Wealth Insights is our regular financial planning update, generally refreshed on Thursdays. Wealth Insights provides perspective on financial planning topics to help as you consider options for navigating your financial life.
You don’t want to pay more in federal income tax than you have to. With that in mind, here are five things to consider when it comes to keeping more of your income.
At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself in the position of having to help your children with college expenses or the financial challenges of young adulthood while at the same time looking after the needs of your aging parents.
Not every older American ends up in a nursing home or a retirement community. In fact, most older individuals continue to live at home, many with the assistance of some type of in-home care. In-home care can help you remain independent and delay the need to enter a nursing home or an assisted-living facility.
As you grow older, your housing needs may change. Maybe you’ll get tired of doing yardwork. You might want to retire in sunny Florida or live close to your grandchildren in Illinois. Perhaps you’ll need to live in a nursing home or an assisted-living facility. Or, after considering your options, you may even decide to stay where you are. When the time comes to evaluate your housing situation, you’ll have numerous options available to you.
Caring for your aging parents is something you hope you can handle when the time comes, but something you probably hope you never have to do. Caring for your aging parents means helping them plan for the future, and this can be overwhelming, both physically and emotionally. When the time comes for you to take care of your parents, you may be certain of only two things: Your parents need you, and you need help.
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, includes several provisions that affect business owners. Here are five specific changes to pay close attention to.
Beginning in 2025, seniors can take advantage of a new $6,000 tax deduction that may help them cover the rising costs of housing, health care and daily living by potentially allowing more of their income to remain untaxed. The deduction, part of the One Big Beautiful Bill Act (OBBBA) enacted in July 2025, will be available through 2028.
Each year, the Trustees of the Social Security and Medicare trust funds provide detailed reports to Congress that track the programs’ current financial condition and projected financial outlook. These reports have warned for years that the trust funds would be depleted in the not-too-distant future, and the most recent reports, released on June 18, 2025, show that Social Security and Medicare continue to face significant financial challenges.
A Medicare Part C (Medicare Advantage) plan is offered by a private company that contracts with Medicare to provide Part A and Part B benefits and may offer coverage for additional services.
Some people automatically get Medicare Part A and Part B (Original Medicare). You’ll be automatically enrolled in Original Medicare when you turn 65 if you’ve already been receiving Social Security or Railroad Retirement Board benefits for at least four months.