Each year, the Social Security Administration announces important numbers that impact both workers and retirees. In October, new wage base and benefit information for 2021 was released and it means a significantly larger tax bill for nearly 12 million high-earning workers. Why? Let’s dig into the numbers for both taxes and benefits below.
In May 2019, the U.S. House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act, commonly called the SECURE Act. Designed to help tackle our country’s growing retirement savings crisis, the far-reaching legislation spent months tied up in the Senate. On December 19, 2019, it passed the Senate with a 71 to 23 majority.
Let’s take a look at a few standout provisions of the legislation and discuss what they could mean for you.
When you think about leaving a legacy for future generations, does your mind automatically associate this idea with financial assets? It’s normal to want to put an estate plan in place that will benefit your heirs, but you may want to think outside the box, too.
Why? Well, there are some things that money just can’t buy.
In truth, your legacy is about much more than just your hard-earned assets. You have a wealth of life experience and wisdom to share, too. A great vehicle for preserving this intangible type of asset is a Legacy Letter.