If you do a Google search for financial wellness, you will find many definitions or explanations. Financial wellness doesn’t have just one meaning because it means something different to each person. Financial wellness is a broad term that encompasses these key areas:
The IRS released its breakdown of marginal tax rates for 2021 in December 2020. Consistent with the previous year’s notifications, tax rates adjust almost yearly basing on inflation. Check out these smart tax planning tips.
The Social Security Administration has again approved a cost-of-living adjustment (COLA) for the Social Security benefit starting in January 2021. The increase of 1.3 percent is calculated based on the year-over-year rate of inflation and will increase the average American worker’s benefit by about $20 per month.
Before 2020 comes to an end, you may want to consider charitable giving deductions. December 1st is the National Day of Giving. It’s the perfect time to give back to charities and individuals you value. Not only can giving back allow you to feel good, giving back comes with a variety of financial and tax benefits.
With the election over, you may be concerned about post-election volatility as we enter 2021. Regardless of politics, short-term stock market results can vary depending on factors, including gridlock in the House and Senate and a newly elected future President Biden, who will take office in January 2021.
It is officially the fourth quarter, and while many cannot wait until the “unprecedented times” of 2020 are over, there is still a bit of housekeeping you will likely want to do before ringing in the New Year. Check these items off your financial year-end checklist before year-end to help keep you financially on track for 2021:
As COVID-19 continues to shape our lives and our future, many Americans give thanks and give back to others less fortunate during this pandemic. Some have had personal experiences that lead them to ease others’ financial stresses by providing directly or through other institutions. Donors are giving to resolve the inequities in our society that others are facing during this time.
2020 has been unlike any other thanks to the COVID-19 pandemic, our strange stock market, and social unrest leading up to the Nov. 3rd Presidential Election. This timeline recap is for you to see what we have already been through as we look toward a brighter future as we assess what we have learned from this year: