Financial Planning

My Personal Approach to Budgeting

My Personal Approach to Budgeting For years, I struggled with implementing an effective budgeting tool, drowning in the minutia of expense categorization. Should Chipotle go into Restaurants or Fast Food? Or maybe Fast Casual? Turns out, the correct category probably should have been, “Who cares?” Rather than trying to categorize every single expense, which in…

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Inherited IRAs and the 10-Year Rule: Beware of Potential Tax Consequences in the Future

Inherited IRAs and the 10-Year Rule: Beware of Potential Tax Consequences in the Future If you have inherited an IRA after 2019 from a non-spouse, it is highly likely you are subject to the rule under the SECURE Act (passed in December 2019) forcing beneficiaries to distribute the entire account within 10 years.  There are…

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Death, Taxes, and Identity Theft

Death, Taxes, and Identity Theft Although Benjamin Franklin’s famous quote on the certainty of death and taxes didn’t include the risk of identity theft, it would be fitting in today’s world. Every year, identity thieves attempt to pilfer billions in federal withholdings from unsuspecting individuals. It has become crucial for taxpayers to exercise extra vigilance,…

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Medicare Overview 2023

What is Medicare? In our latest publication of Financial Intelligence, we referenced a document called “Medicare Overview and Local Resources 2023”. We are recirculating this Medicare reference guide as a standalone document below. Medicare is health insurance for the following: People 65 or older People under 65 with certain disabilities Learn more about Medicare here:…

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HSA Key Numbers 2024

The IRS recently updated its health savings account “HSA” limits for 2024 as well as the 2024 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). Below is a comparison of the key changes that you should be aware of:   What’s changed for 2024? Here are the updated key tax numbers relating…

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2023 Key Planning Numbers

The following “Key Numbers” document highlights changes to tax reference numbers for 2023. Contribution limits for retirement accounts and HSA accounts have increased for 2023:   Furthermore, those individuals who contribute to a Colorado College Invest 529 plan in 2023 can fund an account up to: $20,700 for single filers per beneficiary per year $31,000…

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Medicare & Social Security: Changes for 2023

The new Medicare premiums and Social Security cost of living adjustments (COLAs) have been announced. To learn about the updates, please continue reading below: Medicare Medicare’s Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones…

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Inflation Reduction Act: What You Should Know

The Inflation Reduction Act, which was signed into law on August 16, 2022, includes many initiatives such as healthcare and energy-related provisions. Below are some of the key points that you should be aware of: Medicare The legislation authorizes the Department of Health and Human Services to negotiate Medicare prices for certain high-priced, single-source drugs.…

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529 Plans in a Covid World

Its widely understood that 529 plans are tax-advantaged education savings vehicles and that there are two types of 529 plans — savings plans and prepaid tuition plans. The tax advantages of each are the same, but the account features are very different. While much of this seems to be known about 529 plans, the pandemic…

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Document Retention: The Do’s and Don’ts

Document Retention: The Do’s and Don’ts We receive a lot of questions from our clients here at Peak about what documents need to be kept, for how long and in what format. While every person’s situation is unique, we hope this blog post provides some helpful guidelines for you. The task of reviewing your household…

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