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Optimizing Required Minimum Distributions

Seventy-two is an important age milestone for those in or near retirement, as it marks the time when required minimum distributions (RMDs) begin to be withdrawn annually from IRAs and employer-sponsored retirement plans (previously, the threshold was 70 ½). The milestone carries with it tax consequences that are not fixed. Rather, there are a few rules to consider that can help you optimize the impact on your bottom-line. IRAsYou must begin withdrawing from a traditional IRA (Individ
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Investing for the Future

For years, you’ve diligently invested in your retirement portfolio, accumulating wealth that you hope will sustain you throughout your Golden Years. To help see that your assets are sufficient to help you support your lifestyle standards, there are important steps that you can take. We offer an overview below:Perform regular assessmentsWhile you may have performed calculations about your anticipated retirement needs years ago, it’s helpful to re-crunch those numbers regularly, to gua
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Assessing Your Retirement Resources

How resourceful can you be during your retirement? Determining where your retirement money will come from is an integral part of planning for retirement. Most people draw on three main sources of income: Social Security, employer-sponsored plans, and personal retirement savings. Each offers important resources that can help you fund the lifestyle you seek in retirement.Social SecuritySocial Security offers a retirement benefit to workers and their spouses. You can start receiving benefits as ear
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When to Begin Collecting Social Security

Deciding when to retire and begin collecting Social Security is an important life decision. For some, savings losses may dictate that you delay your retirement plans and continue working, which means postponing when you begin collecting Social Security. Current law allows workers to begin collecting Social Security between 62 and 70 years of age. The longer you delay retirement, the higher your monthly Social Security payout will be. That payout is based on your earnings history and the age
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Thinking About Social Security Benefits at 62?

Social Security is an asset that is taken for granted by many folks. If you are tempted to take Social Security early, when first eligible at age 62, think again: your check will be lower if you don’t wait until what’s called full retirement age. Further, married couples benefit additionally from Social Security planning strategies that can provide additional income.The Social Security Administration is not allowed to advise on strategies to maximize your benefits, so don’t exp
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Tax Identity Theft Awareness: Protecting Yourself from Tax Identity Theft

Tax identity theft is when someone steals your Social Security Number, files a tax return with your number, and directs a refund to their own bank account. In other cases, this type of identity theft may involve a scam artist calling on the phone, pretending to be a rep from the Internal Revenue Service (IRS), and demanding payment over the phone. To protect yourself, keep these tips in mind.1. Remember the IRS Doesn't Make Surprise Phone CallsThe IRS does call taxpayers, but these calls are
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IRS Makes Annual Inflation Adjustments for 2021

The Internal Revenue Service announced annual inflation adjustments for the 2021 tax year for more than 60 tax provisions, including standard deductions and the tax rate schedules.More details can be found at “Revenue Procedure 2020-45” on the IRS website, but that document is dense and spans almost 30 pages. Here are the changes taken directly from IRS press release from October 26th instead.Standard DeductionThe standard deduction for married couples filing jointly for tax year 202
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2020/2021 Tax Season Guide

https://admin.emeraldconnect.com/files/89450/LPL%202020-2021%20Tax%20Guide%20-%20Investor.pdf
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Contributing to a Charity When You Have More Time Than Money to Give

If giving to charity is important to you but you have more time than money, you may wonder whether your donation of manpower will be as valuable as cash. For many charities, the answer is an unequivocal yes. Below are some tips and tricks that can help you optimize your charitable giving through volunteer work.Take Stock of Your In-Demand SkillsAlthough many charities welcome volunteers who don't have a particular subset of skills—like food pantries who need volunteers to box or sort d
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Creating a Business Plan for Small Businesses

Your business plan is an important part of creating a business and a critical tool for drawing in lenders and investors. If you're thinking about launching a small business or if you want to take your small business in a new direction, a business plan is essential.
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Getting a Jump on January Tax Season

From pandemic-related stimulus payments to job losses and furloughs, for many taxpayers, next spring's tax season may be more complex than usual. With the end of 2020 rapidly approaching, you should take some time to review your tax situation and make any necessary changes that can help you avoid surprises on April 15, 2021.
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Charitable Giving: How it Affects You Financially as Well as Personally

The holiday season is just around the corner and many charitable organizations are in desperate need of donations to help provide the vital services needed in the community. You are most often inundated with a number of charitable requests towards the end of the year, which could be ideal time to take advantage of charitable giving from a financial standpoint.Charitable Giving and TaxesFor many people, charitable giving provides them with either a tax break or a deduction depending on the type o
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Benefits to HSA and FSA Accounts

Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) are designed to help you save money on medical costs by giving you access to a special savings account with tax benefits. Although these plans are very similar, they have a few differences. For instance, employees and self-employed people can both open HSA plans, while only employees can use FSA plans.Wondering if either of these options is right for you? Take a look at some of the main benefits.Save With Pre-Tax ContributionsBot
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Prepare for Long-Term Care Before the Need

Long-term care (LTC) keeps you functioning in the face of devastating illnesses, disabilities and prolonged disorders such as Alzheimer’s disease. LTC kicks in when you lose the ability to care for yourself and can no longer do things such as bathe, dress or eat without help. These are three of the six most commonly listed activities of daily living, or ADLs. The care obviously comes with lots of emotions – and rising costs you can start addressing now.
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End of Year Planning: Set Goals and Reduce Taxes

By the last third of the calendar year, you're likely to have a pretty good idea of what your annual income will be and whether any major expenses or big life changes await you.
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2 Post-Election Charts You Need to See

The election is over, but the questions are mounting. We don’t know who will be the next president as of Wednesday morning, but we do know that stocks tend to do well the final two months of an election year.
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