What You Need to Know About Your Cash at the Bank & Why You Should Roll Your 401k to an IRA

Navigating the finance world can be a challenge. Do you know how safe your cash is at the bank? Are you familiar with the benefits of rolling your 401k to an IRA? The Certified Financial Planners at Nelson Financial Planning are here to provide valuable insights on these topics. Continue reading “What You Need to Know About Your Cash at the Bank & Why You Should Roll Your 401k to an IRA”

Trends to Watch in the Current Tax Season

Tax season is upon us, and as the team at Nelson Financial Planning begins to examine tax returns, we’re noticing a few trends, including lighter amounts owed, lower refunds for families, and the proliferation of tax forms.

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Tax Season is Underway

Here are some interesting tidbits and advice you should know as we commence the 2022 tax return season:

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2023 Tax Changes

If you completely trust online retirement calculators, think again. Many of the assumptions these calculators make when projecting your retirement income apply to only a handful of retirees. Continue reading “2023 Tax Changes”

Will You Lose Some of Your Social Security Due to Medicare Premiums?

Did you get your letter from the Social Security Administration (SSA) outlining your benefits for the next year? You may have been disappointed to learn that an adjustment based on your prior income will affect what you pay for Medicare premiums. Here’s a closer look at why this is and how you may be able to dispute it. We’ll also address some tax changes affecting people who sell goods online and exchange money through cash apps.

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Largest Social Security Increase in Over 40 Years!

Social Security is about to have its largest increase in 40 years. Since most older adults in the US rely on Social Security for over half their income, this adjustment will have a big impact on many Americans.

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Big Medicare Updates Coming Soon?

The Inflation Reduction Act, signed into law in August 2022, focuses on two primary things. The first is climate change, by virtue of several tax credits and incentives for businesses and consumers to redirect their funds to more energy-efficient options. The second involves making Medicare-related changes, and that’s the piece we’ll focus on here.

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The Most Common Regrets About Retirement

Interest Rates vs. Inflation

The battle between interest rates and inflation is far from over. If the government continues raising interest rates to keep inflation in check, the resulting high rates will keep dragging down the economy. Continue reading “The Most Common Regrets About Retirement”

The Four Basic Parts of Creating an Investment Portfolio

Do you know what kind of investor you are? How do you plan to reach retirement with enough money to live the lifestyle you want? Today, Nelson Financial Planning will review the four basic parts of creating a successful investment portfolio. It’s a full-circle conversation that will take you from your early days of investing to your later years in retirement. Continue reading “The Four Basic Parts of Creating an Investment Portfolio”

How Important are New ESG Funds?

The government makes changes to retirement plans every year. In 2022, we’re seeing a big push toward annuities within 401K platforms. Continue reading “How Important are New ESG Funds?”