SSB&T Wealth Management

💡 Think you know everything about Social Security? These facts might surprise you. Social Security may seem simple, but it has complexities that could greatly impact your retirement. Here are some surprising insights: 1️⃣ Beyond Retirement: It's not just about retirement—Social Security includes life and disability insurance. For a young worker, this can mean nearly $948,000 in life insurance value, with 90% of workers having some disability coverage. 2️⃣ Delay Pays Off: Delaying benefits past full retirement age boosts your payout by about 8% per year until age 70. But the right timing depends on your health, work, and overall strategy. 3️⃣ Inflation Protection: Benefits are adjusted annually for inflation through Cost-of-Living Adjustments (COLA). The 2025 COLA is 2.5%, following significant increases in recent years. 4️⃣ Tax Surprises: Depending on your income, up to 85% of your benefits may be taxable, affecting your retirement cash flow. 5️⃣ Spousal Benefits Matter: Even if your spouse hasn't worked, they may be eligible for up to 50% of your benefit. Survivor benefits can also be crucial for your family's financial strategy. 6️⃣ Market Buffer: Social Security provides stable income regardless of market performance, helping cover basic expenses during market downturns. 7️⃣ Lifetime Value: A single person with maximum earnings turning 65 in 2025 could receive $634,000 over their lifetime. For a one-earner couple? Over $1 million! 8️⃣ Income-Based Medicare Costs: Higher earners (above $103,000 individual/$206,000 couple) pay increased Medicare premiums. 9️⃣ International Benefits: Benefits are payable in most countries, though Medicare coverage abroad is limited. 🔟 Windfall Alert: Government pension recipients may see reduced benefits due to the Windfall Elimination Provision. Why It Matters: Social Security is more than a safety net—it's a strategic retirement asset. Understanding these nuances can help you maximize your benefits. Want to discuss how Social Security fits into your financial future? Let's connect. #Retirement #SocialSecurity #FinancialFuture

A new CFPB rule aims to alleviate the impact of medical debt on credit scores, providing relief for many consumers. 🏥 Debt Relief: The rule seeks to reduce the negative impact of medical debt on credit scores, enhancing financial stability. Consumer Protection: This change emphasizes the importance of protecting consumers from undue financial hardship. Credit Score Implications: Improved credit scores can lead to better financial opportunities and access to credit. Stay informed on how this new rule may affect your financial health and credit score. #MedicalDebt #CreditScore #CFPB #FinancialHealth #DebtRelief https://lnkd.in/eCW7M9pT

As we bid a final farewell to former President Jimmy Carter, we honor a life dedicated to service, leadership, and compassion. Legacy of Service: Jimmy Carter's presidency and humanitarian efforts left an indelible mark on the nation and the world. Compassionate Leadership: Known for his commitment to peace and human rights, his legacy continues to inspire. Historical Impact: Reflecting on his contributions encourages us to uphold values of empathy and integrity. Celebrating a Life: Join us in remembering a leader whose life was a testament to service and kindness. Let's honor Jimmy Carter's remarkable legacy and the enduring impact of his life's work. #JimmyCarter #Legacy #Tribute #Leadership #CelebrationOfLife https://lnkd.in/g6M8BgRg

🤔 About a third of 401(k) rollovers end up sitting in cash for over seven years. The cost? Roughly $172 billion in missed growth potential every year, according to a July 2024 report in The Wall Street Journal. Most surprising fact: Many people don't realize their rollover isn't automatically invested, especially younger savers who may be missing years of compound growth. The Reality Check: 👉 Stocks have historically earned 7.19% after inflation. 👉 Stocks are represented by the S&P 500 Composite Index, an unmanaged index considered representative of the overall U.S. stock market. Index performance is not indicative of the past performance of a particular investment, and individuals cannot invest directly in an index. Make sure your rollovers are not missing out on any potential opportunities. Once you turn 73, you must take the required minimum distributions (RMDs) from your 401(k) in most cases. Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½. #RetirementSavings #WealthBuilding

🚨 Do you think estate management is just for the wealthy or older generations? Let’s debunk that myth. Estate management isn’t about age or wealth; it’s about starting to protect your wishes and loved ones. 3 Steps to Consider: ▪️Healthcare Directives: Unexpected events can happen at any age. A healthcare directive takes effect when you are no longer able to make your own healthcare decisions. ▪️Financial Power of Attorney: Designating someone to resolve your finances if you're incapacitated. It’s designed to help manage legal complications so that your affairs are handled according to your wishes. ▪️Access to Accounts: In today’s digital world, decide who will have access to your online accounts to prevent future challenges for loved ones. It’s not just about wealth or age—it’s about helping protect what matters most and preparing for the unexpected. What can you do now? ▪️Start with the basics: Consider setting up a will, setting up healthcare directives, and assigning a financial power of attorney. ▪️Consult a professional: Consider working with a legal professional to create a strategy that fits your unique situation and can evolve as your life changes. Have questions or think you're too young for this conversation? Let's discuss why preparation is essential, regardless of age or wealth. #EstatePreparation #FinancialFuture #Legacy #WealthBuilding

A new star has joined the AKC's prestigious lineup as its 202nd recognized breed. With just 350 of these versatile companions in the U.S., the Danish-Swedish Farmdog carries centuries of European heritage into American show rings. From their origins patrolling farms to their surprising history as circus performers, these agile pups have proven themselves masters of adaptation. Coming soon to America's most prestigious shows in 2025, but don't expect to bring one home quickly - current waitlists stretch beyond a year. 🎪 Ready to spot the next champion? Watch for these dynamic performers in upcoming national competitions. 🏆 #DogBreeds #AKC #PetLife #CompanionAnimals #ShowDogs https://lnkd.in/gQ43RCDP

From Fed rate cuts to record highs, Q4 wrapped up a strong year for markets. Our January Quarterly Market Insights breaks down what drove performance and what investors are watching in 2025. #Markets #StockMarket #FederalReserve https://lnkd.in/gdMyJCh2

Mortgage demand dropped nearly 22% at the end of 2024, with rates climbing back to 7%. This shift highlights the dynamic relationship between interest rates and housing market activity, reminding us how quickly market conditions can evolve. Applications for home purchases fell 13% in late December while refinancing applications saw a steeper 36% decline - though they remain 10% higher than last year. Despite seasonal adjustments, these numbers reflect broader market trends beyond typical holiday slowdowns, with both prices and interest rates influencing buyer behavior. The new conforming loan limit of $766,550 offers expanded options, though careful consideration of rates and terms remains crucial in today's market. Looking ahead to 2025, the housing market continues to adapt to evolving economic conditions. While inventory has improved compared to last year, the interplay between rates, prices, and buyer demand will likely remain key factors shaping the market landscape. 🏠 #MortgageRates #HousingMarket #FinancialNews #RealEstate https://lnkd.in/gVz6HAAf

💡 January is National Financial Wellness Month. How confident do you feel about your finances? When we think about financial wellness, it often centers on numbers: #️⃣ Account balances #️⃣ Investment returns #️⃣ Debt levels However, true financial wellness is about more than the numbers. It’s about the sense of confidence that comes from having a thoughtful strategy for today and tomorrow. Think of it like your physical health: 👉 Consistent care and proactive preparations 👉 Regular check-ins and adjustments 👉 Partnering with a professional to stay on track It’s not a “set it and forget it” situation. Financial wellness is an ongoing journey, and having support can make all the difference. As the new year begins, consider giving your financial health a checkup. Whether that’s revisiting your retirement strategy, updating your budget, or discussing your goals, investing in your financial wellness now can lead to greater confidence in you and your family’s future. 🎯 #FinancialWellness #MoneyManagement #WealthBuilding #FinancialGoals

📸 Just like photography, personal finance requires perspective, patience, and adaptability: 📌 Focus on what’s important: Prioritize your long-term goals, like retirement, education, or building generational wealth. 🌟 Capture the good times: Celebrate your financial wins and milestones along the way. 🛠️ Develop from the negatives: Learn from market downturns and unexpected challenges, using them to refine your strategy. 🔄 And if things don’t work out, take another shot: Adjust and adapt. Personal finance is a continuous process, and it’s never too late to make improvements. Our firm is here to help clients remain focused and flexible so that they can capture the best opportunities while navigating life’s unexpected moments. Ready to take your next shot at financial success? Let’s connect. ☎️ #Motivation #SuccessMindset #PositiveVibes