Articles – Thorne Financial Partners

Tax-Related Identity Theft Crimes

Criminals are stealing taxpayers’ identities and committing tax-related crimes. There are steps you can take to keep your personal information protected. Identity theft is a growing concern. In 2021, identity fraud impacted 15 million U.S. consumers with $24 billion in losses. With your Social Security number, a criminal can commit tax fraud and other financial-related crimes in your name. There are a number of common ways that identity thieves can obtain your Social Security number: Tax-related identity theft is when …

When to Begin Collecting Social Security

Deciding when to begin collecting Social Security depends on a number of factors, including how long you anticipate needing it. Deciding when to retire and begin collecting Social Security is an important life decision. Some people may feel they don’t have enough savings to retire and delay their retirement plans to continue working, which means postponing when they begin collecting Social Security. Current law allows workers to begin collecting Social Security between 62 and 70 years of age. The longer …

Year-End Tax Planning Tips

You may be able to reduce your tax liability if you consider adopting these tax strategies before year’s end. Few words can dampen the cheer and optimism of a New Year like taxes. Let’s face it, the time for holidays, time off, and family should be celebratory, not burdensome. But if you approach taxes with an eye toward reducing your liability for next year, the concept becomes more amenable. And indeed, there are numerous tax-savings strategies that you can implement …

Many Workers Wonder When (And If) They’ll Retire

Inflation, market fluctuations, and uncertainties about Social Security raise concerns Retirement is supposed to be our “golden years,” but many Americans worry there will be nothing “golden” about it—and they might even have to cut back and scrape by to pay their bills (or keep working). NerdWallet reported in 2023 that 27% of Americans saved less than they normally would for retirement in the previous 12 months due to inflation.1 Stockmarket downturns and higher taxes have also challenged retirement finances …

Procrastination is the Biggest Barrier to Estate Planning

Putting it off and dying “intestate” may not be the legacy you want to leave your loved ones The pandemic raised awareness about the importance of having a will, living trust, and other end-of-life documents. Still, only one in three American adults actually have a will or living trust1. According to the Caring.com 2022 survey, the top reasons people gave for not tackling estate planning were: If you’re among the two-thirds of Americans who haven’t created an estate plan, you …

Managing Risk with Diversification

Diversification is a fundamental aspect of risk management and plays a critical role in building an investment portfolio. When you first considered investing, it probably seemed like a good idea to focus heavily on what worked best for you from the beginning. If stocks from a particular company brought you high yields, why not double up on your original investment? The answer is diversification. It may seem counterintuitive, but diversification is a fundamental aspect of risk management, and plays a …

Financial Traps to Avoid

There’s a reason why even athletes, entertainers, and business people with seven-figure (and higher) incomes suddenly find themselves filing for bankruptcy. Money mismanagement can eat through even the biggest bankrolls. Here are some specific threats to financial stability that people can avoid to help effectively manage their wealth. No Budget In 2022, a survey by Debt.com2 revealed that 90.24% of respondents believed everyone should have a budget (though only 85.6% of the respondents said they used one). Half of the …

Day Drinking

Start Your Day Off With Water (and Keep the Drinks Coming) When was the last time you reached for a glass of water first thing in the morning — instead of getting your caffeine fix? You probably already know that staying properly hydrated throughout the day is a basic rule of a healthy lifestyle. It balances chemical processes in the brain, keeps your organs functioning properly and aids in recovery after a tough workout. In addition, there may be something …

Making Sense of Medicare Parts A, B, C, and D

With its four distinct parts, Medicare can be an alphabet soup of complexity. We provide an overview of the various components and how they impact your healthcare costs. Medicare is available to virtually all U.S. citizens and legal residents 65 years of age and over who have previously worked and paid U.S. taxes or who are/were married to someone who did. There are four key parts to Medicare — Parts A, B, C, and D. To maximize coverage and benefits, …

Top of Mind

Practicing Mindfulness With Money Can Help Boost Your Financial Wellness Many people practice mindfulness through yoga, tai chi or other forms of movement, often incorporating breathing exercises. Others rely on their smart watch or phone to ping them at the same time each day, urging them to practice it for a few minutes. While there are many definitions of mindfulness, this one from mindful.org seems to capture it well: Mindfulness is the basic human ability to be fully present, aware …

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