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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! →

It’s Time to Choose!

It’s Time to Choose! It’s Open Enrollment time of year!  Whether you are retired and making decisions about your Medicare coverage or are employed and faced with your annual employer benefits selection period, it is time to review and choose your coverages for the upcoming year. Medicare Coverage Medicare open enrollment Medicare Health and Drug Plan enrollment October 15 – December 7th Get ready for Medicare’s Open Enrollment with these 5 tips: 1 Check your mail.  You may get important notices from Medicare or Social Security. If you’re in a Medicare plan, you’ll get an Annual Notice of Changes (ANOC). Note any 2022 changes to your health coverage or any Extra Help you may get to pay for prescription drugs. You may also get health plan marketing materials, like brochures, from insurance companies that offer Medicare health and prescription drug plans. Remember — plans aren’t allowed to call or come to your home without an invitation from you. Review your 2022 “Medicare & You” handbook. It has information about Medicare coverage, as well as Medicare plans in your area. If you get your handbook by mail and want to get your Read on! →

Medal Winning Savings!

You have probably heard the advice that you should maximize contributions to your employer’s retirement savings plan. Because it lowers your current income taxation by deferring pre-tax dollars to the plan and grows tax-deferred until distributed, you are encouraged to save to your employer plan (401k, 403b, etc.). Employers may also match a percentage of what you contribute. This can be a powerful way to save, but it should not be the ONLY way you save for retirement. The following medal-winning strategies might add flexibility, potential retirement tax savings and a more secure future to your retirement savings mix. Bronze Medal Winner The bronze medal winner for savings might seem too simple to have an impact but can add versatility and flexibility when trying to increase tax efficiency in retirement. Many people step into retirement with inadequate non-IRA savings.  This forces them to distribute fully taxable income from their employer plan/IRA each time they need cash and increases their tax liability. For those individuals with a mix of IRA and non-IRA savings, more control can be gained over taxation in Read on! →