BML Wealth Marketing, Author at BML Wealth Management

12 04, 2021

More Time to File Taxes and Review Your Retirement Plan
More Time to File Taxes and Review Your Retirement Plan

More Time to File Taxes and Review Your Retirement Plan

BML Wealth Marketing2021-04-12T05:25:29-07:00April 12, 2021|Financial Planning, Retirement Planning, Taxes|

Tax season is the perfect time to take stock of your overall finances and how they may have changed in the last year. And luckily for you, tax season is extended until May 17th this year, so you have even more time to do that! As you go through important documents, make sure to review your investment plan, estate plan, long-term tax minimization strategies, and overall retirement plan during this extended tax season. What’s Your Investment Strategy? Having a bucket of investments isn’t the same as having a comprehensive investment strategy. The latter becomes even [...]

9 04, 2021

Watch Out for Scams During Tax Season
Watch Out for Scams During Tax Season

Watch Out for Scams During Tax Season

BML Wealth Marketing2021-04-09T13:21:07-07:00April 9, 2021|Fraud Protection, Taxes|

Return prepare fraud can be very common during tax season[1] and scammers tend to target older adults. Digitization has made tax preparation easier but has also opened up a whole new world of criminal activity. While there’s not much we can do to stop these threats entirely, there are certainly ways that we can all be smarter and more cautious. Know how to spot a scam and watch out for scams during tax season. Question Higher-Than-Expected Refund Claims Most tax preparers aren’t criminals, but there have been instances of preparers encouraging taxpayers to claim improper [...]

5 04, 2021

4 Types of Retirement Income and How They’re Taxed
4 Types of Retirement Income and How They’re Taxed

4 Types of Retirement Income and How They’re Taxed

BML Wealth Marketing2021-04-05T08:18:55-07:00April 5, 2021|Income Planning, Retirement Income, Tax Planning|

Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. Start with these 4 types of retirement income and how they’re taxed. Investments held for over a year are taxed at preferential rates. Investments that are held for one year or less are considered short-term capital gains. Short-term gains are taxed at ordinary income rates. However, investments that [...]

2 04, 2021

Is a Big Retirement Move Right for You?
Is a Big Retirement Move Right for You?

Is a Big Retirement Move Right for You?

BML Wealth Marketing2021-04-02T10:38:31-07:00April 2, 2021|Lifestyle, Retirement|

Some people dream about retiring and jetting off to a tropical location to start a new life. In reality, the majority of people, when asked if they want to stay in their house once they retire, say yes. According to an AARP Report, 87% of people aged 65 or older think the best plan of action is to stay in their current town[1] where they can keep their home and community nearby. As creatures of comfort and habit, this makes sense. It would seem like a lot less hassle to skip the move and stay [...]

28 03, 2021

The Pandemic Won’t Be the Last Retirement Challenge You’ll Face
The Pandemic Won’t Be the Last Retirement Challenge You’ll Face

The Pandemic Won’t Be the Last Retirement Challenge You’ll Face

BML Wealth Marketing2021-03-28T20:06:28-07:00March 28, 2021|Economy, Retirement Planning|

The pandemic has been hard on Americans nearing and in retirement, but there are likely other obstacles coming. Increased government spending on COVID relief plus strain on our healthcare system could mean we’ll see higher taxes, inflation, and healthcare costs in the future. It’s crucial to have a comprehensive retirement plan for the future because the pandemic won’t be the last retirement challenge you’ll face. Current and Future Taxes The recent change in leadership in Washington and a growing national debt could potentially mean higher taxes in the future. There is currently support for taxing [...]

26 03, 2021

Handle Life’s Busy Seasons Like An Accountant During Tax Season
Handle Life’s Busy Seasons Like An Accountant During Tax Season

Handle Life’s Busy Seasons Like An Accountant During Tax Season

BML Wealth Marketing2021-03-26T15:09:40-07:00March 26, 2021|Lifestyle, Psychology|

Generally, accountants have a good work-life balance, but they’re notoriously busy during tax season. From January to April, their workload increases significantly, and they must come up with new techniques to manage their time. Sometimes when we’re used to a routine, extra work or activity can throw us off because we don't know how to adapt. The same can also happen when we go from working full weeks to having free time in retirement. In retirement, a packed social or travel schedule can constitute a busy season. Although your workload probably won’t ramp up as [...]

21 03, 2021

5 Things to Know About COVID and Your Taxes
5 Things to Know About COVID and Your Taxes

5 Things to Know About COVID and Your Taxes

BML Wealth Marketing2021-03-22T15:01:53-07:00March 21, 2021|Tax Planning, Taxes|

We’ve entered a full year of living with the pandemic, and there have been several events during the year that could affect you this tax season. In April 2020, the CARES Act (Coronavirus aid, Relief, and Economic Security Aid) provided relief to individual Americans and businesses and temporarily altered some parts of the tax code. While this was almost a year ago, the implications for you may extend to this year’s tax season. Here are 5 things to know about COVID and your taxes. Stimulus Checks If you received a stimulus payment in 2020, you [...]

19 03, 2021

Age Does Come Before Beauty
Age Does Come Before Beauty

Age Does Come Before Beauty

BML Wealth Marketing2021-03-19T20:27:35-07:00March 19, 2021|Lifestyle, Psychology|

Despite the fact that America has an aging population, there is ample evidence of ageism happening around us. The way we perceive older adults can limit our roles in society as we age and a pervasive negative view of aging can have a psychological impact on us. Sometimes ageism can be seen in a seemingly benign birthday card depicting age as something to laugh at or feel bad about, but other times it takes the form of workplace discrimination. That's why it's important to be mindful of how you can avoid ageism in retirement – [...]

15 03, 2021

Are You Close to An Important Birthday?
Are You Close to An Important Birthday?

Are You Close to An Important Birthday?

BML Wealth Marketing2021-03-15T09:20:30-07:00March 15, 2021|Financial Planning, Retirement Planning|

When we think about important birthdays, we think of 18 and 21, but what about 59 ½ or 72? Just because you’re older doesn’t mean you don’t have more milestones to hit. Starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications for your retirement. Are you close to an important birthday? Age 50 At age 50, workers can make annual "catch-up" contributions in addition to their normal contributions. In 2021, you can contribute up to $6,000 to an IRA if you are under 50 and an additional $1,000 [...]

11 03, 2021

How Could Life Be Different in 2050?
How Could Life Be Different in 2050?

How Could Life Be Different in 2050?

BML Wealth Marketing2021-03-11T11:00:09-08:00March 11, 2021|Lifestyle|

2050 seems like a long time away, but 2021 seemed far away in 1991. Back then, did you think a cell phone would fit into your pocket? Or that you could shout at Alexa to order you more paper towels without getting off the couch? Technology has transformed how we live over the last 30 years, and there’s no telling how it will change life by 2050. Here are some predictions for how your retirement in 2050 could look. New Technologies By 2050 there will likely be 9 billion people on earth, and the majority [...]

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