Are you approaching the milestone of retirement? It's an exciting time filled with anticipation for the adventures and relaxation that lie ahead. However, before you can fully embrace this new chapter of your life, it's essential to ensure that you're adequately prepared. That's where our ultimate retirement checklist is a handy resource. Let's dive into the steps you need to take to achieve financial security and overall well-being in retirement.

Losing a loved one is undoubtedly one of life's most challenging experiences. In addition to the emotional toll, there's often a daunting list of practical and financial questions that need addressing. At times like these, many turn to professionals for guidance, and we, as your trusted advisors, are here to assist you through this difficult journey.

If you're like most retirees, running out of money is likely one of your biggest fears for your golden years. The good news is that careful planning and tax-efficient drawdown strategies can help you enjoy the lifestyle you've dreamed of while minimizing the impact of taxes on your retirement income.

Love is in the air as Valentine’s Day approaches. Amid the romantic dinners and sweet gestures, it’s important to acknowledge that managing shared finances is not always a walk in the park for couples. To avoid money matters becoming a source of tension, it’s best to lay a path for open and constructive dialogue. Here are a few practical tips to help make these conversations more seamless and productive.

Retirement might seem far off, but the steps you take today can significantly impact your financial freedom tomorrow. We frequently get asked about the best way to build retirement savings, and starting early is key building a strong foundation. If you are concerned that you have some “catching up” to do, it’s not too late to focus on maximining retirement savings.

Tax planning is an important consideration in maximizing your dollars. As we start a new tax year, understanding the changes in tax laws, deductions, and credits is crucial when aiming to minimize tax liabilities. Here's a brief guide of tax planning considerations for you to review this year:

While the 3.2% COLA increase for 2024 is a welcome development, it is vital to be aware of the impact of Medicare Part B premiums on the overall financial picture.

The New Year always brings opportunities for growth, achievement, and of course, financial prosperity. As we gear up to embrace fresh beginnings, it's an ideal time to reflect on our fiscal health and set (or reset) financial goals that pave the way for a secure future. Just as we commit to physical health resolutions, it is important to give equal attention to our financial well-being.

With November being Long-Term Care Insurance Awareness Month, let’s look at the most common frequently asked questions we receive from our clients and community.

In 2019, Washington State passed and the Governor signed into law the Washington State’s Long-Term Services and Supports Trust Act (“LTSS”) which would implement a 0.58% payroll tax to fund long-term care services for Washington State residents. After making its way through objections and being upheld by the courts, this payroll tax went into effect this past July.

The Social Security Administration recently announced that over 71 million Americans, including Social Security and Supplemental Security Income beneficiaries, will receive a 3.2% increase in their benefits for 2024.

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The Social Security Cost-of-Living Adjustment is a vital component for retirees which helps to ensure their benefit can keep pace (or at least help to keep pace) with inflation over their retirement years.

One powerful tool at your disposal worth considering if you’re going to be at least 50 before the end of the year, is the ability to make “catch-up” contributions to your retirement accounts. In this post, we'll delve into catch-up contributions, their significance, and highlight how you may take advantage of this provision.

When it comes to your money matters, your Social Security earnings record is a very important document. It's the statement that determines what benefits you'll get down the road. That is why it is critical to review this document periodically for error and missing information. If you find that the details listed on your earnings records are incorrect there is no need to worry. You've got the power to fix it. Let's dive into how you can better secure your financial future by setting your Social Security record straight.

Switching employers can be an exciting time…but one also fraught with uncertainty. One item of uncertainty may be what to do with your old 401(k). Ensuring you get the most out of your 401(k) for your unique situation may look different for different clients but here are the four options available to you:

When speaking to your financial advisors here at McKay Wealth, we suggest a few important topics for our conversations:

Estate planning involves creating a comprehensive plan to manage and distribute your assets upon your death or incapacitation. It ensures that your wishes are followed, minimizes taxes, and expenses, and provides for your loved ones' financial security.

Planning for the future is essential to ensure the protection of your loved ones and your assets. Beyond insurance, estate planning and careful consideration of account titling and beneficiary designations play a crucial role in safeguarding your legacy. In this blog post, we will explore the importance of estate planning, the significance of titling and beneficiary designations, and offer practical tips to empower you in protecting your legacy.

There are many compelling reasons to have an estate plan in place: