Some people, including one of our founding fathers, have mused that nothing in life is certain, except for death and taxes. But the government benefit that you’ve been saving for your whole adult life is designed to be there for you when you need it most—after you’ve stopped working. Established in 1935, the Social Security program provides a reliable source of income for people when they retire, in addition to any individual retirement accounts they might have. And while it’s tempting to begin collecting Social Security as soon as you become eligible at age 62, it might be better to delay. Here are four reasons why you should consider holding off:   1. A Higher Annual Payout If you wait to claim Social Security, you can reward yourself later with a higher annual benefit. That’s because delayed retirement credits will kick in at age 62. For every year you postpone filing for Social Security,...

When do you hope to retire? If you’re like most people, you plan to stop working sometime between the age of 60 and 67. That means the years leading up to retirement will likely be your peak earning period. Consequently, you may find yourself in a high tax bracket just before you retire, only to move into a lower tax bracket once you start living off your savings. It’s a misconception, however, to assume that your taxes will never go up again. In fact, there are two reasons why you might be surprised by high taxes late in life: 1) required minimum distributions and 2) Social Security payouts. Fortunately, there’s a planning strategy that can help minimize taxes during your golden years. It’s called a Roth conversion. Before we explain what that entails, let’s review the two factors that may impact your retirement tax burden. Factor 1: Required Minimum Distributions Federal tax law...

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Our own Paul Coleman III, CFP® joined WIVB News 4 to discuss Cryptocurrency volatility and what it could mean for investors. https://www.wivb.com/news/cryptocurrency-the-good-news-and-the-not-so-good-news-for-investors/...