NEWS FROM SUMMERLIN BENEFITS CONSULTING

If you’re feeling generous and planning to share your wealth with family or friends, you might be wondering whether the IRS is going to come knocking. The good news? Most people can give freely without owing a dime in gift taxes — but there are limits you should be aware of. Let’s break down how the gift tax works and what the exclusion amounts are for 2025.

Annuities can play a vital role in retirement security, yet many Americans fail to understand or take advantage of them. Social Security provides a guaranteed income stream in retirement but often retirees find that to be their only guaranteed income source in retirement. Annuities can help to supplement social security and other pensions by providing additional income for life, yet they are often underutilized with only a small percentage of Americans owning one. We are going to dive deeper into annuities and how they can be a powerful tool for ensuring long-term financial stability.

For retirees navigating the complexities of Medicare, the Income-Related Monthly Adjustment Amount (IRMAA) is an important factor to be aware of. This surcharge increases Medicare premiums for higher-income individuals, potentially reducing disposable income.

The end of the year offers a perfect opportunity to evaluate your progress toward retirement savings goals. Below, you'll find tips to help ensure you're making the most of your resources as we approach 2025.

Life insurance isn't just about providing financial security for your loved ones; it can also be a strategic tool for building wealth and planning for the future. One option that stands out, especially for younger adults, is Fixed Indexed Universal Life (FIUL) Insurance. But what makes FIUL a compelling choice for those in their thirties and forties? Let’s explore!

Have you ever received a 100-page financial plan from your advisor only to find out that less than 10 of those pages were useful? Typically, only a few pages of a financial plan will focus on strategy and investment choices; the rest usually cover fee breakdowns, risk and return explanations, and regulatory compliance disclosures. This may seem overwhelming when only a fraction of the pages are actually helpful! You’re not the only one that may be thinking, “Is this standard or should I consider finding a new advisor?”

When you think of "retirement planning", you probably don’t associate this topic with someone in their twenties. But saving for retirement is becoming more and more important to the younger generations for many reasons.

The Tax Cuts and Jobs Act of 2017 (TCJA) made many changes to U.S. tax law. However, some of those changes included sunset provisions that will cause them to expire at the stroke of midnight on January 1, 2026, unless Congress acts to extend them. For today’s retirees, these changes will have significant impact. The three key components of the TCJA that will impact retirees in 2026 are going to be the changes pertaining to income-tax, estate taxes, and gift taxing.

Those who feel underprepared for retirement will need to be extra strategic when navigating their retirement income plan. Obviously the primary goal is to have enough income in retirement so as not to outlive your means, however one should also anticipate and account for potential risks when developing or tweaking their plan.