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Here’s how it works: If you're single and 65 or older, and your income is under $75,000, you’ll be able to deduct: The standard deduction: $15,750 The senior bonus: $1,950 The new extra deduction: $6,000 That adds up to $23,700 in deductions—before we even get into anything else. If you’re married, both age 65+, and your combined income is under $150,000, you’ll get: The standard deduction: $31,500 The senior bonus: $3,200 The new extra deduction: $12,000 ($6,000 each) That’s a total of $46,700 in deductions. Now, this deduction starts to phase out once your income crosses certain thresholds:

When a person dies, their surviving spouse (and in some cases, ex-spouse) and minor or disabled children are entitled to Social Security death and survivor benefits. It is important to understand these potential SS benefits, whether or not you will qualify for survivor benefits, and how to access them.

There’s a lot of talk about the proposed US government budget with Republicans and the White House heralding the One Big, Beautiful Bill Act as a huge benefit for Americans. But there are also worries about our growing federal deficit. This bill, as approved by the House on May 22nd, is expected to add $2.8 trillion to our deficits over the next 10 years.1 That’s a lot of money on top of the government’s existing deficit spending.

Don’t invest too conservatively. Past performance cannot guarantee future results, but the value of the stock market tends to rise over time. Taking more risk offers possibility of higher returns over the long term. There will be market downturns, but in your early working years, you will have time to recover from market dips. Consider target date funds (aligned to your expected retirement year) or asset allocation funds (aligned with your risk tolerance) If you are not comfortable selecting investments.

Lisa: So how do I know if an advisor is truly comprehensive and right for me? Rick: Ask them what their process looks like. Do they offer advice beyond investments? Do they get to know your life and goals before offering solutions? Are they a fiduciary, meaning they’re legally obligated to act in your best interest? And how do they get paid? Transparency matters. And what I personally recommend is going with your gut. Assuming they check all the boxes as far as experience, being a fiduciary etc, ask yourself if you feel comfortable with them. If it doesn’t feel right, keep looking until it does. Also, don’t be afraid to ask a lot of questions. If you feel pressured or they don’t clarify things, that is a red flag.

Once you start carrying a balance over from month to month, card companies will charge you interest, often as high as 26-29% for cards with the most enticing perks. Soon it can become almost impossible to payoff the balance and the card companies can collect thousands of dollars in interest charges from you every year. This can be a financially dangerous path because it can snowball into a situation that is hard to get out of. A lot of credit card debt can financially cripple a young person who is just starting out.