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New feature in my Social Security puts you in control

Social Security has recently released new guidelines with information about Advance Designations, Extra Help, Supplemental Security Income and links to areas which may be of concern to Social Security beneficiaries. This information is a valuable resource for anyone who is a Social Security beneficiary or will soon become eligible for Social Security benefits. I suggest that you file a copy of this away for future reference.

Your Most Valuable Asset??

When evaluating your station in life, one of the key components is by looking at the assets you’ve accumulated to this point.. What do you think is the most valuable asset you possess? I’m suggesting that there are a few which come to mind:

  • Your business or practice
  • Your home
  • Your cabin in the mountains
  • Your retirement accounts
  • Cash in the bank
  • Other physical possessions

Which Asset is Best to Pay for Medical Expenses?

Today, we explore a very important topic. Conventional wisdom is that you leave qualified assets, i.e., 401k or Individual Retirement Income unfettered once you’re in retirement. This is due to the fact that when withdrawn from the account, the proceeds are taxable income. However, if the proceeds are being withdrawn to pay qualified medical expenses, they can be used to pay those expenses and taken as a deduction on your income tax filing thereby eliminating or greatly reducing the income tax incurred when the funds are withdrawn. This can also be a viable source of financing if confined in a long term care facility. Our agency works with Marc Glickman, FSA, CLTC to find the most tax efficient way to pay for long term care and medical expenses. If we can be of assistance to you in your planning, call or text us at 208-634-3069, fax us at 208-634-3613 or send an email to [email protected].

How Sequence of Returns Crashes Clients' Retirement Account

Retirement is an issue with all of us. Over our lives, most of us have made assumptions about a myriad of issues:

  • How much will I need to accumulate to insure a comfortable retirement.?
  • How long will I need it, i.e., how long will I live?
  • Once I've decided to retire, how much can I take out to insure that I don't outlive my asset?
  • If married, how much will my spouse receive when I die?

One of the major issues that doesn't seem to be considered is what happens if there is a variance in the returns your retirement account earns. What are the consequences if there is a major reduction in the earnings an account receives in the years leading up to and early in retirement. You might want to consider the effect as illustrated in this article.

If you would like to discuss how this issue affects your accounts, contact us by phone or text to 208-315-3833, by fax to 208634-3613, or by email to [email protected].

Turning 65? Here's what you need to know about Medicare

San Diego Union-Tribune, November 13, 2019

This article informs readers of vital information regarding their eligibility for Original Medicare on turning age 65. This information is a must see for those who will soon reach eligibility and provides them with valuable resources. The only fact that is missing is seeking insurance agents who specialize in Medicare coverages. We have expertise in guiding them through the Medicare maze.

You're insured!

By Travelers

This document is intended to help you better understand your homeowners insurance. Your policy is effective from June 17, 2020 to June 17, 2021. For a complete description of your coverage, please refer to your policy.