Preparing for Retirement Checklist: Doing the Math!

Which leads us to the big reveal- will we have enough money to live the life we intend?

In the past few installments of this blog, we’ve been exploring the idea of a checklist of critical tasks to accomplish 5 to 10 years before retirement.  I’ve been using the analogy of the checklist an airline crew uses in preparing their aircraft for landing during the last few minutes of the flight.   In last month’s article, we considered the need to create an intentional and detailed vision of the unique retirement we want to experience.  So let’s assume you were successful and have your vision firmly in mind- now what? Well, this leads us to a natural and logical next step which is to determine if our vision is financially sustainable.  This is the part where we calculate the future cost of our dream retirement and make sure that it can be supported by our financial resources.    Back in the day, this type of calculation required some “spread-sheeting” wizardry given...

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LEVEL SURPASSES $500 Million in ASSETS UNDER MANAGEMENT

PRESS RELEASE Amherst, NY: Level Financial Advisors, an Amherst-based, fee-only financial planning and investment management firm that specializes in retirement planning, announced today that its assets under management have surpassed $500 million. The firm, with six CERTIFIED FINANCIAL PLANNER™ practitioners, was recently ranked as one of the top 500 RIA firms in the nation by Financial Advisor Magazine, most recently surpassing $400 million in assets in 2019. "We’ve maintained our growth pattern over the past eighteen months, including a strong end to 2020, despite the challenges of the pandemic," said Michael Heburn, the firm’s Chief Operating Officer and partner. “Our clients have continued to put their trust in us and our ability to help them with their financial goals. We are proud to be a growing, local company and are looking forward to a successful 2021.” Along with the addition of new clients and deposits from existing clients, strong investment growth in 2020 contributed to the...

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New Educational Webinar: Estate Planning & Medicaid

We are pleased to offer a new educational session, “Medicaid and Estate Planning: Answers to Popular Questions,” to our clients and special guests. Wednesday, March 10th at 6pm This is a great chance to familiarize yourself with the basics of estate planning as it pertains to long-term care and Medicaid. This webinar will discuss: • Should I put my house in my kids' names? • Can I pay my kids to take care of me? • How do NY partnership long term care insurance policies work? • Options for paying for a nursing home (private pay, Medicaid, long term care insurance). • Medicaid qualification criteria. • Nursing home pre-planning options (gifting and trusts). • Nursing home crisis planning (gift/loan strategy). • In home care: what will Medicare/Medicaid pay for? Click Here To Register For this Event...

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How the 2020 Coronavirus related legislation can affect your tax deductions

The CARES Act and the 2020 year-end coronavirus relief bill had a lot built into them.  As we start the 2020 tax return season, here are a few items affecting individual taxpayers that we feel are most relevant: Certain charitable contributions deductible by non-itemizers Many who take the standard deduction, which became more popular after the Tax Cuts and Jobs Act of 2017 raised the standard deduction amounts, will be able to deduct $300 in 2020 for all taxpayers and $600 in 2021 for married couples filing jointly. This means that if you made a cash contribution directly to a 501(c)(3) you will be able to reduce your taxable income by up to $300 in 2020 and $600 in 2021. It is important to note that the contribution must be in cash, check, or credit card, and it must go directly to the charity and not a donor advised fund or 509(a)...

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