors help us identify and prioritize criteria for this difficult decision.
Calculate a school’s return on investment to determine whether it is a good investment or not.
Feelings have run amok after Biden outlines his executive action for student loan forgiveness. Read about the program and my own thoughts.
Solar panels, corporate taxes, and Medicare prescription drugs – oh my! Read the highlights of Biden’s latest bill.
Market downturns, like the one through the first half of 2022, could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future.
Adult children often find themselves unprepared in the position of primary caregiver for their parents. Finances (and even more importantly TIME allocated toward supporting family) can be very dicey for members of the Sandwich Generation.
From one of our favorite local attorneys, Adam Minsky discusses the likelihood of Biden offering additional forgiveness and deferment on student loans, despite Republicans submitting a bill to resume payments.
Raising rates may be throwing the market into turmoil… but it’s finally an opportunity to make some money on cash!
Direct PLUS loans have become very popular in college planning. This post by Student Aid should answer all your major questions. It also goes into good detail on how to start repaying them after graduation vs at disbursement.
When agreeing to move forward at a retirement community, be prepared for the paperwork so you don’t encounter delays.
With the cost of gas and electricity skyrocketing in the past year, many households are looking to clean energy alternatives.
June 24 & 25. Programs are free and open to the public. To register for sessions and/or keynote speakers please call the senior center or register online
Although the college application process begins in earnest during your senior year, there are things you can be doing along the way to ensure you’re ready to put your best foot forward.
The housing market has been frustrating for buyers, but there are signs that those frustrations might be easing.
If you’ve owned a LTC policy for 10+ years you’ve likely received a premium increase. Should you accept it or adjust coverage instead?
Discover how living a satisfying retirement is worth more than secured finances.
Is there an end game to the student loan repayment extensions? (Redirect to Nerd Wallet)
Wondering how to prepare for travel apart from packing a bag? Here is the shortlist of what I did to ensure myself, family, and clients would be taken care of in case of an emergency.
One of the most common questions for anyone planning for retirement is: “What’s the best age to start Social Security?” Read how the program works, how it’s changed, and what to consider.
Despite it being no secret that money can cause a breakup, being on the same page about finances is not usually considered at the start of a relationship.
Lately, I’ve had a number of clients and prospects ask how to pay for college. Not in the future – but RIGHT NOW. They’re past
Cleaning up personal finances remains one of the top resolutions every New Year. But we all know what happens to most such self-promises, so here’s a month-by-month to-do list to cultivate better financial health.
With the CARES Act expiring in January 2022, many will be asked to resume student loan payments – but can they afford to pay?
Will cash app and marketplace transactions be reported to the IRS? For many more than ever before – yes!
It’s the holiday season and we’re in shopping mode. Kids and significant others may be relatively easy to navigate, but what about our parents? What
Keep the kids busy this Thanksgiving! Enjoy this coloring page that can decorate your table.
Have you seen a Roth option available in your 401(k)? Read on to help determine if it’s the right option for you.
Social Security benefits for millions of Americans will increase 5.9% in 2022. Taxable wage maximum for SS tax increases to $147k.
Open enrollment is here, so as I offer every year, here is my latest recap that goes over the different Medicare Part/Plan options and their
Will cash deposits above $600 soon be reported to the IRS? Technically no, but for some effectively yes.
Read how COVID factors into Halloween along with financial savvy tips.
Medicare enrollment is happening NOW! Connect with a Medicare enrollment expert to review your Supplement, Part D or Advantage plan. Even if your health and
SECURE Act 2.0 focuses on incentivizing people to save more for retirement. But will it be passed?
Given the average cost of a COVID-19 hospitalization in 2020 ran about $42,200 per patient, will the unvaccinated be asked to bear more of the cost of treatment, in terms of insurance, as well?
While the checklists grow and the kids soak in the last few minutes of summer break, it’s important to remember college planning and back-to-school shopping.
Your office may be reopening and you’re in a position to secure and afford child care. The Balance does a great job explaining care options.
Charitable donations create charitable deductions which dollar-for-dollar reduce your taxable income. Special legislation in 2020 and 2021 benefits even those taking a Standard Deduction.
POWWOW, LLC was recently featured by Linda Lecomte, REALTOR® in her new Andover-area inspired website and newsletter Shop Dine the Andovers.
Ask yourself three questions before you use actual dollars to buy cryptos In very simple terms, there are three main asset classes: equities (stocks), fixed-income
Passive income can unintentionally cause tax penalties for late or underpayments. This is avoidable by making estimated tax payments.
Federal student loan payments and collections are set to resume in October 2021. There is a chance that the pause may be extended or a ramp-up plan will be put in place.
There is so much chatter about inflation impacting the stock market – not to mention gas, lumber and chlorine skyrocketing in price, what’s the deal? Here’s a primer.
Health Savings Accounts are a tax-trifecta savings vehicle that are often overlooked due to bias against the less popular Flex Savings Accounts.
It’s officially Spring, and your closet may not be the only thing that needs a good clean-out. What about your financial habits? Watch my video on how to fix up your finances.
Acceptance letters are rolling in and it’s time to make a decision on college. If your top pick is more expensive than the rest… ask for more aid. Here’s how from Student Loan Hero…
On April 13, Quentara will review what to consider financially when assessing care options and how to increase your chances of retaining independence. Via Zoom. RSVP here.
65% of people with long-term care needs rely exclusively on family and friends to provide assistance. What’s your plan in the event aging loved ones didn’t fair well during COVID?
President Biden’s $1.9 trillion stimulus package cleared its final hurdle in Congress on Wednesday despite no Republicans voting in favor of it. The plan contains a range of measures such as a further direct round of payments to most Americans, amounting to more than $400 billion.
We can get tunnel vision when it comes to following “Rules of Thumb.” I dare you to push back when it comes to maxing out 529 Plans and 401(k)s.
There is a ton to consider as you decide on the right college. Make sure you’ve considered all your options and resources.
When receiving treatment options for a diagnosis, learn when you may want to reach out to a doctor vs a health advocate.
Embark on a brighter future with our comprehensive guide on getting financial aid for private schools.
© 2016 – 2024 POWWOW, LLC.
All rights reserved.