BML Wealth Marketing, Author at BML Wealth Management

1 04, 2022

Junk or Treasure? Tips for Decluttering Your Home
Junk or Treasure? Tips for Decluttering Your Home

Junk or Treasure? Tips for Decluttering Your Home

BML Wealth Marketing2022-04-01T06:59:29-07:00April 1, 2022|Lifestyle|

If you’ve lived in the same place for many years, it’s likely that you’ve accumulated some treasures, as well as some junk. It can be hard to distinguish between the two, especially if you’re prone to holding onto things. If you need to clear some space, consider these tips for decluttering your home. Focus on One Area at a Time For example, take it one clothing type at a time, moving from shoes to casual wear to business wear. It’s easier to figure out which pairs of jeans to get rid of if you’re looking [...]

28 03, 2022

Estimating Your Tax Burden in Retirement
Estimating Your Tax Burden in Retirement

Estimating Your Tax Burden in Retirement

BML Wealth Marketing2023-03-23T21:28:22-07:00March 28, 2022|Tax Planning|

Taxes could be one of your biggest expenses in retirement. But once you have an estimate for your tax burden in retirement, you can consider ways to minimize it. The first step towards creating a tax minimization strategy in retirement is looking at how your different sources of income will be taxed. Pensions If you have a private pension, your pensions payments could be taxed at ordinary income rates. They could also be subject to state taxes, depending on which state you are living in. If you’ve been offered a pension buyout, consider how taking [...]

25 03, 2022

It’s Time to Re-Frame the Way We Think About Aging
It’s Time to Re-Frame the Way We Think About Aging

It’s Time to Re-Frame the Way We Think About Aging

BML Wealth Marketing2022-03-25T10:48:09-07:00March 25, 2022|Lifestyle, Psychology|

It’s common to hear people complain about getting older, but aging isn’t all bad. A positive attitude towards aging can go a long way towards finding happiness in retirement. There are plenty of things that get better with age, like a fine wine, so why not you too? Here are some wise words that can help us re-frame the way we think about aging. “Aging is an extraordinary process where you become the person you always should have been.” -David Bowie David Bowie was one of those celebrities who refused to retire and continued to [...]

22 03, 2022

Why We Could See More Inflation and Market Volatility
Why We Could See More Inflation and Market Volatility

Why We Could See More Inflation and Market Volatility

BML Wealth Marketing2022-03-22T08:01:27-07:00March 22, 2022|Stock Market|

As we saw during the COVID-19 pandemic, what happens somewhere halfway around the world can have a major impact on us. Now, the global economy faces new threats as a result of Russia’s invasion of Ukraine, including spiking energy prices, inflation, and a volatile market. Know how you could be affected and what strategies you can pursue to help protect your savings. Are You Protected from Market Corrections? We’ve seen market volatility recently and could see more depending on what happens in Ukraine and what the Federal Reserve does. Oil prices are surging and could [...]

18 03, 2022

Don’t Procrastinate During Tax Time
Don’t Procrastinate During Tax Time

Don’t Procrastinate During Tax Time

BML Wealth Marketing2022-03-18T12:00:44-07:00March 18, 2022|Tax Planning, Taxes|

Tax Day is April 18th, not the 15th, due to Washington D.C.’s Emancipation Day holiday, so you have a few more days to file your taxes or file for an extension this year than you might have expected. But the 18th will be here before you know it, so don’t procrastinate during tax time this year! Get Organized First, get organized and gather your important documents. These could include W-2 and 1099 forms, medical bills, property tax and mortgage interest documents, and receipts for charitable donations. If you file your taxes electronically, it could mean [...]

14 03, 2022

Three Birthday Milestones That Could Change Your Tax Situation
Three Birthday Milestones That Could Change Your Tax Situation

Three Birthday Milestones That Could Change Your Tax Situation

BML Wealth Marketing2022-03-14T07:25:32-07:00March 14, 2022|Tax Planning|

When we think of milestone birthdays, we often think of ones that are already behind us – like 18 and 30. But there are plenty of important birthdays ahead of you, especially as you near and enter retirement. Starting at age 50, several birthdays are critical to acknowledge because they can have implications for your retirement and tax situation. Age 50 At age 50, workers can make annual “catch-up” contributions in addition to their normal contributions. In 2022, you can contribute up to $6,000 to an IRA if you are under 50 and an additional [...]

11 03, 2022

How to Get Through the “Disenchantment” Phase of Retirement
How to Get Through the “Disenchantment” Phase of Retirement

How to Get Through the “Disenchantment” Phase of Retirement

BML Wealth Marketing2022-03-11T10:11:44-08:00March 11, 2022|Psychology, Retirement|

Everyone talks a lot about how to prepare for retirement financially, but often there is less focus on how to re-orient your life and mindset. Research shows that the way people feel about their retirements follows a u-shaped curve; first, people are quite positive, then not as much, and then are positive again. From the “honeymoon” phase of retirement to disenchantment and re-orientation, here’s how to get yourself through. The Honeymoon Phase: Many people idealize retirement. When we’re extremely busy, the idea of unlimited free time is tempting. So, when people finally reach retirement and [...]

4 03, 2022

Will Your Savings Last for the Rest of Your Life?
Will Your Savings Last for the Rest of Your Life?

Will Your Savings Last for the Rest of Your Life?

BML Wealth Marketing2022-03-07T08:01:48-08:00March 4, 2022|Retirement Income|

Once you’ve saved enough for retirement, the question becomes how you’ll make your savings last for the rest of your life. Higher costs make this difficult, and we’ve been seeing higher costs as a result of inflation for some months. It’s important to know how inflation can erode your savings over time and how to create a plan to address this. We Could See “Persistently Higher Inflation” Federal Reserve Chairman Jerome Powell said last year that “the threat of persistently higher inflation has grown,” and we have continued to see inflation in 2022. Product shortages [...]

4 03, 2022

Don’t Fall for These Online Scams
Don’t Fall for These Online Scams

Don’t Fall for These Online Scams

BML Wealth Marketing2022-03-04T07:55:40-08:00March 4, 2022|Cyber Security|

Unfortunately, cyber security threats can increase during tax season,[1] and scammers tend to target older adults. Tax, Social Security, and retirement account scams can be financially devastating and very difficult to correct, so know how to avoid them. Awareness is crucial – don’t fall for these online scams. Tax Scams Phishing is a scam where criminals attempt to trick you into giving out your personal information by impersonating businesses or government agencies through email. Beware of emails that appear to be from the IRS asking you to click on links or provide personal information. These [...]

28 02, 2022

Tax Day Will Be Here Before You Know It
Tax Day Will Be Here Before You Know It

Tax Day Will Be Here Before You Know It

BML Wealth Marketing2022-02-28T11:42:58-08:00February 28, 2022|Tax Planning, Taxes|

Tax Day is April 18th this year, due to the Emancipation Day holiday in Washington D.C. on the 15th. This is a good time of year to review your finances and think about your long-term tax strategy. Tax Day will be here before you know it, so know these important tax terms and start thinking about how you’ll work to lower your tax bill. Tax Credits A tax credit is a dollar-for-dollar benefit. It’s an amount that taxpayers can subtract directly from their tax bill. Some examples are the child tax credit and the earned [...]

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