Business & Finance   

Social Security benefits are an important source of retirement income. About 90% of older adults receive Social Security benefits, with roughly 25% relying on Social Security for at least 90% of their income and about 50% receiving at least half of their income from Social Security. This class will provide a "deep dive" into Social Security rules for people who are about to claim, or have already claimed, benefits. Topics include qualifying for benefits, benefit calculation, benefit reductions (e.g., the IRMAA surcharge for Medicare), working while collecting benefits, benefits for a spouse or ex-spouse, taxation of Social Security benefits, and more.

At the end of each calendar (tax) year, taxpayers lose most opportunities to reduce their taxable income and lower their tax bill. Thus, time is of the essence to take action to save money on taxes before each year ends. This class will describe over a dozen actions that people can take before December 31 including early RMD withdrawals during financial "gap years," preparing a draft tax return to estimate potential taxes, comparing current and prior year income and expenses, tax loss harvesting, qualified charitable deductions (QCDs), Roth conversions, bunching deductions, donor advised funds, safe harbor rules for tax withholding, deferring income and capital gains, and contributing to tax-deferred savings plans if still working.

Every year, new trends, events, financial products, and government policies and legislation affect our personal finances. This presentation will recap 2025 through a personal finance “lens” by reporting noteworthy personal finance news items and their implication for personal financial planning. The session will also include results of important 2025 research studies about financial topics and a preview of announced changes related to income, estate taxes, and Social Security for 2026.