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The IRS reports that every year more than $1 billion in unclaimed refunds gets left behind at the Treasury. This year, if you're a senior, it's more likely that a refund belongs to you. A new $6,000 exemption for seniors may lead to no taxes on Social Security for many — but not all seniors.
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States Sue to Stop Trump From Reviving Steep Tariffs The New York TimesJohn Fetterman is already backing Donald Trump's pick to replace Kristi Noem as DHS secretary Inquirer.comTrump's new tariff plan barrels back to court following multistate lawsuit Fox NewsStates led by New York sue to block Trump's late
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Capital One is laying off another 1,139 employees at the former Discover headquarters in Riverwoods, a second wave of downsizing following the credit card giants' megamerger last year.
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Trump Ousts Kristi Noem From DHS WSJTrump fires Homeland Security Secretary Noem after mounting criticism over her leadership AP NewsWho is Markwayne Mullin, named by Trump to replace Kristi Noem as Homeland Security secretary? CNNExclusive: Trump tells Reuters he did not sign off on ad campaign featuring homeland security secretary ReutersBulletproof Vests and Rolex Watches: The Rise and Fall of Kristi
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The professional and business services sector, which includes accounting and tax preparation along with other services, lost 30,000 jobs, ADP reported.
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Effective retirement planning reaches beyond investments and the numbers related to various accounts a person owns. First, it's about understanding the scope of one's future financial needs and goals. And from that framework, it's about putting all areas of the plan together so that they complement one another and function as an integrated whole.
SEE MORE Find Out in 5 Minutes If You Have Enough to Retire
Sometimes the financial world can seem segmented to clients, with professionals designated as experts in just one area of the plan — investments, insurance, taxes, estate planning, etc. But holistic financial planning includes and ties together every aspect pertinent to the retirement strategy. It analyzes and seeks to optimize each part of a person's plan by making those pieces work together congruently.
One way to think about holistic planning is that most people have several pieces that comprise their retirement puzzle, and they all need to fit together to form a complete picture. But I find when talking about holistic planning in seminars, it's eye-opening for people because they really haven't thought about it in that context. Here are the fundamental elements in most people's retirement situations:
Social SecurityTax planning
Medicare
Investments (401(k) plans, Roth IRAs, nonqualified accounts, etc.)
Income plan (mapping out a strategy for how to use your money)
Estate plan
All those pieces need to function together. You can't maximize your situation if you're looking at each of those aspects in a vacuum.
Putting the pieces together: Starting with Social Security
You have to view Social Security in the context of three of the bullet points mentioned above: investments, income plan and tax planning. You also have to figure out how
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