Tag: Income Strategy

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Understanding Your Social Security Statement and What It Really Means (Ep. 106)

Understanding Your Social Security Statement and What It Really Means (Ep. 106)

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Your Social Security statement might look simple, but the details behind it can shape your entire retirement plan.

Are you only looking at the benefit numbers, or are you missing the bigger picture that could impact your future income?

In this episode, I walk through how to properly read your Social Security statement and what it is really telling you beyond just your projected benefits. I explain how eligibility works, what assumptions are built into the estimates, and why your earnings history matters more than most people realize.

We also cover how missing income years can affect your benefit, how to correct errors, and how continued work can change your outcome.

Key takeaways:

  • Why your Social Security statement shows more than just benefit estimates and what those details mean
  • How eligibility for retirement, disability, survivor benefits, and Medicare is determined
  • The impact of missing or incorrect earnings history and how it can reduce your future income
  • Why estimates assume continued earnings and how changes in work affect projections
  • How working longer can increase benefits by replacing lower-income years in your record
  • And more!

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How the New Tax Law Could Impact Your Retirement (Ep. 65)

How the New Tax Law Could Impact Your Retirement (Ep. 65)

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Tax law changes might not sound exciting, but these updates could have a powerful impact on your retirement plans.

In this episode, I unpack the top provisions from the new One Big Beautiful Bill Act and how they may affect retirees, especially women planning for long-term income.

I break down tax deductions, clarify what’s changing (and what’s not), and offer timely planning strategies you can apply before 2028.

Key points:

  • The new $6,000 bonus tax deduction for those age 65 and over, and how it stacks on top of standard or itemized deductions
  • The deduction’s income limits, expiration in 2028, and how to plan around it strategically
  • Changes to the SALT cap and how high-tax-state residents may benefit from a significant increase in deductible amounts
  • The importance of reevaluating Social Security filing decisions and leveraging Roth conversions
  • Charitable giving options, widow tax planning, and long-term income strategies to reduce lifetime tax liability
  • And more!

Resources:

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Converting a traditional IRA or other tax-deferred account to a Roth IRA is a taxable event and may increase your current-year tax liability. Roth conversions cannot be undone.

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