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Social Security has long served as a fundamental pillar of retirement security in America, offering a crucial safety net for retirees, individuals with disabilities, and survivors. However, as demographic shifts continue and economic conditions evolve, the program faces significant financial challenges that necessitate careful consideration and proactive solutions. For our clients, a clear understanding of Social Security's current state, especially following the passage of the One Big Beautiful Bill Act (OBBBA), and the potential paths forward, remains paramount for robust long-term financial planning.

“When do you want to retire?” is one of my favorite questions to ask clients, especially when I have a chance to ask it without much context or build up. I find that a lot of people romanticize the idea of retirement without giving much detail to the thought. Getting an understanding of when (and how) someone wants to retire...

Before claiming social security there are some things you should know. When do you meet your full retirement age because that impacts how much you collect. Take a look at your longevity, your Cost of Living Adjustments (COLA) and your spousal benefits. Lastly, keep in mind that there may be taxes and penalties that come with claiming too soon. We realize that this is a complex subject and encourage you to work with a financial planner, CFP® or ChFC® who is proficient in retirement planning.

Will Social Security benefits be lost? While the program has long been underfunded, those already receiving or nearing retirement benefits are unlikely to be affected. Several policy changes, such as raising the retirement age or increasing payroll taxes, could stabilize the system, but younger individuals should prepare for saving for retirement now.

In my opinion, Qualified Charitable Distributions (QCDs) are one of the most underutilized tax strategies around today. This is especially true considering the increased standard deduction amount implemented by the “Trump Tax Law.” Those who qualify and are already giving to charity often get significant tax savings with little-to-no downside by utilizing them. In this article, I will go through some basics of QCDs and three ways they can save taxpayer's money.

I grew up in a small town outside of Flint, Michigan called Swartz Creek. Many of the people in our community worked for one of the “Big Three” automakers, including my uncle, all three of my best friends’ dads, and many of my extended family. These companies were a classic example of a typical 20th-century employer. Right out of high school you could get a good job and make a very good living. It was certainly not easy work, but if you stuck with it for 30 years you would be well taken care of with an opportunity for early retirement, a good pension, and excellent health care benefits. Today, things are very different.