The One Big Beautiful Bill affects retirees in many ways. But how will it change Medicare? Although it’s too early to tell, there will be some immediate changes and several potential long-term impacts you need to be aware of.

We provided a broader overview in our article, "How the One Big Beautiful Bill Affects Retirees." Now we’re going to discuss how this new law impacts Medicare and what you can do to prepare.

There’s a ton of noise out there regarding the One Big Beautiful Bill. But how does it affect retirees? For many retirees, there won’t be any major game changers, but there are some key changes you need to know.

Fortunately, there are no significant changes to tax bracket structures. However, there were several changes to standard and itemized deductions, as well as increased gift and estate tax exemptions. We also get some new deductions, lose others, and see many modified credits, deductions, and phase-outs.

If you’re nearing retirement, you might have life insurance or an annuity you no longer need. If so, you should be aware of what’s called a 1035 exchange.

A 1035 exchange can help you if you’re unsure about what to do with an old life insurance policy or an annuity.

Health Reimbursement Arrangements (HRAs) are employer-funded plans that allow employees to pay for qualified medical expenses with tax-free money. HRAs can be used to reimburse employees for a wide range of expenses, including individual health insurance premiums, deductibles, copayments, and coinsurance.

If your employer offers an HRA, you should certainly check it out. It’s a great benefit to help reduce your overall healthcare costs! There are several types of HRAs, so be sure to check your plan documents carefully.

Deciding what pension payout option to choose is a momentous decision with huge impacts on your financial future. There may be several different options – and you don’t want to choose the wrong one. Your company’s plan documents can also be confusing, which makes things more stressful.

However, with the right education and planning, you can navigate this important decision with confidence. The biggest challenge is understanding how each payout option can help work in concert with the other pieces of your life. We hope to give you the tools to make informed comparisons to make the best decision for you and your family.

There are lots of small, yet important things to creep up on you as you approach retirement. However, these “ankle biters” can turn into a big collective problem if you don’t pay attention. Don’t let the tiny details derail your retirement plans!

We’ll discuss some of the finer details that often get missed or confused. You’ll feel so much better knowing you’ve covered all your bases.

Pension plans are incredibly valuable retirement assets, but they can also be incredibly confusing. Cash balance plans are a fairly popular option for many modern-day pensions. We’d like to share the basics of what cash balance plans are and how to get the most out of them.

If your employer offers a cash balance plan, it’s important to know how these plans work so you can maximize your pension payout. We’ll discuss what a cash balance pension plan is and how it compares to other pension plans you may have heard about. We’ll also discuss how to integrate a pension with your other retirement assets and benefits.

Receiving an inherited IRA is a significant and emotional event. Sadly, inheriting a retirement account means someone close to you has passed away. The last thing anyone wants to think about is having to avoid tax penalties on the account they inherited, but it’s a real concern.

Unfortunately, the IRS has created additional considerations you must navigate on top of grieving the loss of a loved one. If you ignore the rules for inherited IRAs, you could end up with a major tax issue. To complicate this further, the rules have been left to interpretation for some time.

Annuities can be as confusing as any product on the market. However, they can be a handy tool for the right individuals. Don’t let all the ambiguous and confusing terms discourage you from learning about annuities.

A general understanding of how annuities work, the types of annuities available, and the tax implications is helpful. We’ll also analyze the costs and fees, how annuities can insure against longevity risk, and whether an annuity product might be right for you.

The last decade has seen some major changes and events, but a lot remains the same. Reflecting on 10 years in business at NextGen Wealth has been a remarkable experience. We’ve accomplished so much, but there’s still much more to come!

We’ve continually added services and enhanced the client experience. It’s amazing to see how much we’ve accomplished navigating successful retirements.

Roth IRA conversions are a valuable tool in long-term tax planning. This method might save you tens of thousands of dollars or more on your taxes. But is there a best time of year to complete Roth conversions?

You must consider many variables to determine what’s best for you. Life happens, and your tax-saving strategies must be adjusted accordingly. This is why we typically evaluate and complete Roth conversions annually.

As you draw closer to retirement, it’s essential for you to get things filed on time. In many cases, you’ll only have one opportunity to get things right. Other decisions may lock you in for a long time.

No matter what, each decision and deadline as you approach your retirement date is critical. This is why NextGen Wealth specializes in the transition phase of retirement and beyond. If you take the time to lay the foundation of your retirement on solid ground, everything else goes much more smoothly.

Retirement isn’t an individual sport. It takes many key players and essential tools to make the most of your golden years. As the saying goes, “If you want to go fast, go alone. If you want to go far, go together.”

As we watch our beloved Kansas City Chiefs continue another great season, it’s important to understand what it really takes to make a great team. The Chiefs took a long-term approach to success when they signed a $503 Million, 10-year contract with Patrick Mahomes. They understood the value of keeping key teammates in place long-term.

Warren Buffett is one of the greatest investors and philanthropists of all time. What can we learn from his charitable giving, and how can we apply it to our own giving strategies?

The main point of charitable giving is making the biggest impact. However, when we plan our giving carefully, we can save on taxes and put even more money to good use. There are many considerations, such as when, how much, and which charities and causes to support.

Are your retirement assets in the right location? Asset location can be critical to saving money on taxes. Many people know about asset allocation or diversification, but there are a lot of nuances around what types of accounts are used for what assets.

The deliberate placement of your investments can be critical for your long-term success. Don’t assume everything is where it needs to be. As you move through different phases of retirement, you may also need to shift things to meet your needs.

Savvy retirees know the importance of having multiple streams of income in retirement. Multiple income sources help ensure financial stability and peace of mind. We know the importance of having a diversified portfolio, but diverse income streams are even better!

You don’t want all your nest egg(s) in one basket. It’s best to analyze all potential income sources first thoroughly. Then, you can craft a comprehensive financial plan to meet all your retirement needs.

Fraud and online scams are a growing threat to all Americans. However, you can take steps to make yourself less likely to become a victim of scammers. In 2023, the Federal Trade Commission received reports of over $10 Billion in total fraud losses!

Brandon Lovingier was privileged to interview Kathy Stokes, the Director of Fraud Prevention Programs with AARP, at FinCon 2023. Her insights on fraud prevention are used throughout this article, along with some of our own advice and helpful tips. We hope to inform you of best practices to protect you and your loved ones from becoming victims of fraud, theft, and scams.

Getting accurate and timely information is critical to your success every tax season. Unfortunately, not all of the details about your financial life show up in your tax documents. Your accountant will need your input to understand the context of your tax documents.

You don't want to miss out on any potential tax savings or make a mistake on your taxes. This is why communicating and collaborating with your financial planner and accountant is so important. Timely and accurate information can prevent problems and possibly keep more money in your pocket.

This post was last updated on January 08, 2024, to reflect all updated information and best serve your needs.

Many SECURE Act 2.0 changes were set to go into effect later, but 2023 was an important year when many changes took effect. We’ve made a list of these changes so you can more easily track them.

Probate can be quite a headache. Fear not! There are two not-so-secret secret weapons in your estate-planning arsenal, known as Transfer-on-Death (TOD) and Payable-on-Death (POD) designations.

These simple, yet overlooked methods are an easy and free way to avoid losing time and money to probate. Don’t burden your loved ones with complicated and confusing processes to claim their inheritance.