As we approach the New Year, it is important to sit down and review your finances. Most of us have been spending the last few weeks buying gifts, eating out, going on vacations and spending too much money.

In 2025 we will see the typical IRS tax inflation adjustments, changes to Social Security benefits and updated IRA/401k contribution limits.

If you are married you have the option to collect spousal benefits instead of your own based on the earnings record of the other spouse. This may allow you to collect a higher benefit.

529 plans can be a strategic and tax-advantaged way to save for educational expenses. Not only do you get to write off of your state taxes in most states, it grows tax-deferred.

The impact of one spouse passing away on the tax rate for the remaining spouse is often overlooked in retirement planning and your tax rate can increase substantially if this happens. We discuss ways to prepare for this.