Gilbert Wealth Articles

Required Minimum Distributions (RMDs): What You Need to Know

When it comes to retirement, one of the most important—but often surprising to learn—rules is the Required Minimum Distribution (RMD). RMDs are mandatory withdrawals from certain retirement accounts that begin after a specific age. Failing to take RMDs on time can result in tax penalties, so it’s important to understand how they work and how to plan for them. What Is an RMD? A Required Minimum Distribution is the minimum amount you must withdraw annually from your tax-deferred retirement accounts once you reach a certain age. These withdrawals are mandated by the IRS to ensure that retirement savings eventually become…
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Should You Pay Off Your Mortgage Before Retirement?

Should I pay off my mortgage before I retire, or is it okay to carry a mortgage into retirement?This is a hotly debated question in retirement.The truth is, there isn’t a one-size-fits-all answer. Plenty of retirees live comfortably while still making mortgage payments, while others sleep better knowing their home is fully paid off. What matters most is understanding how your mortgage fits into your overall retirement plan. What A Paid Off Home Looks Like For many, the emotional and psychological benefits of owning their home outright are hard to beat. Making that last mortgage payment is incredibly satisfying. When…
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What Is Your Full Retirement Age (FRA)?

When it comes to claiming Social Security retirement benefits, one of the most important terms to understand is Full Retirement Age—commonly referred to as FRA. Your FRA is a specific milestone that plays a central role in how much you receive from Social Security over your lifetime.  What is Full Retirement Age (FRA)? Your Full Retirement Age is the age at which you are eligible to receive your full, unreduced Social Security retirement benefit (also known as Primary Insurance Amount or PIA), as calculated by your earnings history.It is not the age at which you are required to retire, but…
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Understanding the Social Security Earnings Test

For those planning to claim Social Security retirement benefits before reaching full retirement age (FRA), the Social Security Earnings Test can be a critical — and sometimes confusing — part of the picture. While claiming early gives you access to monthly income, earning too much from work may reduce your benefits temporarily. However, these withheld benefits are not lost — they’re factored back into your future benefit amount.If you're after your Full Retirement Age, earn all you want. It won't affect your benefit amount. Taxes - yes. Benefits - no.Here’s what you need to know. What Is the Social Security…
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Understanding the Different Adjustments to Social Security Benefits

Social Security benefits are not static. They’re designed to adjust over time to reflect changes in a variety of situations. While many people are familiar with annual Cost-of-Living Adjustments (COLAs), several other mechanisms can cause your benefits to increase or decrease throughout retirement. Here’s an overview of the primary adjustments that can affect Social Security benefits: Cost-of-Living Adjustment (COLA) COLA is an annual increase in benefits to keep pace with inflation, measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The COLA is calculated in October of each year with the actual increase in benefits occurring in…
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Where to Park Your Cash: Understanding Low-Risk Options for Emergency Funds and Short-Term Goals

Not every dollar in your financial life needs to be invested in the stock market. Sometimes, you just need a safe place to park your cash—somewhere it’s protected, accessible, and ideally earning a little interest. Whether you're building an emergency fund or saving for a short-term goal like a home down payment, a car, or a vacation, the priority isn't growth—it's safety, stability, and liquidity.But not all “safe” places are created equal. This article walks through the most common low-risk options to help you choose where to put your cash. What Makes a Good Parking Spot for Cash? For short-term…
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How to Calculate Adjusted Basis on Your Primary Residence

When you go to sell your primary residence, calculating your adjusted basis is an essential step in determining whether you’ll owe capital gains taxes. The adjusted basis represents your investment in the property and is used to calculate your taxable gain or loss upon sale.So whether you're thinking about selling your home or just want to know what to track while you own the home to make selling easier in the future, this article explains what the adjusted basis is, how it’s calculated, and why it matters for homeowners. What is "Adjusted Basis"? Your basis is generally what you paid…
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What Is a Family Trust?

The moment someone mentions a ‘family trust,’ it’s easy to start questioning your entire estate plan—or lack thereof.  "Family trust" just sounds official—like one of those things responsible people already have figured out.If you’ve ever had that moment—usually right after talking to a friend who just finished their estate plan or seeing a headline with bold promises—you’re not alone. And if you love your family (and who admits they don’t?), then of course you should have one… right?Well, maybe. But before you rush off to fix this apparent hole in your legacy plan, it’s worth pausing to ask: what is a…
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Living Will vs. Healthcare Directive: Understanding the Key Differences

When planning for medical emergencies or end-of-life care, two important legal tools often come into play: the living will and the healthcare directive. While these terms are sometimes used interchangeably, they refer to different aspects of healthcare planning and serve distinct purposes. Understanding the differences can help you make informed decisions about your own care—or help you guide a loved one in doing the same. What Is a Healthcare Directive? A healthcare directive (also called an advance directive or advance healthcare directive) is a broader legal document that appoints someone to make healthcare decisions on your behalf. It sometimes can…
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What Revocable Living Trusts Do – And Can Other Tools Do It Too?

A Revocable Living Trust (RLT) offers many benefits, but it’s not the only estate planning tool available. Many people already have beneficiary designations, joint ownership, or powers of attorney in place—and wonder if that’s enough.Let’s take a closer look at what an RLT can do and compare how other tools measure up. Benefit #1 - Avoid Probate What an RLT Does:Assets titled in the name of the trust avoid probate entirely. This means no court involvement, no delays, and no public process. The successor trustee simply follows the instructions you’ve left behind. However, if you use what's called a "Pour-over…
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