Annual Tax Guide – A Guide to 2022 Tax Law Changes (Part 1)

Understand Where Your Federal Tax Dollars Go

In this 3-part guide, we will explore where your tax dollars go, some of the ways tax filing may look different in 2022, and what you can do to prepare. Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy.

Before we dive into the upcoming tax brackets and what you can do to prepare for 2022, it can be helpful to understand precisely where the government allocates your federal tax dollars.

In 2021, the federal government spent $6.82 trillion, which equals 30% of the nation’s gross domestic product. Further examination reveals that three significant areas of spending make up the majority of the budget.¹

The A, B, C, & D of Medicare

Whether your 65^th birthday is on the horizon or decades away, understanding the different parts of Medicare is critical, as this government-sponsored program may play a role in your future health care decisions.

Parts A & B: Original Medicare. There are two components. In general, Part A covers inpatient hospital care, skilled nursing facility costs, hospice, lab tests, surgery, and some home health care services. One thing to keep in mind is that, while very few beneficiaries must pay Part A premiums out of pocket, annually adjusted standard deductibles still apply.^1,2

Many pre-retirees are frequently warned that Medicare will only cover a maximum of 100 days of nursing home care (provided certain conditions are met). Part A is the one with these provisions. Under the current Part A rules, you would pay $0 for days 1-20 of care in a skilled nursing facility (SNF). During days 21-100, a $176 daily coinsurance payment may be required of you.^1,2 Read more about The A, B, C, & D of Medicare …

22 Jun

Damian Sylvia Posted in Life Insurance No comments

Insurance Needs for Empty Nesters and Retirees

With the children now out of the house, financial priorities become more focused on preparing for retirement. At this stage, you may very likely be at the height of your earning power and fast approaching peak savings as you lay the groundwork for retirement. During this final leg to retirement – and throughout your retirement period – wealth protection is critical.

The preservation of your assets will not be solely a function of your investment strategy, but will include a comprehensive insurance approach to protect you against an array of financial risks, most especially health care.

14 Jul

Damian Sylvia Posted in Retirement No comments

Will You Really Be Able to Work Longer?

How long do you think you will work? Are you one of those baby boomers (or Gen Xers) who believes he or she can work into retirement years—well past 65? Some pre-retirees are planning to, and that could be financially perilous. In a new survey on retirement age, the gap between perception and reality stands […]

Retirement Income Solutions

Tag: Medicare

The A, B, C, & D of Medicare

Insurance Needs for Empty Nesters and Retirees