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CORNERSTONE WEALTH MANAGEMENT BLOG

October 2020

How Will Social Security Benefits and Taxes Change Next Year?

October 26th, 2020|Financial Planning, Social Security, Taxes|

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program's financial state. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] Here’s how Social Security benefits and taxes will change next year. Benefits Will Increase by 1.3% in 2021 Social Security beneficiaries often get a Cost of Living Adjustment (COLA) that increases their benefit. In 2020 the COLA was [...]

Your Retirement Should Be What You Want It to Be

October 23rd, 2020|Lifestyle, Retirement Planning|

For decades you've done what's expected of you - work hard for a living, take care of your loved ones, and often forgo putting yourself first. That all changes in retirement. Whether you're traveling, volunteering, taking up new hobbies, or relaxing with friends and family, retirement is a time to unwind and do something you enjoy. One thing that's great about life in retirement is the freedom you have to choose how you want to spend your time and the people you want to surround yourself with. You’re in control of your future, and your retirement should be what you want it to be. First, consider spending more time with [...]

The 3 Biggest Concerns You Could Face In Retirement

October 19th, 2020|Retirement Planning|

When you think of retirement, you might think of the vacations you’ll go on and all the free time you’ll enjoy with friends and family. There’s so much to enjoy about retirement, but it also comes with its challenges. Some of the biggest concerns you could face in retirement could be market volatility, an increased tax burden, and not having enough retirement income. Ultimately, all of these likely come from a fear of running out of money in retirement, which remains a top financial concern among retirees.[1] However, you can create a financial plan to address these concerns. Market Volatility Do you know what caused the Dow to fall 6% [...]

3 Ways Life Could Be Different In 2050

October 16th, 2020|Lifestyle|

2050 seems like a long time away, but 2019 seemed far away in 1989. Back then, did you think a cell phone would fit into your pocket? Or that you could shout at Alexa to order you more paper towels without getting off the couch? Technology has transformed the way that we live over the last 30 years, and there’s no telling how it will change life by 2050. Here are some predictions for what your retirement in 2050 could look like. New Technologies By 2050 there will likely be 9 billion people on earth, and the majority will live in cities. Our cities may not look like a science-fiction [...]

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