Gilbert Wealth Articles

What to Know About Claiming Social Security Early or Delaying Social Security

Social Security retirement benefits are designed to provide a steady income stream in retirement, but the amount you receive depends on when you claim. The decision to claim benefits early, at full retirement age (FRA), or delay past FRA significantly impacts the monthly payments you will receive for the rest of your life. Understanding how early claiming reduces benefits and how delayed claiming increases them is critical for optimizing Social Security as part of a broader retirement strategy. What It Means to Claim Early or Delay Social Security? Claiming early or delaying social security is simply the decision of when…
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How to Report Donations to a Donor Advised Fund (DAF) On Your Taxes

Donor Advised Funds (DAF) allows donors to contribute assets, receive immediate tax deductions, and later direct grants to their preferred charitable organizations. They are simple, yet powerful tools to use in a giving strategy. See Charitable Giving through a Donor Advised Fund – Gilbert Wealth for more information on why DAF's are so powerful.If you've decided to use a DAF, now you need to correctly reporting these donations on your tax return is crucial to ensure compliance with IRS regulations and to fully benefit from the available deductions. The Tax Benefits of DAF's Immediate Tax DeductionOne of the main advantages of donating to…
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A Brief History of the Ups and Downs of the Market

Investing in the stock market is a lot like riding a roller coaster—you know there will be drops, but that doesn’t mean your stomach won’t lurch when they happen. Every investor dreams of a smooth, uphill ride to wealth, but in reality, markets take detours, hit potholes, and sometimes feel like they’ve been hijacked by a mischievous toddler at the controls. Yet, history shows that those who hang on tight and resist the urge to jump off mid-ride are usually the ones who reach their destination with the best returns. On average, the S&P 500 has increased in price by…
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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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