Insights

From state-by-state tax implications to Health Savings Accounts, Wealthstream Advisors spend a lot of time thinking through the details of optimal retirement strategies. The right financial plan is key to achieving your life goals for retirement and beyond.

The decision on when to file for retirement benefits warrants careful consideration. According to SSA.gov, the maximum monthly Social Security retirement benefit that an individual can receive per month in 2025 is $5,108 for someone who files at age 70. For someone at full retirement age, the maximum amount is $4,018, and for someone aged 62, the maximum amount is $2,831. 

An Irrevocable Life Insurance Trust (ILIT) is a legal entity that owns and controls one or more life insurance policies outside of your taxable estate. Placing the ownership of a life insurance policy in an ILIT can  help manage estate taxes, provide liquidity for heirs, and control how and when proceeds are distributed after death.

While state taxes may have less impact than federal taxes, they are still an important factor to consider in your financial plans, particularly for retirees.

Are you concerned about required minimum distributions (RMDs) bumping you into a higher tax bracket? If you are among the charitably inclined, your donations could offset the increase to your taxable income. 

Everyone has different reasons for donating to charity. Beyond the benefits to the community and the increased happiness of the donor, charitable donations are also an effective way to reduce your tax burden. Often, people tend to get so wrapped up in the why behind charitable giving that they forget about the how.

Physicians have great opportunities to build wealth but must navigate a unique financial journey that includes delayed earnings, potential legal liability, and various compensation structures.

The tax management of equity compensation holdings can have a major impact on your long-term financial plans. Understanding the implications of common stock options is important for understanding how to prepare and avoid common equity compensation tax mistakes.

Did my investments do well? Many investors look at the unrealized gain/loss on their brokerage statements and believe this is an indication of the return on their investment. The truth, however, is a bit more nuanced.

Divorce results in the division of a household’s assets and income, but parties involved should consider that sometimes a split that appears equitable may not be.