Archive - 2021

1
Estate Planning Includes Disability Planning
2
How to Bypass Mandatory Withholding on a 401(k) Distribution
3
Medicare Open Enrollment for 2022 Begins October 15
4
Financial Abuse Affects Teens
5
How to Check Your Social Security Benefits

Estate Planning Includes Disability Planning

The very human desire to not think about uncomfortable things is understandable. However, when it comes to estate planning, people not only have to consider death, in some cases, they also have to think about a different kind of life.  Your estate and estate planning documents are as subject to change as anything else in your life. And if you did not consider the possibility of living with a disability in your estate plan, you can alter it.

Disability planning is a part of estate planning because it is important to have sufficient resources should you become incapacitated in any …

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How to Bypass Mandatory Withholding on a 401(k) Distribution

Just ferinstance, let’s say you need to take a withdrawal from your 401(k) plan – and you’re eligible, either by way of your plan allowing in-plan distributions or the fact that you’re already retired (but you still have the money in your former employer’s 401(k) plan). But here’s the rub: when you take a distribution from a 401(k) plan, the IRS requires that the plan administrator withhold 20% from the distribution. If it’s a significant amount being withheld, it can be a long time before next April when you file your tax return to get the withholding refunded (as long …

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Medicare Open Enrollment for 2022 Begins October 15

Medicare beneficiaries can make new choices and pick plans that work best for them during the annual Medicare Open Enrollment Period. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15 and runs through December 7 — is your opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. During this period, you can:
  • Switch from Original Medicare to a Medicare Advantage Plan
  • Switch from a Medicare Advantage Plan to Original
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Financial Abuse Affects Teens

This post discusses the sensitive topic of domestic violence. October is National Domestic Violence Awareness Month. Domestic violence can take different forms and show up in different populations. One of these populations is teenagers. On the eve of the start of October, CNBC published ” Nearly one-third of tees relationships show sings of financial abuse study finds“. Some examples of financial abuse in teen relationships are:
  • stopping someone from going to school or work
  • directing someone how to spend (or not spend) their money
  • pressuring someone to lend money
  • using gifts or money to control behavior
The study mentioned… Read More

How to Check Your Social Security Benefits

A reader of this blog recently suggested that it might be helpful to include an article on how to check up on your Social Security benefits. Long ago, we used to receive a paper statement of Social Security benefits in the mail each year, but that has changed. Now, you might receive a mailed paper statement right around your 60th birthday, but it’s very simple to check your benefits at any time via Social Security’s website.

It’s quite simple to check out your up-to-date information in the Social Security system – at least the retirement estimates. Simply go to the …

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