Saving for Life’s Experiences

While some advisors focus only on saving for “retirement”, we believe there are a lot of life experiences that need planning attention along the way. It is important to listen carefully to our clients and learn the specific goals which are priorities for them.  For some individuals it is planning for extended breaks from employment to fulfill goals for bucket-list experiences; or it might be returning to school full-time for an MBA; and for others it might mean stepping away from corporate life to open their own business. Regardless of your goals, you need an advisor who listens well to the things which are most important to you and helps you plan so you can achieve them. Goal planning involves not just accumulating the savings to pay for it, but also considering all the interrelated aspects of embarking on that goal. This may include maintaining health insurance during lapses in employment, ensuring coverage for international adventures, or making sure that appropriate legal filings and compliance are in place before launching a business. Regardless of the goal, it is critical that Read on! →

The positives of PUSHES

Are you someone who PUSHES through life? If so, the odds are in your favor to age well. Most individuals probably wouldn’t think that pushing through life would be conducive to aging well. In fact, when we think of pushing through life, we tend to think of slogging along, day after day in the obligations of our lives. However, when it is in the context of retirement, the PUSHES are what give our lives meaning and purpose.1 Consider the following: P – Has a sense of Purpose. The idea of having a purpose in retirement is not contingent on a grandiose plan to invent, create or produce something. It is the overarching sense of having a reason to get out of bed in the morning, having the motivation to make the most of your day. This sense of purpose will certainly evolve over time as your desires and abilities change but it gives meaning to your life. U- Uses time to participate in activities, helping others, going to events. The pandemic has certainly taught everyone how important it is to Read on! →

Russians and Fed Chiefs and Covid, oh my!

Well, we have certainly turned a corner as 2021 ended and 2022 has begun. Now that we are a month into the new year, let’s take a moment to see what’s different since we left 2021 behind. One thing that hasn’t changed is that we are still dealing with Covid and most of us are weary of the restrictions. After a few months of relative freedom from Covid’s lockdown during the summer and leading up to Thanksgiving, Omicron emerged. The variant spreads easily but isn’t as debilitating as earlier variants.  This has led to fewer negative economic impacts and a view held by some that we need to begin living with future Covid variants more like a seasonal flu virus.  One sidenote for portfolios; if China sees their infection rates increase steeply with Omicron or future variants, their zero-tolerance policy may result in factory shutdowns and put further strain on the already burdened supply chain issues. 2022 brought the Federal Reserve decision-making on interest rates to the forefront, as they work to reconcile increasing inflationary pressures with their stated policy Read on! →

2022 Contribution and Benefits Limits

  As we approach the end of 2021, Clearview Wealth Management provides you with the 2022 Contribution and Benefits limits.  These were announced by Social Security and the IRS. Social Security 2021 2022 Cost-of-living Adjustment (COLA) for December (payable in January). 1.3% 5.9% FICA tax rate (combined rate is 7.65% for both employees and employers) Social Security Medicare (Hospital Insurance). An additional FICA tax of 0.9% applies to high-income beneficiaries with annual incomes above $200,000 ($250,000 for married couples filing jointly). 6.20% 1.45% 6.20% 1.45% Maximum Social Security earnings for tax contributions and benefits Medicare taxable earnings. $142,800 no limit $147,000 no limit Earnings required to earn one credit (max. of four credits per year). $1,470 $1,510 Retirement Earnings Test exempt amounts: Under full retirement age (FRA) throughout year (age 66 & 4 months)   Reaches FRA in year (time before the month FRA is attained)   FRA and over $18,960 $50,520 no limit $19,560 $51,960 no limit   Gifts and Estates 2021 2022 Annual Exclusion for gifts $15,000 $16,000 Estate Exclusion Amount $11,700,000 $12,060,000     Deductions 2021 2022 Read on! →