Insights

As you plan for retirement, it’s important to take time to consider the lifestyle you want and the financial resources you’ll need to support it. This Insight will cover the following 5 strategies for transitioning into this significant life stage, and ensuring it provides you and your loved ones the relaxation and fulfillment you deserve.

Last month, we were joined by our friend and guest, CBS News Business Analyst Jill Schlesinger, for a webinar focused on your questions about the pandemic and what it means for your financial plans going forward. We covered everything from financial news and the stock market to college tuition and the upcoming presidential election. If you missed the webinar, here are 10 takeaways: 

Are you fearful about your finances during this time? COVID-19 and other current events have created financial uncertainty. While you might focus mainly on your investment portfolio, don’t forget about estate planning 101 tools like trusts, wills, power of attorneys (POAs), and advance directives.

In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act). The COVID-19 pandemic has brought our attention to many other pressing issues that affect our lives including more recent legislation called the CARES Act. 

The decision on when to file for retirement benefits warrants careful consideration.
According to SSA.gov, the maximum monthly Social Security retirement benefit that an individual can receive per month in 2020 is $3,790 for someone who files at age 70. For someone at full retirement age, the maximum amount is $3,011, and for someone aged 62, the maximum amount is $2,265. 

Press Release:  From Wealthstream Advisors

Wealthstream Advisors, an independent boutique wealth management firm built on meaningful relationships with a select group of clients, announced today it has been named to the 2020 edition of the Financial Times 300 Top Registered Investment Advisers. The list recognizes top independent RIA firms from across the U.S. 

Are you concerned about required minimum distributions (RMDs) bumping you into a higher tax bracket? If you’re among the charitably inclined, your donations could offset an RMD’s increase to your taxable income. 

If you’re a parent of young children during this difficult period of quarantine, by now you’re all too familiar with the added challenges of parenting while navigating through this defining moment in history.

A Charitable Remainder Trust (CRT) is an irrevocable trust that provides income to beneficiaries until a specified time, after which the remainder of the assets in the trust are donated to a charity. Utilizing a Charitable Remainder Trust is a gifting strategy that has tax benefits and can accomplish both charitable and estate planning goals.

The level of complexity involved with the transfer of wealth or assets can vary greatly depending on the decedent’s assets, the establishment of an estate plan or Will, whether the decedent has dependents who need to be cared for, the location of their assets or property, and plenty of other factors.