- 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|

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|

Social Security Strategies to Discuss with a Financial Professional

Everyone’s financial situation is different. Loan status, job situation, and the age of your kids can significantly impact your financial situation as you approach retirement. When it comes to Social Security there are a lot of different factors to consider, and the right path forward may not be apparent to you. Just because someone else made a similar financial move that worked doesn’t mean it will work for you. That’s why counseling with a financial professional [...]

Rebecca Mack2023-11-02T15:01:10+00:00November 2, 2023|Social Security|

Why October is a Crucial Time for Retirees

Now that the temperature is getting colder and we’re heading into October, there is something very important on the horizon for retirees: the announcement of the 2023 COLA for Social Security. COLA stands for “cost of living adjustment,” and it is essentially a yearly increase to Social Security payouts.[1] Every year, Social Security is increased by a percentage that is meant to counter inflation.[1] Over time, goods will become more expensive, so the COLA is meant [...]

2023-10-04T18:47:29+00:00October 4, 2023|Social Security|

A Strategy Guide for When to Claim Social Security

Deciding when you claim Social Security is a key part of the puzzle for your retirement plan. You can withdraw as soon as you turn 62, but you can also delay your claim until you are 70 years old. There are pros and cons to each, so how do you know which age is right for you? Withdrawing at 62 People who withdraw before their “full retirement age” receive permanently reduced payments from their Social Security.[1] [...]

Rebecca Mack2023-09-08T16:10:41+00:00September 8, 2023|Social Security|

Let’s Talk Social Security

For most, Social Security provides a solid foundation for retirement income. In fact, as of September 2022, over 70 million Americans were collecting benefits.[1] However, not everyone knows exactly how or when to start tapping into this resource. As you grow older and retirement looms on the horizon, the decisions you make start to have a more crucial impact on the amount of money you receive, so it's important that you know what to expect. Let's [...]

Rebecca Mack2023-01-26T17:31:55+00:00January 26, 2023|Social Security|

Three Unexpected Taxes in Retirement

When we think of major retirement expenses, we often consider housing, healthcare, and that trip of a lifetime we’ve been dreaming about for years. But, we often fail to consider what could potentially be our biggest expense – taxes. Many of your sources of income in retirement are taxable, so don’t overlook these three unexpected taxes in retirement. Tax on Your Social Security Benefit Although you’ve paid into Social Security your entire working life, your benefit [...]

Rebecca Mack2022-06-10T15:12:17+00:00June 10, 2022|Financial Planning, Retirement Income, Social Security, Tax Planning|

What the High Social Security COLA Could Mean for Your Retirement Finances

Social Security recipients will see a 5.9% increase in 2022 - the largest increase since 1982! This means that the average recipient will see a $92 a month raise starting next year.[1] While this is good news, it’s important to consider what this high Social Security cost-of-living adjustment (COLA) could mean for your overall retirement finances. Why is This Year’s COLA So High? This year’s 5.9% cost-of-living COLA is meant to offset the increased inflation we’ve [...]

Rebecca Mack2021-12-21T15:29:12+00:00December 21, 2021|Social Security|

Examining the Future of Social Security, Medicare, and Your Taxes

The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. Although this information may seem like a death sentence for the program, the truth regarding the future of Social Security, Medicare, and [...]

Rebecca Mack2021-10-13T20:21:28+00:00October 13, 2021|Medicare, Retirement Planning, Social Security, Taxes|