CORE Wealth Advisors

CORE Wealth Advisors wishes you a Merry Christmas! We hope the day is filled with happiness, family, making memories, and all things that bring joy.

DID YOU KNOW...

Social Security provides one with a source of income during retirement or if one can't work due to a disability. Millions of people rely on Social Security to help provide a guaranteed income throughout their golden years.

Let's see if you can guess the correct answer to the following questions regarding Social Security:

When was the Social Security program created?
a. December 1945
b. July 1933
c. August 1935

Are Social Security payments subject to state income taxes in Indiana
a. True
b. False

What is the maximum percentage of Social Security payments subject to federal taxes in 2023?
a. 25%
b. 75%
c. 85%

Call CORE Wealth Advisors today to learn the answers to these questions and how we can help secure your financial future!

DID YOU KNOW...

It's time for a little investment tax quiz. Do you know the answers to the following questions:

1. Which of the following forms is used to report capital gains and losses to the IRS?
a. Form 2439
b. Form 1040
c. Form W-2

2. What are the three types of capital losses?
a. Recognizable losses, long-term losses, and short-term losses
b. Realized losses, unrealized losses, and recognizable losses
c. Realized losses, potential losses, and recognizable losses

3. When one acquires property as a gift, generally speaking, the rule is that the donee taxpayer takes the donor's cost basis in the property.
a. True
b. False

4. The total amount of capital losses a married taxpayer may deduct in a tax year is $6,000
a. True
b. False

5. Short-term and Long-term capital gains are taxed the same
a. True
b. False

Call CORE Wealth Advisors today to learn the answers to these questions and how we can help you get on the right path to a bright financial future!

'Tis the season for Gratitude. We want to thank our clients for all of the trust they have instilled in us over the years and for their continued loyalty to CORE Wealth Advisors.

We wish all of them a Happy Thanksgiving and a joyous holiday season!

DID YOU KNOW...

Alexander Pope, a poet of Enlightenment, wrote in his poem 'An Essay on Criticism, Part II, 1711': To err is human.

We all make mistakes in life and throughout our financial journey, the key is to learn from those mistakes. Or, better yet, learn from other's mistakes. Here are five common money mistakes to avoid:

1. Avoiding Investing in the Market
2. Holding concentrated positions in one's portfolio
3. Focusing on the short-term performance of the market
4. Not establishing an emergency fund
5. Starting to save for retirement too late

Call CORE Wealth Advisors today to learn more about avoiding these costly mistakes and how we can help get you on the right track for a bright financial future!

CORE Wealth Advisors wishes to thank all of the women and men who are serving and have served this great country of ours. This Veterans Day we salute you!

DID YOU KNOW...

The end of the year is approaching and it's a great time to take steps that can help improve your personal finances. Some items to consider:

If you're not retired, review your contributions to retirement accounts such as IRAs.

If you or your spouse is 72 or older, Required Minimum Distributions (RMD) must be taken before Dec 31. Otherwise, you could incur an additional 50% penalty tax.

Make charitable contributions that you want to be able to claim as a deduction on this year’s tax forms.

Compare this year's spending against your budget and make any necessary adjustments for next year.

Do you expect to earn more next year? Consider putting all or part of your expected increase into savings.

Check your asset allocation and make any necessary changes.

Take some time to define your family's financial goals and concerns for next year:
*Do you want to save more for retirement? Or for college?
*Is a particular budget category consistently over-budget?
*Is a particular budget category consistently over budget? college tuition or a new
roof?

Taking the time to address these items now can help make next year a success.

Contact CORE Wealth Advisors today to analyze your situation!

DID YOU KNOW...

Social Security has a Cost of Living Adjustment (COLA) which is calculated at the end of September each year. The government calculates the Social Security COLA by comparing the average CPI-W for the third quarter of the year in which the most recent COLA became effective to the average CPI-W for the third quarter of the current year.

Based on the calculation, the tens of millions of American collecting Social Security and Supplemental Security Income (SSI) will get an 8.7% increase in 2023. The historic raise will somewhat help offset the record high inflation we are experiencing.

In addition to the COLA adjustment for Social Security, Medicare Part B premiums will also decline to $164.90 for 2023 - from $170.10 in 2022. Also, the annual Part B deductible will drop to $226 next year compared to $233 this year.

Call CORE Wealth Advisors today to learn more about how we can help you plan for a bright financial future!

CORE Wealth Advisors wishes you a Happy Labor Day. May the day be full of rest, relaxation, and enjoyment - you deserve it! Enjoy!

DID YOU KNOW...

We all go through life learning something new everyday. Unfortunately, sometimes the lesson we learn would've been more beneficial had it been learned at an earlier age.

Here are typically a few money lessons individuals wished they learned early in life:

* Start saving as early as possible - no matter the amount
* Always have at least 3 months of savings set aside in an emergency fund
* Use debt wisely

What financial advice would you provide to your younger self?

Call CORE Wealth Advisors today to learn about what steps are important to ensure the highest probability of achieving your financial goals!

DID YOU KNOW...

An annual financial checkup can take place anytime throughout the course of the year. Having one's ducks in a row can create less stress when life happens and all of one's planning pays off. Consider taking these relatively less complicated steps to avoid potentially serious consequences if avoided:

* Ensure at least a will, living will, and health care proxy are in place
* Make sure beneficiary designations reflect your intentions
* Store financial documents in secure and easily accessible place
* Make sure the person you assign as executor of the estate is responsible enough to handle such a great responsibility

Call CORE Wealth Advisors today to learn more about the importance of these steps and how we can help your financial life become less stressful!

CORE Wealth Advisors wishes a spectacular Fourth of July! We wish you a joyful and safe celebration of this remarkable day in our nation's history.

DID YOU KNOW...

Volatility has continued to have a grasp on financial markets in 2022 and concern exist that the Fed won't be able to navigate a soft landing after aggressively raising rates in an attempt to combat inflation.

Studies have shown the average investor underperforms the broad markets due to making these critical mistakes:

1. Ignoring asset allocation
2. Ignoring diversification
3. Ignoring the fundamentals of investing
4. Ignoring tax consequences
5. Attempting to time the market

Call CORE Wealth Advisors today to learn more about how we can help you avoid these mistakes and many more!

DID YOU KNOW...

Many think estate planning is only for the wealthy. Quite contrary, here are basic estate planning steps everyone should pursue:

1. List all assets, even non-investment assets like motor vehicles, tool, equipment, etc.
2. Create a living will
3. Establish Power of Attorney (POA) for a spouse, trusted family member or friend
4. Along the same lines of POA, create a medical Power of Attorney
5. Generate a list of all investment and bank accounts
6. Make sure all beneficiary designations are up-to-date
7. Pre-plan funeral and burial arrangements
8. Create a will

Call CORE Wealth Advisors today to learn more about why estate planning is crucial for all, not just the wealthy!

DID YOU KNOW...

If retirement is on the horizon, or if your recently retired, it's imperative to make sure steps are taken to protect your savings so a fruitful and enjoyable time can be a had during the golden years. Here are five things to consider and to manage throughout retirement:

1. Build an inflation hedge into your plan

2. Maintain a portion of your portfolio in stock or stock investments

3. Don't spend too much too quickly and consider the withdrawal rate of the portfolio

4. Prepare for health care cost

5. Build longevity into your financial plan

Call CORE Wealth Advisors today to learn more about how we can help you with these steps and ensure you'll have a grand retirement!

DID YOU KNOW...

Here are four retirement planning topics every investor should be aware of:

1. Expected Social Security Benefit - having an idea of what to expect in terms of monthly benefit from Social Security is imperative. The average monthly benefit is $1,500. You can find your specific estimate after creating an account on www.ssa.gov.

2. Reasonable Withdrawal Rate from a Portfolio - while the general rule is 4%, there are many things to consider to ensure your savings aren't exhausted before you.

3. Sequence of Returns - if you are taking withdrawals from a portfolio, the order of investment returns can significantly impact overall portfolio value, especially if lower or negative returns happen early after withdrawals start.

4. Inflation - the erosive effect of inflation on spending power is critically important to understand. A retiree with a retirement income of $60,000 today will need a little over $80,000 in ten years, assuming a 3% inflation rate, to maintain their same lifestyle.

Call CORE Wealth Advisors today to learn more about these retirement topics and how we can help build a plan to ensure you're successful throughout your retirement years!

The United States Social Security Administration Official website of the U.S. Social Security Administration.

DID YOU KNOW...

April is Financial Literacy Month. A recent study done by the Insured Retirement Institute shined a light on five things older workers and retirees regret not doing in preparation for retirement. Here they are so you can learn from their missteps:

1. Workers wish they had invested more aggressively
2. Workers wish they had learned more about financial products
3. Workers wish they had consulted a financial advisor
4. Workers wish they had saved more
5. Workers wish they had started saving earlier

Call CORE Wealth Advisors today to learn more about how we can help you avoid any mishaps as you save for retirement!

DID YOU KNOW...

Having a high credit score is imperative since one will almost always qualify for the best interest rates resulting in tremendous savings. Here are some great credit habits to follow to ensure your credit score goes up and stays up:

1. Don't close old credit card accounts
2. Be enthusiastic about checking credit reports
3. Dispute any errors appearing on credit reports
4. Always pay bills on time
5. Keep credit card utilization low

Call CORE Wealth Advisors today to learn more about ways to achieve and keep a high credit score!

DID YOU KNOW...

Volatility has picked up tremendously in the market in 2022 - especially in the last couple of weeks. Understandably, it can be nerve-racking and a stressful time when volatility increases and creeps back into the equation.

Here are a few things to keep in mind:

* Downturns in the market are normal and sometimes lead to recessions or bear markets - though we don't feel that is the current case and consider the current pullback temporary.

* It is crucial to have a portfolio and a financial plan that considers both the ups and downs of the market.

* Panic is not a strategy and missing just a few of the best days of the market can have a significant negative impact on overall returns. The key to consistent returns over the long-term is time in the market, not market timing.

Call CORE Wealth Advisors today to learn more about how we can help create a plan for you that weathers all markets!

DID YOU KNOW...

Utilizing an IRA, whether it be a Roth IRA or Traditional IRA, is a fantastic way to save for a retirement goal in additional to any employer sponsored plan.

One has up to Monday, April 18th, 2022, to make a 2021 IRA contribution. The contribution is limited to 100% of income, up to $6,000 ($7,000 if age 50 or older), whichever amount is less.

There are certain scenarios one must fall into in order to be able to deduct a Traditional IRA contribution from their taxes or even be able to make a Roth IRA contribution.

Call CORE Wealth Advisors today to learn more about making an IRA contribution and which one may be the best for your situation!

DID YOU KNOW...

Medicare is the federal health insurance program that is so vital for many Americans. Individuals who are age 65 or older, certain people under 65 with disabilities, and those with end-stage renal disease all rely on this important benefit.

Let's see how many of the following questions you can answer correctly on Medicare:

What portion of Medicare pays for prescription drugs:

A. Part A
B. Part B
C. Part C
D. Part D

What percentage of primary care doctors accepts Medicare patients?

A. 50%
B. 93%
C. 67%
D. 32%

Approximately what percentage of Americans are enrolled in Medicare?

A. 20%
B. 36%
C. 65%
D. 10%

Call CORE Wealth Advisors today to learn the answers to these questions and how we can help you get on the right path to a bright financial future!

DID YOU KNOW...

It is the beginning of tax season which means tax forms are starting to be sent out to investors. Our custodian, Charles Schwab, has set expectations on when they'll have tax forms available and mailed.

Here are some common tax forms and the expected delivery dates:

1099 Composite -- this form may include Form 1099-DIV, 1099-INT, 1099-MISC, 1099-B, and 1099-OID with two expected delivery dates. The first mailing will be Early February and the second round will be mid-to-late February.

1099-R -- this form reports distributions from IRAs, SEP-IRAs, SIMPLE IRAs, Roth IRAs, and QRP accounts. Most of these have already been delivered.

5498 -- this form reports your IRA contributions made by April 18, 2022. The expected delivery date is mid-to-late May.

Schedule K-1 (Form 1065) - this form is generated by limited partnerships (LPs) and some exchange traded funds (ETFs) and is delivered to investors by the partnership. The expected delivery date varies by partnership with the majority of forms delivered by the end of March.

Call CORE Wealth Advisors today to learn more about a tax form specific to your situation that isn't listed above and its expected delivery date!

DID YOU KNOW...

Social Security rules can seem complex and overwhelming. It's important to work with an advisor to develop a Social Security claiming strategy.

Here are a few myths we hear:

* I'll never get all of the money back that I paid in Social Security.

* My benefits are based only on earnings I had before age 65.

* I have to start taking payments at age 62.

Call CORE Wealth Advisors today to learn more about these myths and how we can help you determine the best time to claim your Social Security benefits!

DID YOU KNOW...

New life expectancy tables are being used in 2022 to calculate Required Minimum Distributions (RMDs). While the impact is modest, it does mean in most situations that less money will need to be redeemed from an IRA to satisfy an RMD.

Call CORE Wealth Advisors today to learn more about the updated life expectancy tables and the impact it will have on your RMD!

CORE Wealth Advisors wishes you a Happy New Year! May it be filled with new adventures and good fortunes!

DID YOU KNOW...

Medicare premiums, along with other items like deductibles and coinsurance amounts, change annually. If you are enrolled in Medicare Part A and B, then you'll see an increase in the amount paid for Part B Medicare next year.

Most individuals who receive Social Security benefits will pay $170.10 per month for Medicare Part B next year - an increase of over 14%. People with higher incomes will likely pay more than the standard $170.10. If the someone's modified adjusted gross income (MAGI) as reported on their 2020 federal income tax is above certain amounts, they'll pay the standard premium plus an income-related monthly adjustment amount (IRMAA) - which is an extra amount added to the standard monthly premium.

On a positive note, Social Security payments are increasing 5.9% next year which will help offset some of the Medicare increase.

Call CORE Wealth Advisors today to learn more about how we can help you with all of you retirement planning needs!

CORE Wealth Advisors wishes you happiness this holiday season and throughout the coming year! Merry Christmas and Happy Holidays!

DID YOU KNOW...

Over 36 million Americans have student loans held by the government and the student loan moratorium was set to expire on January 31, 2022. The Biden administration pushed back the date until May 1, 2022 which means interest rates remain at 0% and all debt collections will be called off until that date.

It should be noted the moratorium applies to only federal student loans.

Call CORE Wealth Advisors today to learn more about how we can help you put together a plan to repay any student loan you may hold!

DID YOU KNOW...

We all make mistakes - to err is human. The key is to ensure lessons are learned from the mistakes that are made. Here are four common mistakes we often see:

1. Discretionary Expenses are Out of Control

2. Monthly Savings are What is Left Over at the End of the Month Instead of Made a Priority and Included in a Budget

3. Herd Mentality Gets in the Way - Following a Popular Investing Trend or Getting Advice from Someone that Heard a Rumor Can Easily Derail a Financial Plan

4. Not Asking for Help

Call CORE Wealth Advisors today to strike up a conversation on how we can help create a plan to get you on the right path to success!