The Medical Expense Deduction in 2018 Tax reform has lowered the threshold. Provided by Peck Financial Advisors If you itemize, you should note the reduced medical deduction threshold for 2018. This year, you can deduct qualified medical expenses exceeding 7.5% of your adjusted gross income. Next year, the threshold for the medical expense deduction returns to 10% of AGI. (The Tax Cuts & Jobs Act of 2018 also allowed the 7.5% threshold to apply retroactively...
Could a Trade War Soon Start? The U.S. might soon impose tariffs on certain imports. Provided by Peck Financial Advisors What if America taxes imported aluminum and steel? If it does, will other countries impose taxes in response, and what might that mean for the U.S. economy? Conversations about tariffs and trade wars have been prevalent in the news stream lately. If a trade war does begin in 2018, it is worth considering the potential...
Retirement Planning Weak Spots They are all too common. Provided by Peck Financial Advisors Many households think they are planning carefully for retirement. In many cases, they are not. Weak spots in their retirement planning and saving may go unnoticed. Couples should recognize that they may face major medical expenses. Each year, Fidelity Investments estimates how much a pair of newly retired 65-year-olds will spend on health care throughout the rest of their lives. Fidelity...
Peck Financial Advisors Presents: M ONTHLY E CONOMIC U PDATE May 2018 THE MONTH IN BRIEF April saw the S&P 500 advance 0.27% as a new earnings season unfolded – one in which investors grew uneasy about rising Treasury yields, protectionism, and privacy concerns involving tech giants. While the financial media largely focused on those anxieties, good news also appeared. The latest consumer spending and consumer confidence data was solid. Home buying picked up as...
What Should You Keep? Even with less itemizing, there are still tax documents you want to retain for years to come. Provided by Peck Financial Advisors Fewer taxpayers are itemizing in the wake of federal tax reforms. You may be one of them, and you may be wondering how many receipts, forms, and records you need to hold onto for the future. Is it okay to shred more of them? Maybe not. The Internal Revenue...
The Major 2018 Federal Tax Changes Comparing the old rules with the new. Provided by Peck Financial Advisors The Tax Cuts and Jobs Act made dramatic changes to federal tax law. It is worth reviewing some of these changes as 2019 approaches and households and businesses refine their income tax strategies. Income tax brackets have changed. The old 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% brackets have been restructured to 10%, 12%, 22%, 24%...
Here's some meaty information on how to assess a Retirement Community's Financial Health from the New York Times: https://nyti.ms/2GbPRej
Peck Financial Advisors Presents: Monthly Economic Update April 2018 THE MONTH IN BRIEF In March, stocks faced another significant challenge. The Trump administration’s sudden plan to institute tariffs on imports sent a shudder through the bulls. All three major Wall Street benchmarks fell more than 2.5% during the month as investors around the world considered the prospect of trade wars involving American, Chinese, and European products. The Federal Reserve raised the target range for the...
Peck FA Presents: Monthly Economic Update March 2018 THE MONTH IN BRIEF Investors certainly received a wake-up call in February. A correction hit Wall Street for the first time in nearly two years, and benchmarks overseas were also challenged. Two weeks later, though, the S&P 500 had gained back more than half of what it had lost in the dive. Prices of important commodities sank early in the month, but recoveries followed. While the latest...
Peck FA Presents: Monthly Economic Update March 2018 THE MONTH IN BRIEF Investors certainly received a wake-up call in February. A correction hit Wall Street for the first time in nearly two years, and benchmarks overseas were also challenged. Two weeks later, though, the S&P 500 had gained back more than half of what it had lost in the dive. Prices of important commodities sank early in the month, but recoveries followed. While the latest...
Why You Should Have an Online Social Security Account In monitoring your Social Security profile, you may help to thwart fraud. Provided by Peck Financial Advisors Could your personal information soon be stolen? The possibility cannot be dismissed. Sensitive financial and medical data pertaining to your life may not be as safe as you think, and thieves may turn to a vast resource to try and mine it – the Social Security Administration. Consider three...
Think Total Return Never touch your principal in retirement? Think again. Provided by Peck Financial Advisors More than a century ago, an American financial archetype emerged – the household that lived on the interest earned by its investments, never touching its principal. Times have changed. While the Vanderbilts, Carnegies, and Rockefellers could do that back in the Gilded Age, you will likely face a tough challenge trying to do the same in retirement. The reason...
