- Mercer Advisors, Formerly Epstein & White

Recent Tax Changes Boost 529 Plan Benefits

529 plans, the popular tax-advantaged savings accounts for education expenses, have become even more attractive in recent years thanks to a series of federal tax law changes. These modifications have expanded the versatility of 529 plans, making them a more powerful tool for families planning for educational expenses. What is the 529 Plan? A 529 plan is a tax-advantaged investment account designed to encourage saving for education expenses. Named after Section 529 of the Internal Revenue [...]

Rebecca Mack2024-12-11T18:54:27+00:00December 11, 2024|Financial Planning, Investing, Medicare, Social Security|

How Spending and Budgets in Retirement Can Change Over Time

Retirement is often viewed as a static phase of life, but the reality is far more dynamic. As retirees progress through their golden years, their spending habits and budgetary needs can evolve significantly. Understanding these changes is crucial for effective retirement planning and ensuring financial stability throughout this important life stage. The Early Years The initial years of retirement are often characterized by increased spending. Many retirees, newly freed from work commitments, indulge in activities they've [...]

Rebecca Mack2024-12-06T16:15:55+00:00December 6, 2024|Financial Planning, Retirement Income, Retirement Planning|

7 Ways to Celebrate Financial Planning Month

October is recognized as Financial Planning Month, an annual event dedicated to planning for an independent financial future. Whether you're a novice or knowledgeable in finance, assessing your finances and goals is always beneficial. This yearly event provides the perfect opportunity to reflect on spending habits, saving, investment strategies, and overall financial health. It allows us to rethink our financial steps and help make better monetary decisions. Here are some ways you can actively participate. Conduct [...]

Rebecca Mack2024-10-31T15:03:24+00:00October 31, 2024|Financial Planning|

10 Actions That Help You Pursue Financial Wellness

Establishing financial wellness is a personal, ever-changing state of being that enables one to exercise choice while feeling in control of finances. The individual determines financial wellness, which often includes working toward financial goals by completing specific actions. Some actions are time-sensitive, but others can occur anytime throughout the year. Here are ten actions that may help keep your finances on track as you pursue financial wellness: Reviewing your monthly budget- Reviewing all money in and [...]

Rebecca Mack2024-09-03T15:32:34+00:00September 3, 2024|Financial Planning|

3 Important Concepts to Understand for Your Retirement

Planning for retirement involves more than just setting aside money in a retirement account. It's a complex process that requires familiarity with various financial concepts and terms. To enhance your retirement planning strategy, it's essential to acquaint yourself with some key terms. Here are three important concepts that you should be aware of: RMD (Required Minimum Distribution) RMD refers to the minimum amount that you must withdraw from your retirement account each year, starting at a [...]

Rebecca Mack2024-08-07T20:22:56+00:00August 7, 2024|Financial Planning, Retirement Planning|

Planning for Retirement Income Beyond Social Security

Planning for retirement income is a crucial aspect of achieving a secure and comfortable retirement. With longer life expectancies and the need for additional sources of income, it's essential to consider various strategies to supplement Social Security benefits and ensure financial stability during retirement. Importance of Supplementing Social Security Benefits While Social Security provides a financial safety net for retirees, it's important to recognize that it may not be sufficient to cover all expenses during retirement, [...]

Rebecca Mack2024-07-19T18:09:21+00:00July 19, 2024|Financial Planning, Retirement Income, Social Security|

What 2025 COLA Predictions Mean to You

In 2022, the United States experienced the most significant inflation in four decades, primarily due to macroeconomic disruptions and supply chain issues following the COVID-19 pandemic. This led to an 8.7% cost-of-living adjustment (COLA) for Social Security beneficiaries in January 2023, the largest increase since the early 1980s. However, despite this, many retirees continue to struggle financially, as revealed by the 2024 Retirement Confidence Survey conducted by the Employee Benefit Research Institute. Lack of Confidence and [...]

Rebecca Mack2024-07-12T15:53:32+00:00July 12, 2024|Economy, Financial Planning, Social Security|

Your Finances Support What Matters in Life

When you think about your finances or financial topics, you probably think of the stock market, inflation, interest rates, valuation ratios, and other complex concepts. Well, forget all of that. Your financial security is a cornerstone of a fulfilling and meaningful life. Whether the minutia makes sense or makes your head spin, the important thing to know is that financial stability can afford you to focus on what truly matters in life. It goes beyond the [...]

Rebecca Mack2024-07-01T22:43:59+00:00July 1, 2024|Financial Planning|

Balancing Income and Growth in Your Retirement Portfolio

First of all, if you’ve made it to your retirement, congratulations! But we do have some other news: you’re not done working yet! Now that you’ve entered your golden years, you’re going to have to build up income strategies to make sure that your money will last for the rest of your retirement. The trick now is going to be figuring out how to balance how much money you’re generating, how much money you’re spending, and [...]

Rebecca Mack2024-06-12T20:06:28+00:00June 12, 2024|Financial Planning, Retirement Income|

Why You Shouldn’t Postpone Your Retirement Contributions

You may be thinking that you’ll save for retirement later. Right now, there are bills to pay and things you want to do with your money, so retirement isn’t on your radar. You may also be thinking, “How impactful could just a small amount of money saved really be for me—will it make a difference?” A lot of people have this mindset, so what are the potential problems with thinking this way? The biggest one is [...]

Rebecca Mack2024-06-07T20:39:23+00:00June 3, 2024|Financial Planning, Retirement Planning|