Retirement planning

January 3, 2023

Recipients of Social Security and SSI Benefits Get a Raise

In 2023, Americans with disabilities will receive a significant raise in their Supplemental Security Income (SSI) and in other Social Security benefits.

According to the Social Security Administration, monthly SSI payments are going up 8.7% – an average increase of more than $140 per month beginning this January.

This cost-of-living adjustment (COLA) increase will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023 and began on December 30, 2022 with increased payments to more than 7 million SSI beneficiaries. (Note: some people receive both Social Security and SSI benefits).

December 6, 2022

Gift Tax 101: What You Need to Know

by Czepiga Daly Pope & Perri LLC

Giving gifts is a nice thing to do for a friend or family member, but, as the saying goes, “no good deed goes unpunished” – at least when it comes to the IRS.

The federal government imposes a gift tax that is currently 40%. And if you live in Connecticut, your gift may also be subject to the one-and-only state-level gift tax in the country. Lucky you.

The good news is that because of the annual and lifetime gifting exemptions as well as several categories of gifts that are not subject to the gift tax at all, the majority of Americans will rarely (if ever) have to pay a gift tax.

September 20, 2022

Ahoy! Charting Your Course to a Perfect Retirement Destination

by Czepiga Daly Pope & Perri LLC

There is something very appealing and kind of romantic about sailing off into the sunset to enjoy the golden years of retirement in an idyllic setting. It is, perhaps, the pinnacle of the American Dream.

However, selecting the perfect place to retire takes more than just dreaming. It’s a process of self-discovery, research, prioritization, due diligence, exploration, and careful planning. Which isn’t to say that it can’t also be fun.

To help you get started, we’ve compiled a list of some of the key considerations that you’ll want to keep top of mind as you navigate through where you might want to live.

December 27, 2021

5 Financial Resolutions You Can Keep

by Czepiga Daly Pope & Perri LLC

We’ll only be hours into the New Year, and most of us will already be steeling ourselves for the annual guilt trip about abandoned resolutions! It never fails. We start out with the best intentions, but as the world cranks back into gear after the holidays, we find ourselves slipping back into old habits and making old excuses.

Don’t feel too bad. You’re definitely not alone.

The trouble with most New Year resolutions is that keeping them requires consistent effort over the long term. It can be exhausting just thinking about it.

October 20, 2021

3 Tips for Getting the Most Out of Social Security

by Czepiga Daly Pope & Perri LLC

Many people mistakenly assume that Social Security is a fairly cut-and-dry proposition. You turn 62 – you get your long-awaited Social Security benefits. Right?

Well, it is not that straight-forward.

It is actually a very complex system that is best navigated under the guidance of a professional who knows something about the more than 8,000 different ways to claim Social Security.

April 15, 2021

Your Retirement Accounts & The SECURE Act: What You Should Know

by Czepiga Daly Pope & Perri LLC

(Note: this post has been updated due to potential IRS changes)

Do you know about the new changes that could affect your retirement accounts? Some are positive, others may require you to make some new planning decisions.

Either way, the goal of this new legislation is to improve retirement security for many Americans. And that’s a good thing.

March 4, 2021

Your Kids Moved Back Home? 5 Tips for Addressing Finances

by Czepiga Daly Pope & Perri LLC

Over the past year, the pandemic has definitively disproved the old adage, “you can’t go home again.”

For nearly 27 million young adults, going home again became the best survival option as colleges closed or transitioned to a remote model and employers laid off massive numbers of staff.

In fact, Pew Research reports that in July of last year 52% of young adults resided with one or both of their parents. (For comparison, that percentage is 4 points higher than the corresponding one recorded during the Great Depression.)

March 22, 2019

Succession Planning: 6 Key Questions You Must Answer

by Czepiga Daly Pope & Perri LLC

Building and growing an independent family business is an accomplishment to be proud of. It takes an enormous amount of passion, ingenuity, and downright grit. Preserving and protecting your business also requires some effort, but it’s a task many business owners overlook or put off.

Business succession planning, like any kind of estate planning, is something that should be addressed with the help of a professional well in advance of the actual event. Unfortunately, the majority of family business owners are missing that window of opportunity. According to a 2016 survey from Pricewaterhouse Coopers, while 69% of family businesses surveyed expected the next generation to take over the business, only 23% had invested in creating a robust and well-documented business succession plan.

It’s not difficult to understand how business owners find themselves without a succession plan. It’s a complex and time-consuming process that involves addressing hard realities and tough questions. But, it’s also a task that’s well worth the investment of time and money in the long run.