Financial Power Blog

Understand your credit score

Understand your credit score

Credit scores may feel confusing and at times upsetting for a figure that is so crucial to our ability to rent an apartment, buy a car, or buy a home. In truth, our credit score is calculated using a system that takes into account five basic elements.   35% Payment History: Your credit scores most important factor is your payment history. Have you ever made a payment on your bills? Are they being paid on time? 30% of the Total Amount Due: Just because you owe money doesn't automatically make you a high-risk borrower. However, using a significant portion of...

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What Is Long Term Care?

What Is Long Term Care?

For your personal care requirements, long-term care includes a variety of services and assistance. The vast majority of long-term care is not medical. Instead, it's support with everyday activities of living, or ADLs (ADLs). Eating, bathing, getting dressed, using the restroom, transferring, and maintaining continence are the six fundamental ADLs. It's excellent that people are living longer. But the longer life expectancy of Americans is posing fresh problems. Additionally, until the year 2030, 10,000 Baby Boomers will reach the age of 65 every day, and 7 out of 10 individuals will need long-term care (LTC) at some point in their...

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The Inflation Reduction Act of 2022

The Inflation Reduction Act of 2022

President Biden signed the Inflation Reduction Act of 2022 (IRA) as Public Law 1217-169 on August 16, 2022.   To combat inflation, the Inflation Reduction Act will make a historically large down payment on deficit reduction, make investments in local industry and energy production, and cut carbon emissions by nearly 40% by 2030. The enlarged Affordable Care Act program will be continued for an additional three years, through 2025, under the act, which also permits Medicare to bargain over the cost of prescription drugs. In addition to lowering the current inflation rate, the Inflation Reduction Act is projected to cut...

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Tax Cuts and Jobs Act and The Secure Act

Tax Cuts and Jobs Act and The Secure Act

It is critical to reevaluate your tax strategy when laws, opportunities, and your circumstances change. For the best chance of success for you, I believe it is equally crucial that your advisor collaborate with your accountant and tax attorney. The Tax Cuts and Jobs Act of 2017 and the SECURE Act are two significant improvements that have occurred in recent years.   Tax Cuts and Jobs Act   The majority of people are aware of the substantial changes that this legislation made to the tax system. Don't forget that several provisions of the Act will sunset or expire in 2025,...

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