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Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Advisor and fiduciary to its clients. Agemy Financial Strategies, Inc. is a franchisee of Retirement Income Source®, LLC. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC are associated entities. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC entities are not associated with Retirement Income Source®, LLC.
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Toll-Free: 800.725.7616
Office: 203.738.0026
Office: 303.524.2293
Fax: 203.738.0029
Connecticut Office Address: 1570 Boston Post Road, Suite 400, Guilford, CT 06437
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Email: office@agemy.com
Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Advisor and fiduciary to its clients. Agemy Financial Strategies, Inc. is a franchisee of Retirement Income Source®, LLC. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC are associated entities. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC entities are not associated with Retirement Income Source®, LLC.
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How Much Will Your Social Security Check Increase in 2022?
NewsOctober 27, 2021
As fall arrives, the changing of the season can be an ideal time to revisit your financial plans with a fresh perspective. This includes what you can expect for your income and expenses for the year ahead. Social Security beneficiaries will soon see the biggest jump in monthly checks in 40 years. Here’s what you need to know.
The Social Security Administration (SSA) announced a 5.9% cost-of-living adjustment (COLA) for Social Security benefits for up to 70 million Americans, the biggest increase since 1982. This raise will kick in for those who receive Social Security benefits in January 2022.
Americans who receive SSI benefits will see theirs increase a little earlier, starting on Dec. 30, 2021. How much is the new monthly benefit for the average American? And will the bigger payments combat the effects of inflation on household goods and health care? Here’s a look at how much your social security check will increase in 2022.
How the Social Security COLA is calculated
The annual Social Security COLA is based on the change in prices of a market basket of goods. To measure these changes, Social Security uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
For the 2022 COLA, they measured the change in the average CPI-W index from July, August and September of 2020 to the average CPI-W index for the same three-month span in 2021. The percentage change between the two quarterly averages is the COLA starting in January 2022.
The 2022 COLA was so large because prices of goods and services have significantly increased in the past year, due in part to extreme weather and COVID-19 outbreaks, which have driven up energy prices and strained the world’s supply chains. Since Congress initiated automatic annual COLAs in 1975, there have been three years in which benefits didn’t increase at all: 2010, 2011 and 2016.
Social Security Payment Increase
Due to the COVID-19 epidemic, it caused a major increase in goods and services. As the country started opening up, businesses had a hard time keeping up with the increased demand. This created a rise in prices, causing inflation to jump to 5.3%, which is the largest increase since Aug. 2008. The rise in inflation is the major driver for increases in Social Security payments.
The increased Social Security benefits are to be paid by American workers. The SSA announced increases to the wage base, which is the maximum amount an employee pays in Social Security taxes. The maximum amount of an employee’s wages subject to SS taxes has risen from $142,800 in 2021 to $147,000 for 2022, an increase of 2.9%. Even though everybody knows to expect the unexpected, no one could have predicted how the events of the past 20+ months would change the world.
As a result, many people had to shift their approach toward financial planning and retirement savings and are now looking for ways to get back on track.
How Agemy Financial Strategies can help you plan for 2022
At Agemy Financial Strategies, we have an array of will and retirement planning solutions to guide you through the entire process all with the help of our trusted financial planners. For those nearing retirement, reach out to your retirement income advisor. Not all financial advisors have the same level of experience or will offer you the same depth of services. It’s always important to do your due diligence and make sure the advisor can meet your financial planning needs.
It’s never too late to start saving for retirement. And while COVID has thrown a curveball to so many Americans who have worked their entire lives to retire comfortably, we are a resilient people – and now is a good time to regroup, reassess your retirement situation and establish a plan based on your goals and your needs.
No matter what your financial situation, there are a number of questions and concerns that should be addressed to help you prepare for retirement in 2022 and beyond. For more information on how you can best prepare for retirement, contact the trusted financial advisors at Agemy Financial here today.
Should You Max Out Your 401(k)?
NewsSeptember 22, 2021
Whether you’re nearing retirement or still in the workforce, you probably wonder if there’s enough in your 401(k) to sustain your golden years. The answer really depends on your personal financial situation. Here’s what you need to know…
A 401(k) is a powerful retirement savings tool. If you have access to it through work, it’s important to take advantage of any employer match. If you still have extra money remaining, there are other ways to boost your retirement nest egg.
Maxing out Your 401(k) and What to Do Next
There are a number of reasons to consider maxing out your workplace retirement account if you’re financially able. Being proactive in your retirement planning will help ensure you will live out your older years in comfort, so it’s important to understand the ins-and-outs of this practice. Here are some of the options you have available to make the most out of your retirement savings strategy.
Employer Matching & 401(k)
Employers offer their employees 401(k) plans, most may match contributions in order to compensate and attract employee involvement. This means that for every dollar you contribute to your employer-sponsored plan, the company matches a certain percentage. This increases the amount of money saved in your account. Some match as much as 50% of your contribution while others do a dollar-for-dollar match up to a certain limit.
Roth 401(k) plans are typically matched by employers at the same rate as traditional 401(k) plans. One notable difference between traditional and Roth 401(k) contributions is that the employer’s contribution is placed in a traditional 401(k) plan—taxable upon withdrawal. Most financial planners encourage investors to max out their 401(k) savings.
On average, individuals earn about $0.50 on the dollar, for a maximum of 6% of their salaries. If you can easily afford to max out your contribution based on the yearly limits, without it causing a large impact to your budget, you might want to do so.
Investing after Maxing out your 401(k)
Although 401(k) offerings can be hard for some newcomers to understand, most programs offer low-cost index funds, which are ideal for new investors. As you approach retirement age, it’s advised to shift most of your retirement assets to bond funds. Those who contribute the maximum dollars to their 401(k) plans can boost their retirement savings with a number of different investment vehicles.
You can contribute up to $6,000 to an individual retirement account (IRA) in 2021, provided your earned income is at least that much. If you’re 50 or over, you can add another $1,000, although some IRA options carry certain income restrictions. When it comes to your future, investing money is always a good thing to do. Diligent savers who max out their 401(k) contributions have other retirement savings options at their disposal.
When it’s NOT a Good Idea to Max Out Your 401(k)
The maximum 401(k) contribution is $19,500 for 2021 ($26,000 for those age 50 or older). But depending on your financial situation, putting that much into an employer-sponsored retirement account each year may not make sense. Rather, you may want to fund other accounts first.
When trying to decide what route is best for your financial future, meet with your trusted financial advisor to go over the following questions:
If the answer is “no” to any of the checklist items above, it is wise to first have these goals in place before maxing out your 401(k). If you’re unsure about your current strategy, it’s best to work with a financial advisor so they can answer your questions as they come up.
Final Thoughts
Whether you need the extra money or not, you’ll need to start taking it out of retirement accounts at age 72. This forces retirees to recognize taxable income and sacrifice future years of tax-deferred growth. Even if you reinvest the money in a brokerage account, you’ll still have to pay regular income tax on withdrawals from pre-tax retirement accounts. This is one of the reasons investors often save for retirement in a diversified mix of taxable, tax-free Roth, and tax-deferred accounts.
Plans that don’t bend will break, so flexibility in your savings strategy is paramount. The more you’ve saved along the way in your working years, the easier it will be to deal with unexpected challenges as they arise. Whether you’re already retired or just starting to think about it, contact the retirement income advisors at Agemy Financial. We’ll help you find answers to some of the most pressing 401(k) and IRA questions, and help set you up for a stress-free retirement.
Why Estate Planning is Not Just for the Wealthy
NewsSimply the word ‘Estate’ alone can throw most people off including an estate plan in their retirement strategy. However, there is a lot more to who gets your belongings when you die. Spoiler alert: You don’t need millions or billions to get planning!
Estate planning is a financial strategy that prepares an individual to pass on their wealth and possessions to loved ones. Even if you don’t have a lot to give in your eyes, most people have assets they want to pass upon their death. Therefore it’s important to note that an estate plan is not just for the rich or elderly.
A well designed estate plan can do a lot for you and your loved ones. Deciding what happens to whatever is left of your money when you die is often passed over. There are many parts to estate planning, we’ve simplified a couple of those parts and how you can leverage estate planning to cater to you and your families needs.
Wills
A will is a document that spells out who gets what when a person passes. It’s important for everyone to have a will made in case of emergencies. Assets covered by a will go to those named in the will. This might include bank and investment accounts, personal property, collectibles and other assets. It can also specifically exclude those who someone doesn’t want to benefit from their estate.
Both financial advisors and attorneys play a big role in will planning. The right advisor should encourage their clients to review their will and have any needed changes made every few years. This is especially true if there has been a life change such as a marriage, divorce, or death of a spouse. Wills should be prepared by a professional who is well-versed in estate planning, including the laws of their specific state.
Beneficiary Designations
Certain assets pass to heirs based on beneficiary designations. These are known as “will substitutes.” This means that the beneficiary designation overrides anything that might be in the client’s will regarding the distribution of the asset. A couple of examples of these assets would be:
It’s important that these beneficiary designations are current, especially after a major life change like getting divorced or getting married.
Trusts
A trust is a legal vehicle that holds assets for the benefit of the trust’s beneficiaries. A trust may conjure images of the rich and wealthy, but trusts can work well for people at various levels of wealth. Trusts can be used to ensure that assets are managed for the benefit of heirs until they are ready to manage them on their own.
Trusts can be established to hold assets while clients are alive and also be funded upon their death in other cases. An irrevocable trust is a trust that allows the creator of the trust to get the assets placed in the trust out of their estate and not be subject to any estate taxes. In exchange they surrender all ownership of and control over these assets.
A Couple of Things to Consider
Once you have your estate plan made, it is not something that you can forget about. As you approach your review process, you are looking to ensure that your intentions have not changed, that the right people are included, that major life changes are reflected, and that all other major changes are notated.
Effective estate management enables you to manage your affairs during your lifetime and control the distribution of your wealth after death. An effective estate strategy can spell out your healthcare wishes and ensure that they’re carried out – even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so.
At Agemy Financial Strategies, we have an array of will and estate planning solutions to guide you through the entire process of creating last wills and testaments, living trusts, powers of attorney, and living wills — all with the help of our trusted financial planners.
If you have any questions on our company, services, values or more, contact the retirement income specialists at Agemy Financial here today. Our financial advisors in both Denver, Colorado and Guilford, Connecticut are waiting for your call.
5 Facts About Survivors Benefits
NewsMore than 5.9 million people were receiving Social Security survivor benefits in May 2021. Typically, monthly payments go to the spouse, or children of the person who was receiving Social Security benefits. In certain situations, parents, grandchildren or stepchildren of a late worker may also qualify for survivor benefits.
Survivor benefits are based on the amount the deceased was receiving from Social Security at the time of death. Here are 5 facts about survivor benefits and how it will better prepare you and your family in the case of a loved one passing.
The government pays Social Security benefits monthly. The benefits are paid in the month following the month for which they are due. For example, you would receive your July benefit in August. Generally, the day of the month you receive your benefit payment depends on the birth date of the person for whose earnings record you receive benefits.
For example, if you get benefits as a retired worker, we base your benefit payment date on your birth date. If you receive benefits based on your spouse’s work, we base your benefit payment date on your spouse’s birth date.
If a person receiving Social Security benefits dies, the social security office needs to be notified. They can’t pay benefits for the month of death. That means if the person died in July, the check received in August (which is payment for July) must be returned.
If the payment is by direct deposit, notify the financial institution as soon as possible so it can return any payments received after death. Family members may be eligible for Social Security survivors benefits when a person dies.
The eligible family members of a retired or disabled beneficiary may receive a monthly payment of up to 50 percent of beneficiary’s amount. Survivors’ benefits usually range from about 75 percent to 100 percent of the deceased worker’s amount.
You can continue to work and still get Social Security retirement benefits. Retired workers need 40 work credits to be eligible for benefits, but your work credits alone do not determine how much you will receive each month. Your lifetime earnings are used to calculate your monthly benefit amount. When we figure your retirement benefit, we use the average of your highest 35 years of earnings.
Your earnings in and after the month you reach your full retirement age won’t affect your Social Security benefits. They will reduce your benefits, however, if your earnings exceed certain limits for the months before you reach your full retirement age. The full retirement age is 66 and 10 months for people born in 1959 and increases to 67 for people born in 1960 or later.
When you’re already receiving retirement benefits, we automatically sign you up for Medicare Parts A and B when you turn 65. Medicare Part Ais hospital insurance and it helps pay for inpatient care in a hospital or skilled nursing facility following a hospital stay. It also pays for some home health care and hospice care. Medicare Part B is medical insurance, and it helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventative services.
When you’re signing up for a plan, you can decline Part B if you decide you choose not to take part in it, this plan requires a monthly premium. It’s important to know your options and all the costs that come with healthcare plans when you’re planning for retirement. If you are not receiving retirement benefits as you approach age 65, you should contact Social Security three months before age 65 to sign up for Medicare Part A and B.
Learn More
Survivor Benefits could help take care of your loved ones if you die prematurely. The most accurate way to determine your potential survivors’ benefits is to create an account at www.ssa.gov and view your Social Security statement. In addition to information about your own benefits, you can find estimated survivors benefit amounts, whether you’ve earned enough credits for your family to qualify, and the maximum total survivors benefits that could be collected on your work record.
As always, the team at Agemy Financial Strategies are here to help you plan for retirement, including making sure you’re aware of every financial benefit available to you as you enter your golden yeas. Contact us here today to learn more.
Financial Planning Tips for Fall
NewsNow that the dog days of summer are winding down, there are many reasons why you should make financial planning a priority this fall. Start by revisiting your savings goals and getting your financial health in tiptop shape before the year’s end.
As the seasons change and we get closer to the end of the year, it’s a great time to get a head start on end of year planning. When a calendar year ends, the window slowly closes on a set of financial opportunities.
Here are a few things to keep in mind to get your financial plan in shape as we enter the fall season.
Organize your Financial Records
As you work towards building your dream retirement this autumn, you should begin by getting a clear picture of where you are currently positioned. Work very deliberately on all of the data collection to give yourself the best 360 degree view as a base to make improvements.
Use this opportunity to organize where you keep all of your financial information. This includes but is not limited to:
Once this data is collected, sit down with your financial advisor to analyze the year to date, and take a look at where your money’s been going and what you can cut back on. Using a tool like Agemy Financial Strategies’ online calculators is a great resource – from tracking expenses to investments, they will tag your transactions, gains and losses and categorize them, so it’ll show you what areas you need to make improvements on.
Harvest Tax Strategies
As we enter the last quarter of the year, it’s a good time to brainstorm tax planning strategies. Now is the time to conduct 2021 tax planning and think about 2022 tax planning as well. A proactive approach to tax planning now can help you make material changes while there is still time. Some ideas will help cut your tax bill for the current year; others may allow you to minimize future taxes.
Tax-loss harvesting is a strategy that can help investors minimize any taxes they may owe on capital gains or their regular income. It can also improve overall investment returns. As a strategy, tax-loss harvesting involves selling an investment that has lost value, replacing it with a reasonably similar investment, and then using the investment sold at a loss to offset any realized gains.
Tax-loss harvesting only applies to taxable investment accounts. Retirement accounts such as IRAs and 401(k) accounts grow tax-deferred so are not subject to capital gains taxes. This leads nicely into our next financial tip…
Autumn Investing
Changes happen all the time in the finance world, especially taxes and laws, and these tend to go into effect as the new year rolls in. If you’re looking ahead with your other investments, such as your stock portfolio, be proactive and well educated about your options and about what’s happening—and expected to happen—moving forward. The best course of action is to touch base with your financial advisor, who can steer you on the path that’s right for you.
At Agemy Financial Strategies, we offer principles and strategies that may enable you to put together an investment portfolio that reflects your risk tolerance, time horizon, and goals. Understanding these principles and strategies can help you avoid some of the pitfalls that snare some investors.
Reconsider your 401(k) Terms
Can you max out your contribution to your workplace retirement plan? Most employers sponsor a 401(k) or 403(b) plan, and you have until the end of December to boost your 2021 contribution.
Can you do the same with your IRA? You can withdraw contributions tax-free at any time, for any reason, from a Roth IRA. This year, the traditional and Roth IRA contribution limit is $6,000, or $7,000 if you’re age 50 or older by the end of the year; or your taxable compensation for the year. You can withdraw earnings from a Roth IRA, but it could trigger taxes and penalties depending on your age and that of the account. Due to the CARES Act, you can withdraw as much as $100,000 from a Roth or traditional IRA without paying a penalty for being under 59½, if you have been affected by COVID-19.
Start Planning for the Holidays
With Halloween, Thanksgiving, Hanukkah and Christmas on the horizon, the best part of fall financial planning is looking ahead to the holidays. But while it’s great fun to spend time with family and friends, it can also put a huge strain on your budget. Make sure to craft your holiday budget now and start planning for it. That way when the holiday craziness starts, you won’t be taken by surprise and there won’t be a big hole in your budget. If you’re planning on traveling over the holidays, don’t put it off until the last minute – start planning now. Air fare and hotel prices tend to skyrocket the closer it gets to the holidays, so the further out you can book the better.
Final Thoughts
The return of cool breezes, comforting foods, and pumpkins can be invigorating. It’s also a bookmark of sorts, especially for your finances—a perfect time to take stock of your spending after the summer’s over to see what lies ahead.
It’s always important to meet with your Financial Advisor to get the facts from the source. Be sure to provide them with updates on your financial situation, including your expected retirement date, income needs, and any other family situations that may affect your financial plan.
Contact us today for more important information on financial planning throughout the rest of 2021 – and into 2022 and beyond.
Five Estate Planning FAQs
NewsNo matter how big your estate is, one day you will want to pass it on to your loved ones. But there is more to estate planning than simply writing a will. Throughout this Estate Planning FAQ Series, we hope that one or more of the following questions and answers will help you understand this deceptively complicated area.
Estate planning can be an uncomfortable topic to talk about, but it’s an important one. And while everyone knows that they need an estate plan, few of us do anything about it. In fact, by most estimates, anywhere from 50–60% of Americans don’t have a will.
There is some good news on the horizon, however: the COVID-19 Pandemic has changed the nation’s perspective on many things, and estate planning is definitely one of them. Caring.com’s 2021 Wills and Estate Planning Study found that while middle- and older- aged adults are less likely to have a will now than they were just one year ago, younger adults are 63% more likely to have one this year than they were pre-pandemic. Shockingly, 18-34 year-olds are now 16% more likely to have a will than those in the 35-54 age group. The younger generation was also the most likely to cite COVID-19 as the reason they started taking estate planning seriously.
Estate Planning 101
If you have an estate plan already in place, then you have started off on the right path. If you do not have one yet, it is time to get one drawn up so you can have a plan in place.
In a nutshell, estate and trust planning is the process of using professional advisors who are familiar with your goals, concerns, and assets to organize your estate and/or set up your trust. It mainly involves setting up a plan that establishes who will eventually receive your assets. It also makes known how you want your affairs to be handled in the event you are unable to handle them on your own for any reason. It’s a complicated process, and it can definitely feel overwhelming.
There are many components to estate planning, and while there’s a common misconception that it’s just about your finances, the truth is there’s a lot more to it. This is why there are many questions that come to mind when it comes to estate planning. Most people want to know how to provide as much as they can now so their family isn’t left wondering or questioning what’s next once you’re gone: This is why understanding estate planning is key. So, where do you get started? Below are some of the most asked questions when it comes to estate planning.
Q: What’s the Difference Between a Will, and a Trust?
A: Wills and trusts have some similarities. While many people think simply having a Will is sufficient, the fact is you need more. If you have a Will, you’re off to a great start. But a Will by itself is just a small piece of the Estate Planning puzzle.
There are some advantages and disadvantages to both wills and trusts, so it’s always important to speak with your financial planner about your circumstances to determine which of the options are best for you. Ultimately, wills and trusts are both estate planning tools and can work together to create the best plan for an estate. The main differences between a will and a trust are:
Q: I’m worried my family will contest my will. What can I do to prevent this from happening?
A: All families have challenges and sometimes, issues spill into the planning and settling of an estate. There are several things you can do to make the arrangement you intend more likely to be upheld once you are gone:
Q: My parents never talk about their estate plan with me. How can I break the ice?
A: The thought of death can be an uncomfortable conversation, especially for older parents and grandparents. This topic can make them feel “unwanted”. Many people mistakenly picture estate planning as aggressive battles for assets, so they become hesitant to proceed during their lifetime because they wrongfully think it might take away their right to enjoy their own properties. In addition, some parents think that depending on a future inheritance will discourage children from working hard.>Breaking the ice with parents and grandparents might be easier than you thought. Based on past experiences, the following factors can lead to successful communications:
Q: How do I Avoid Estate and Inheritance Tax?
A: Much of your Estate Planning is done with taxes in mind. The ultimate goal is to leave the absolute most you can to your heirs. Strategizing by taking action to minimize assets lost to taxes is an effective way to achieve your goal. Understanding potential types of taxes is important:
For many years, average families used their estate plans to avoid or reduce estate and inheritance taxes – the taxes due on your estate when you die. However, federal estate tax is now levied on only very wealthy estates – estates worth well over $11 million. So most people with average-size estates do not need to worry about estate taxes. That said, a few states do levy estate and inheritance taxes on smaller estates and if you live in one of those states and you have a substantial amount of property, you may want to use your estate plan to try to reduce or avoid these taxes.
Q: How Can I Start a Conversation with my Family about the importance of Having a Will or Estate Plan in place?
A: In modern days, the best results come from continuous and transparent estate planning efforts. Some important benefits of this method include:
Updating Your Estate Plan
Once you have your estate plan made, it is not something that you can forget about. As you approach your review process, on broad terms, you are looking to ensure that your intentions have not changed, that the right people are included, that major life changes are reflected, and that all other major changes are notated.
There isn’t a hard rule about when you should update your Estate Plan, but a good rule of thumb is try to update it whenever you have a major life event (birth of a child, death of someone important to your plan, marriage, divorce, etc.). And if you find you haven’t had any life events in recent years, try to review and update as needed every 3 – 5 years.
Final Thoughts
An effective estate strategy can spell out your wishes and ensure that they’re carried out – even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so. At Agemy Financial Strategies, we have an array of will and estate planning solutions to guide you through the entire process of creating last wills and testaments, living trusts, powers of attorney, and living wills — all with the help of our trusted, friendly financial planners.
If you have any questions on our company, services, values or more, contact the retirement income experts at Agemy Financial here today. Our financial advisors in both Denver, Colorado and Guilford, Connecticut are waiting for your call