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As 2024 shapes up to be a pivotal election year, many investors are concerned about the outcome of the U.S. Presidential Election and its potential impact on the stock market. With President Joe Biden and former President Donald Trump emerging as the likely frontrunners, we may be heading for a repeat of the 2020 election.

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IRMAA is an often-overlooked Medicare surcharge that can significantly increase your healthcare expenses in retirement.

Healthcare expenses can represent one of the largest categories of expenses for retirees—even if you’re eligible for Medicare. In fact, new findings from the Employee Benefit Research Institute (EBRI) project that retired couples who are Medicare beneficiaries may need to set aside more than $400,000 to cover medical expenses in their golden years.

As people live longer and medical costs continue to rise, managing healthcare expenses is becoming an increasingly critical aspect of retirement planning. This is especially true once you become eligible for Medicare, as your income can meaningfully affect your premiums if it exceeds certain thresholds.

That’s why it’s essential to understand what IRMAA is, so you can plan accordingly for this often-overlooked Medicare surcharge. By carefully managing your taxable income as a Medicare beneficiary, you can minimize the potential impact of IRMAA on your retirement budget, preserving more of your hard-earned nest egg for other retirement goals and expenses.

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These five tax planning strategies can help you minimize capital gains taxes and maximize your investment gains over time.

Tax season, though often daunting, isn’t just about navigating complex paperwork and deadlines. For many taxpayers, it also provides a unique opportunity to review the previous year’s financial decisions and outcomes, allowing you to fine-tune your tax strategy moving forward.

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Setting financial boundaries isn’t easy, but doing so is essential for financial stability and peace of mind.  

For many of us, the festive spirit of the holiday season brings with it a surge in shopping, travel, and social gatherings. The holidays can also mean more time with family and friends, some of whom may ask for financial support or persuade us to spend money in ways that don’t serve us.

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