In the May 2024 edition of Markets Monthly: Strategies & Perspectives, Wealth Enhancement Group specialists Ayako Yoshioka and Gary Quinzel share economic highlights, market updates, and more.

The Social Security program allows you to start receiving benefits as soon as you reach age 62. But you can also defer up until age 70 and receive higher benefits. How do you decide the optimal time to take your benefits? Here are a few things to consider when making your decision.

Retirement planning is full of unique challenges and opportunities, especially for women. Women live longer lives than men, which can bring the risk of outliving their retirement savings. When you also consider career interruptions from having children and wage disparities, the "typical" retirement savings strategies become more complicated. Although the potential difficulties may be formidable, there are time-tested ways to surmount them.

Tax planning is an important element of financial management. The goal is to minimize your tax liability while enhancing the overall efficiency of your financial strategy. It involves a detailed analysis of your financial situation to leverage tax laws and provisions. This process ensures that individuals and businesses can make informed decisions that lead to increased savings and optimal economic outcomes.

Filing taxes isn’t the highlight of most people’s year. It can feel overwhelming and potentially get quite expensive if you go in without a game plan. That’s why it’s important to prepare for your tax appointment in advance. Just like your financial plan helps keep your personal finances in order, some tax appointment planning can help you get your personal and business documents in order—making it easier to file your 2023 taxes.

Chances are you rely on your financial advisor to help with financial planning, retirement planning, and investment management. However, not everyone realizes that a properly qualified financial advisor can help with tax planning, too. Because financial advisors possess a deep understanding of your overall financial situation, they can tailor tax strategies that align with your specific goals. Financial advisors with tax planning experience can:

Retirement planning can feel like navigating a sailboat through the Bermuda Triangle. From shifting inflation rates to unknowable health care costs, it can seem impossible to know exactly what route to take and how much to save. That’s why we created a Retirement Income Calculator to help you estimate what you may need to save to support your lifestyle into retirement.

One of the best things (maybe the best thing) about having a Roth IRA is your ability to withdraw money from it without having to pay taxes. However, as is the case with most things concerning the IRS, there are some rules you must follow if you want to reap the benefits of such an amazing perk.

When it comes to end-of-life preparation, taking the initiative is key. After you pass away, your spouse will undoubtedly be overwhelmed with emotions. Even the most mundane tasks, like running errands and staying active, may be challenging for them to keep up with. In this state, managing new financial obligations could feel nearly impossible. However, with some advanced planning, you can give your spouse a solid foundation for assuming control of your finances after you’re gone.

Equal pay for men and women has been the law since 1963. Yet, well into the next century, women with similar education, skills, and experience are still paid less than their male counterparts. So, what is the wage gap between men and women?