Insights into various financial topics are provided on our blog. Please bookmark this page for your reference.
- February 22, 2024
Social Security: Five Facts You Need to Know
Social Security can be complicated, and as a result, many Middle-Class Millionaires don’t have a full understanding of the choices they may have. Here are five facts about Social Security that are important to keep in mind. 1. Social Security Is a Critical Source of Retirement Income Some have the perception that ...View more - February 22, 2024
New Highs. Now What?
We’re all reading headlines telling us that the stock market has reached all-time highs, something that never happened in 2023. Many investors who have a worrisome mindset will think that means that there’s a high likelihood that we’ll see a downturn in the near future. The markets have nowhere to ...View more - January 26, 2024
Important Birthdays Over 50
Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half” to make sure everyone knows they’re closer to the next age than the last. When you are older, “and-a-half” birthdays start making a comeback. In fact, starting at age 50, several birthdays and “half-birthdays” are critical for Middle-Class Millionaires ...View more - January 26, 2024
Preparing for the Sunset
When the Tax Cuts and Jobs Act (TCJA) Act passed in 2017, we were told that all of the provisions—lower tax rates, much more generous estate tax exemption—would sunset at the end of 2025. That seemed a long way off back then. But now it’s 2024, less than two years ...View more - December 13, 2023
New Retirement Contribution Limits for 2024
The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. Individual Retirement Accounts (IRAs) Traditional IRA contribution limits are up $500 in 2024 to $7,000. Catch-up contributions for those over age 50 remain at $1,000, bringing the total limit to $8,000. Remember, once you reach age ...View more - December 05, 2023
Effective vs. Marginal Tax Rates
What you think is your tax rate may not actually BE your tax rate. For instance, if you report just over $182,000 in adjusted gross income, the tax table says you’re in the 32% tax bracket. But you aren’t going to be paying anywhere near 32% of your reported income ...View more - November 17, 2023
The Economics of Tax-Loss Harvesting
’Tis the season when many financial services professionals look at the best way to offset the taxable dividend distributions their clients might be receiving, using losses that can be ‘harvested’ by selling under-water investments and booking the losses on taxable (that is, not IRA or Roth) accounts. This is not ...View more - November 17, 2023
Charitable Contribution Complexity
If you donate money to somebody in need, you can write off that gift on your tax returns, right? If only the charitable contribution laws were that simple. The actual rules say that you can itemize your charitable donations on Schedule A of IRS Form 1040. But (and these are enormous ...View more - October 25, 2023
The Looming Revert
Nobody is talking about the fact that the tax provisions in the Tax Cuts & Jobs Act of 2017 are due to revert back, after December 31, 2025, to what they had been in 2017—just 26 months from now. But if and when that threshold is crossed, it could be ...View more - September 26, 2023
The FDIC’s Dilemma
Pssst? Want to buy a low-interest bond? That’s basically what the Federal Deposit Insurance Corp. is saying to investors, who are understandably not eager to take them up on the offer. The bonds in question are part of the $114 billion in debt obligations that the agency acquired when it took ...View more