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:

Setting SMART goals is an integral part of achieving financial empowerment. By taking the first steps in understanding their money mindset and defining their financial aspirations your goals become clearer and more specific. They are now ready to embark on their journey toward financial success.

Today, women control a third of total U.S. household financial assets — more than $10 trillion1. But in households with assets valued between $2.5 million and $5 million, the share controlled by women is only 23%.1

According to the FBI, Americans 60 and older lost $1.7 billion to fraud in 2021. Unfortunately, these numbers are only expected to rise.

In the coming months, we’ll be working on putting out articles on various scams and frauds going on so that you and your loved ones can be in the know.

This month, however, we’re going to focus on the worst case – what to do if your identity is stolen.

Social Security is a government program, created in 1935, that provides retirement benefits to eligible individuals starting. Social Security also provides for survivor benefits to spouses and dependent children and disability benefits. This FAQ address specifically retirement benefits for eligible individuals.

A few months ago, we featured a blog on the debt ceiling. To recap, the debt ceiling is a cap on the amount of new debt that the Treasury Department can issue to meet its obligations – that is, money that has already been spent or appropriated.

Knowing which financial and personal paperwork to keep or toss is very important.

On May 1, 2021, Governor Inslee signed the Engrossed Substitute Senate Bill 5096 (RCW 82.87), which established a state-wide 7% tax on long-term capital gains. After much back and forth, on March 24, 2023, the Washington State Supreme Court upheld this legislation.

April marks the start of Financial Literacy Month, a nationally recognized movement to promote and support financial understanding in children and teens. For many, it's a fantastic opportunity to teach and connect with their children or grandchildren, and these kids are ready to learn! Recent data shows that nearly 74% of teens desire to be financially literate, and 86% want to learn how to invest.

Market timing must be exhausting. Always moving in and out of the markets based on economic analysis or business headlines must be so challenging.

529 Plans can provide an attractive option to leverage tax-advantaged dollars to pay for a loved one’s education. But too often, 529 Plan owners may be either leaving money on the table or subjecting dollars to tax penalties if used for options other than education.

Always remember, keep your personal information safe and be vigilant when it comes to preventing identity theft.