Gilbert Wealth Articles

What to Expect When Transferring Financial Accounts Between Firms

If you aren't used to moving money around, transferring your financial accounts can be a little nerve-wracking. The process itself is relatively straightforward process—but it helps to understand the steps involved.There can be several ways that transfers can be implemented depending on the account, the custodian, and the titling. At Gilbert Wealth, I help my clients through every step of the way.  The Basic Transfer Process When you transfer an account from one financial firm to another, the process is typically managed behind the scenes by the institutions involved. In most cases, once you’ve signed the paperwork, the firm handles…
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Guide to Hiring Your Kids for Work

Hiring your children to work—whether in a business, household tasks, or freelance-type work—can provide them with valuable skills, a sense of responsibility, and financial benefits. It can also offer tax advantages for you while helping them build savings for future goals and start down a path of financial independence. Paying children can make them eligible to save to Roth IRA's, which if done early can be a huge boost to their financial futures. However, certain rules apply depending on the type of work, compensation, taxes, and documentation required. This article covers what you need to know about hiring your kids. What Kind…
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How To Access Your Full Social Security Earnings Record

https://youtu.be/xlwurILhXNYFirst, Log Into Your mySSA AccountBefore you can access your earnings statement, you’ll need to log in to your mySSA account.How to Log In:Go to www.ssa.govClick Sign In in the top-right corner.Choose one of the three sign-in methods available.Enter your credentials and complete the security verification process.After signing in, you will be redirected to the mySSA home page.Once logged in, you can now proceed with one of the three methods to download your earnings record.Note: To get your full earnings record, DO NOT USE the PDF option under the "Your Social Security Statement" section.Option 1: Download Your Earnings as an XML…
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Retirement Risk: Inflation – Silent Erosion of Wealth

Inflation is often referred to as a "silent thief" in financial planning, subtly reducing the purchasing power of money over time. For retirees, inflation presents a unique and often underappreciated risk. Unlike working individuals who may see their wages increase with inflation, retirees typically rely on fixed income sources, such as pensions, annuities, Social Security, and investment withdrawals. Without proper planning, inflation can significantly erode a retiree’s standard of living, making it crucial to account for this risk in long-term financial strategies. Understanding Inflation as a Risk Slow and Steady Inflation Most inflation happens gradually over time. It's the gradual…
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Understanding FDIC, NCUA, SIPC, and State Insurance Guaranty Funds: How Your Money and Policies Are Protected

When managing your finances, it’s crucial to understand how different types of financial protections work. Many consumers assume that their bank accounts, investments, and insurance policies are fully protected, but different organizations have different types of coverages. The Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Securities Investor Protection Corporation (SIPC), and State Insurance Guaranty Funds each play a unique role in safeguarding consumers' financial assets. This article breaks down how each of these institutions works, what they insure, and common misconceptions. FDIC - Federal Deposit Insurance Corporation The FDIC is an independent U.S. government agency that protects depositors in…
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Retirement Risk: Longevity (How Long You Live)

When planning for retirement, individuals often focus on investment returns, healthcare costs, and market volatility. However, one of the most significant yet frequently underestimated risks is longevity risk—the possibility of outliving one's financial resources. This risk has profound implications for retirement planning, influencing everything from savings strategies to income distribution plans. What is Longevity Risk Longevity risk arises from the uncertainty surrounding life expectancy. While advances in healthcare, improved living conditions, and healthier lifestyles have generally extended average lifespans, no one can predict exactly how long they will live. This uncertainty poses a challenge: retirement savings must be flexible enough…
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Social Security Maximum Family Benefit (MFB): What You Should Know

The Maximum Family Benefit (MFB) is a critical but often overlooked aspect of Social Security. It places a cap on the total amount a family can receive based on one individual’s earnings record. This article explains how the MFB is calculated, how it applies to different Social Security benefits, which benefits count toward the limit, and what happens if the MFB is exceeded. What is the Social Security Maximum Family Benefit? The Maximum Family Benefit (MFB) is the upper limit on the total Social Security benefits that can be paid to a worker’s family based on that worker’s earnings record.…
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Social Security Child-In-Care Benefits: Key Considerations

While most people think about Social Security as a retirement income source, it can play several other important benefits throughout a lifetime. One of these benefits, the Child-In-Care Benefit, applies to spouses in situations when children are under care. This guide explains who qualifies, how benefits are calculated, what happens if the worker claims early, and how the earnings test applies.In this article, you'll see references to a "Worker" and a "Spouse". The "Worker" benefit is the person whose benefit is being claimed on. The "Spouse" is the one receiving the benefit.  Who Qualifies for Child-In-Care Benefits There are two main requirements…
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Stock Lending: Pros and Cons

Stock lending, also known as securities lending, is a feature offered by some brokerage platforms that allows investors to lend their shares to other market participants, primarily short sellers. In return, investors receive interest payments, offering a way to generate passive income without having to sell their holdings. Think of it like renting out your stock to someone else for a period of time.However, while this might seem like an effortless way to earn extra income, it comes with its own set of complexities and risks that investors should carefully consider. How Stock Lending Works When an investor participates in…
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Guide to the IRMAA Exemption Form (SS-44)

Medicare beneficiaries with higher incomes are subject to an additional charge on their Part B and Part D premiums, known as the Income-Related Monthly Adjustment Amount (IRMAA). This surcharge is based on modified adjusted gross income (MAGI) from past tax returns. Read more about IRMAA here: Understanding IRMAA: What It Is and Its Impact on Medicare Premiums – Gilbert WealthHowever, if you've experienced a significant life-changing event, such as retirement or a reduction in income, you may qualify for a reduction in your IRMAA. Form SSA-44 allows you to report such events and request an adjustment to lower your Medicare…
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