Sunrises, Sunsets, and Rainbows

Don’t Let Age Define You Age is just a number and doesn't define who you are or what you are capable of. Do not let age limit your dreams and aspirations, for you are capable of so much more. No matter what age you are, you should never let anyone define you or limit you in any way. You are in control of your life.  It doesn't matter if you're in your twenties, thirties, or even your seventies; age is just a number and doesn't define who you are or what you are capable of.  Regardless of age, pursuing your dreams is possible. Engage in hobbies that bring joy and fulfillment. Embrace risks and novelty, disregarding external judgments.  You can achieve anything you desire at any age if you have the drive, ambition, and motivation to do so. Life is too short to be held back by something as insignificant as a single number. Do not let age limit your dreams and aspirations, for you are capable of so much more. Photo: D. McCallister.  Falls Creek, Alaska Look for ways...

  Financial Planning: Working While Collecting Social Security If you're earning income from a job while collecting Social Security, your earnings will face the retirement earnings test, constraining your job income. This measure restricts your potential earnings while ensuring continued Social Security benefits. Understanding these regulations is crucial for financial planning. What You Need to Know: Collecting Social Security When Under Full Retirement Age Depending on your age, Social Security will withhold part or all of your benefits if your wages exceed a certain amount. For those under full retirement age (FRA - currently between 66 and 67), Social Security temporarily withholds by reducing $1 of benefits for each $2 earned over the annual limit. For those between full retirement age and age 69, Social Security will reduce $1 of benefits for each $3 earned over a higher limit.  Full Retirement Age (FRA) rule: no longer applies if you’re 70  Once you reach age 70, t...

Every individual has a story to tell...                                                   Photo: D. McCallister.  Cook Inlet, Alaska Reflections COUNTRY BEGINNINGS Dave & Linda were raised in the San Luis Valley (a high mountain ranching and farming valley at 7,900 feet elevation) of southern Colorado.  Life was simple - no malls, fast food places, internet, or smart phone.  Instead, life involved precious moments together, often in the outdoors, with immediate family, grandparents, cousins. Linda's Family and Background Linda's father, born of Swedish immigrants, rose above his mining background to complete medical school at the University of Colorado. A country doctor and survivor of the Bataan Death March and a prisoner of war, his accomplishments did not stop there: Following the war, Dr. Anderson served on numerous ...

World is Constantly Changing: Identifying Opportunities The World is Constantly Changing The world is constantly changing.  Retirees need to keep up with new trends to ensure their retirement is secure, identify opportunities, and truly golden.    World is Constantly Changing: INFLATION AND COST-OF-LIVING  Inflation diminishes purchasing power as prices increase.  Inflation and rising prices impact the cost-of- living.   Although social security payments are adjusted for inflation, medical care cost usually rise at much greater pace than the overall inflation rate.  In 2022 medical care costs increased at a lower rate than inflation. However, retiree’ medical care costs will increase even more. Call to Action:    1. Identify additional sources of income.   This may include part-time work or side hustles that involve hobbies you enjoy.   (See the Blog titled: "Personal Fulfillment - Embrace the Possibilities and Add to Your...

Parenting Adult Children "Parenting adult children: it’s one of the most difficult—and yet least discussed—life transitions facing today’s boomers."   "Whether you believe adulthood begins at age 18, or that it’s less about a number and more about maturity, the reality is that today’s young adults live in a very different world."   (Quoted from: Adult Children: The Guide to Parenting Your Grown Kids.) Navigating Relationships with Adult Children 1. " Recognize and respect your differences. There’s no time like the present to accept—and celebrate—the uniqueness of your child. You may not always agree with their life choices, but as their independence grows, find joy in connecting without conflict."  2. " Share your wisdom and insight (without being critical).  Do so with grace and sensitivity. There may be times when you’re the first person they call in a crisis, and other times they’ll want to figure it out with a friend first." 3. " Set Bo...

Health Care: Largest Cost for Retirees Health care costs can be one of the most significant expenses for retirees.  With planning and resources, retirees can assure that their health care expenses are covered.  Can I use my HSA when I am Retired? (1) You can use money you’ve accumulated "tax-free" in an HSA (**when HSA has been established pre-Medicare enrollment - before age 65) for eligible medical expenses at any time.  (2) After age 65, you can withdraw money from an HSA "tax-deferred" as an investment (**when HSA has been established pre-Medicare enrollment) or "tax-free" to pay eligible medical expense.    (Source: Can I have a health savings account and Medicare?  AARP) Can I enroll in an HSA when I am enrolled in Medicare? No.  Enrolled in an HSA before age 65?  HSA funds to pay for qualified medical expense after age 65?  Yes.  What is a Health Savings Account (HSA)? An HSA is a tax-advantaged financial account wi...

Making a Difference: The Power of a Charitable Giving Account Giving to charity is a great way to make a positive difference and leave a "lasting legacy".    What is a "Charitable Giving Account"? A "Charitable Giving Account" is an account established as part of a donor-advised fund, or DAF.  It is an irrevocable, tax-deductible contribution to a qualified charitable organization.  You want your charitable donations to be as effective as possible when you give. Donor-advised funds are the fastest-growing charitable giving vehicle in the United States because they are one of the easiest and most tax-advantageous ways to give to charity.  A Charitable Giving Account is an easy and convenient way to make regular donations to your favorite qualified charitable organization.    You can make regular donations from your investment income or retirement savings without having to write a check, Venmo or Pay Pal, or setting up an online transfer.  You can d...