News on Youtube Dec 2 2017

As life expectancy has grown, your retirement now can last between 20 and 30 years.

So Social Security planning is critical, no matter how much money you have.

It can make a difference of hundreds of thousands of dollars.

For example, if you retire at age 62 and pass away at age 86, you'll receive at least

25% less for 24 years.

But, if you wait to retire at age 70, you'll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over

$200,000 during your lifetime.

Arriving at a decision on when to retire is not easy.

If you retire early, it could affect your spouse's benefits.

And wages and other taxable income could cause Social Security benefits to be taxed at up

to 85%.

Proper planning takes all of these factors into account to determine a Social Security

strategy.

For instance, a repositioning of assets could reduce taxable income and provide for more

reliable monthly income.

With over 500 different combinations of factors affecting benefits, it makes sense to talk

to a financial advisor and get it right.

For more infomation >> How To Strategize for Your Social Security Benefits? - Duration: 1:41.

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How Does a Charitable Contribution Affect My Taxes? - Duration: 1:24.

Today we're going to be discussing charitable contributions and that is one

Today we're going to be discussing charitable contributions and that is one

a few things to think about. First, you have got to figure out how much are you going

to want to be gifting and is it something that you can actually deduct

on your taxes? So first of all, you have to be filing a "Schedule A", which is

Itemized Deductions, in order to actually deduct any charitable contributions on

your tax return. Your deadline to make this charitable contribution is December 31st

of the year that you're hoping to get the deduction. Now the IRS does put

limits on how much you can deduct. So you have to know what your adjusted gross

income (AGI) is likely going to be. The max is right about 50 percent of your adjusted

gross income. It could go down to 30 percent or as low as 20 depending on the

organization that you're gifting to. Is it a church? Is it a school? Is it a

private foundation? Those are all items that will determine how much you're able

to gift. And is it going to be cash? Or is it going to be highly appreciated assets?

Those are also different types of considerations you want to make. Again

those are all questions that should be answered but if you need

more information go to

purefinancial.com