Social Security recipients are due to receive the largest increase in benefits in seven years. For many recipients, however, the increase in payments will go towards higher Medicare costs. As of September 2018, over 67.6 million Americans currently receive Social Security benefit payments. More than one in four of the adult population in the U.S....

At the recent Schwab IMPACT conference in Washington DC, Joe Duran, CEO of United Capital, had a few things to say about clients. According to Diana Britton for Wealthmanagement.com, Duran called clients emotional creatures that want to know if they have the means to live the life they want. For advisors, this means understanding what...

Taxpayers will have the opportunity to save more in 2019 without tax repercussions. In its first increase since 2013, the IRS announced that contribution limits for certain retirement accounts will bump up in tax year 2019. This is good news for the many Americans (46 percent) who believe financial comfort in retirement may be out of reach, according...

When changing jobs, you have a choice: cash out or transfer your retirement funds to a new home. Unfortunately, most employees opt for the former when choosing the latter is almost always a better financial decision. Say this to yourself: retirement funds are for retiring. While it sounds silly, too few people adhere to this...

We are pleased to announce that Jovi Rodriguez has joined the Wambolt Family as a Junior Wealth Management Advisor and Analyst. Jovi joins us from J.P. Morgan Chase Bank, where he supported private investment clients with financial planning, account maintenance and clear communication. He also worked with a broad spectrum of retail and wealth management...

Welcome to our ongoing series that answers your questions. This week, we asked Greg your question about his retirement plans. Here is his answer. Send us your questions at info@wamboltwealth.com and feel free to comment below! Question: When is Greg retiring? Answer: I have no plans to ever retire. You never know what life event may change my perspective,...

Older Americans are filing for bankruptcy at a rate more than triple that in 1991 amid reductions in the social safety net (Social Security and Medicare) and a shift away from pensions, according to the study “Graying of U.S. Bankruptcy:  Fallout from Life in a Risk Society.”  As reported in the Wall Street Journal, on average, 3.6...

The Tax Cuts and Jobs Act (TCJA) changed tax deductions, making defined contribution retirement plans, such as 401(k) plans and pensions, more appealing for small businesses, entrepreneurs and certain taxpayers with earnings too high to benefit from the new qualified business income (QBI) deductions. But defined benefit plans come with qualifiers that can reduce benefits...

For decades, Americans saved. By 2017, the personal savings rate had dwindled to 2.4% in the United States. With long-term savings in decline, fewer Americans are set to maintain their current standard of living in retirement. For the Tax Foundation, author Erica York explains one reason is that the tax code favors consumption over savings. Consumption is taxed...

As nearly 80 million baby boomers age into retirement, the oft-asked question of “will I have enough” naturally segues into “how can I stretch out what I’ve saved.” When expectations aren’t matching reality, though, your investor retirement strategy may need an overhaul. A mismatch is what many Americans now face and its impacting when they...