Ask Bob: Gifting
Gifting is a great financial planning tool, especially at the end of the year. Alhambra's Bob Williams goes through the basics.
9 Medicare Potholes That Can Cost You Big Time
So, you’re almost eligible for Medicare. For many who have struggled with health insurance since Congress passed Obamacare in 2010, going on Medicare is a step up from the expensive, high deductible, limited option plans available to them. But Medicare can be problematic too if you don’t know what to look for. Here are 9 of the most common Medicare [...]
Must-Have Planning Documents (VIDEO)
You need more than a Will or Trust to round out your estate plan. Alhambra's Bob Williams lists other Must Have planning documents.
Ask Bob: Social Security and Zero Earnings Years
Social Security benefits are calculated on your top 35 earning years. What if you have some years with zero earnings? Alhambra’s Bob Williams explains.
The IRS Will Tax Less of an Estate in 2023
In 2012, the American Taxpayer Relief Act (ATRA) established, for the first time, a permanent estate tax and gift tax exemption. The exemption is the amount an individual can pass on at death without paying estate taxes. The legislation set the exemption at $5 million per person, indexed for inflation. Five years later, Congress decided the exemption was not large [...]
2023 Retirement Plan Contribution Limits
Worried about saving enough for retirement? You can put away more next year. The IRS has just announced the new retirement plan contribution limits for 2023. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan increases to $22,500, up from $20,500. For individuals 50 and older, the catch-up contribution [...]
Ask Bob: Social Security
Alhambra's Bob Williams highlights pitfalls to watch out for when signing up for Social Security.
Social Security Announces 8.7% Cost of Living Adjustment for 2023
As expected, the Social Security Administration has announced that the 2023 Cost of Living Adjustment (COLA) will be the largest COLA in 42 years, brought on by rampant inflation not seen in more than four decades. Social Security benefits increase automatically if the Consumer Price Index (CPI-W) which measures price inflation for urban workers is more in the third quarter [...]
Gifting Just Got More Generous for 2023
If you’ve been gifting money each year to people you love, or using gifting as a planning tool, it’s about to get even better. In 2023, the amount you can give away takes a healthy jump and as long as your generosity doesn’t exceed the limit, you should stay off the IRS radar. In 2023 the new annual exclusion moves [...]
Medicare Part B Premiums Will Go Down in 2023
In a world where the price of everything is going up, Medicare recipients get a price cut beginning January 1, 2023. The Centers for Medicare and Medicaid Services (CMS) just announced that the monthly premium for Medicare Part B, which covers doctor visits, diagnostic tests, and other outpatient services, is decreasing $5.20 per month to $164.90. That’s good news in [...]
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