Welcome back to Navigating an Abundant Retirement Radio. As the sun sets on your career and every day is about to become Saturday, you will be faced with issues such as: how to effectively take required minimum distributions (RMDs) from your traditional IRA or 401(k), when to start taking Social Security, how Social Security payments are taxed, whether to convert your traditional IRA to a Roth, how to recover from a bear market (one of our topics in the last episode), finding good alternatives to low-yielding CDs or savings accounts, and how to come up with a creative way to leave a legacy to your grandchildren and great-grandchildren.

Another timelier issue is that of inflation and last week we received confirmation that those receiving Social Security would receive the biggest COLA increase since 1981.

Mentioned in this Episode

• Congress has COLA increases pegged to rising inflation
• Consumer Price Index (CPI)
• Social Security Benefits Tax
• Annuity
• Baby Boomer Dilemma

Favorite Quotes

"While there’s been a great deal of talk about inflation this year, the increase depends on the much-anticipated official numbers: the third quarter’s Consumer Price Index (CPI) is measured against the CPI of the previous year, and the COLA is calculated from that.." - Carol Dewey

“As a financial advisor, I have helped many seniors reduce or completely eliminate the taxation on their Social Security benefits – simply by moving tax-free bonds or CDs just sitting in the bank into deferred or income annuities. If you have a large pension or other income from an asset that cannot be moved into an annuity, you will likely be paying taxes on up to 85% of your Social Security benefits.” - Carol Dewey

Engage with Carol Dewey

We invite you to get the answers you need about your financial plan in one of our exploratory meetings. To receive the benefits of a valuable fiduciary second opinion, a Net Retirement Income Analysis, a Social Security Maximization Report, a Blueprint of your current portfolio, a Tax Consultation through the 4 stages of retirement or an Estate Planning Review schedule your consultation now. There's no obligation! (https://www.talk2carol.live/schedule-retirement-revitalization-consult)

Watch the Baby Boomer Dilemma Movie here:

https://learn.perpetualwealth.info/boomer-movie

Social Media

LinkedIn

Visit our website

www.perpetualwealthfinancial.com

Subscribe and stay in touch

Apple

Spotify