Latest news with #AshleyMorgan
Yahoo
5 days ago
- Business
- Yahoo
8 Social Security Mistakes Gen X Needs To Avoid
As Generation X edges closer to retirement, Social Security decisions are becoming more relevant, and possibly more complicated. The choices you make in your 40s and 50s can dramatically affect how much income you'll receive later. Be Aware: Read More: From claiming benefits too early to ignoring tax implications, there are several avoidable mistakes that could shrink your monthly check or leave you financially unprepared. Here are the biggest Social Security pitfalls Gen Xers should avoid, according to financial experts, planners and attorneys. For many Gen Xers, taking Social Security at 62 seems like the default move. But experts warn that this could lock you into lower benefits for life. 'Claiming at 62 might feel like a head start, but it's often a long-term budget killer,' said Andrew Latham, certified financial planner (CFP) at SuperMoney. 'You lock in a permanent reduction, up to 30% less than your full benefit.' While early claiming may be necessary in some situations, such as poor health or lack of income, Dr. Shawn DuBravac, CEO and president of the Avrio Institute, emphasizes the long game: 'Filing too early can put unnecessary pressure on your financial future,' especially with longer life expectancies and the potential for a 30-year retirement. Find Out: Many Gen Xers plan to work part-time or consult in early retirement. But if you collect Social Security before your full retirement age, those earnings could reduce your benefits. 'If you're under full retirement age, Social Security deducts $1 from your benefits for every $2 you earn above a certain limit,' said Ashley Morgan, attorney, tax resolution expert and founder of Ashley F Morgan Law. 'In 2025, that limit is $23,400.' In short: Working while claiming can create a lose-lose situation unless you're strategic. Even self-employment income can come back to bite if you don't track and report it correctly. A surprisingly common misstep? Relying solely on Social Security to cover your retirement. 'Another common misstep is assuming Social Security benefits alone will be enough. It likely won't be,' said Dr. DuBravac. 'Delaying benefits and building diversified income streams through other retirement like IRAs or [401k plans] can lead to significantly greater financial stability down the road.' William Connor, certified financial advisor (CFA,) CFP and partner at Sax Wealth Advisors agreed: 'Social Security should be viewed as one piece of a multi-pronged approach to retirement income.' Social Security benefits are calculated based on your 35 highest-earning years. If there are mistakes or gaps in your earnings history, your future checks could take a hit. 'Gen Xers should create an account with the Social Security Administration and review your earnings history,' said Connor. 'Inaccurate records can lead to reduced benefits.' Ashley Morgan echoed this: 'Previously, the SSA mailed out earning reports. Now, you have to go online and check yourself. Getting errors fixed is much easier sooner than later.' If you're self-employed and routinely deduct business expenses to lower your tax bill, you may also be shrinking your future Social Security benefits without realizing it. 'Your Social Security benefit is based on your taxable income,' said Morgan. 'So writing off too much may reduce the income you're reporting to the SSA, and thus, your future payout.' Worse, if you don't report that income within three years, you may not get Social Security credit for it at all. Whether you've been married, divorced or widowed, spousal and survivor benefits can be a lifeline. But many Gen Xers don't realize they're eligible. 'Generally, if your spouse is fully retired and you've reached full retirement age, you may qualify to collect half of their benefit or the full amount as a survivor,' said Morgan. This is especially valuable for stay-at-home parents or those with lower lifetime earnings. Even divorcees could qualify if the marriage lasted 10 years or more and they haven't remarried. With frequent headlines about Social Security's future, it's easy to assume the program will be 'bankrupt' by the time Gen X retires. But that assumption can lead to poor decisions, like early filing out of fear. 'While Social Security does face long-term funding issues, it seems unlikely that the program will be eliminated,' said Connor. 'Gen Xers should plan for a potential reduction — say, 70% of projected benefits — but not assume the entire system will collapse.' Yes, Social Security income can be taxed both at the federal and possibly state level. 'Up to 85% of your benefits can be taxable if your combined income is above a certain threshold,' said Connor. 'High-income Gen Xers need to start thinking now about tax-efficient portfolio withdrawals to reduce the hit.' Dr. DuBravac also warns that without a coordinated drawdown strategy, you could end up paying more taxes than necessary, especially during your highest-earning years. 'Many Gen Xers still believe there is considerable time before they need to focus on retirement planning,' said Connor. 'But waiting reduces options.' Now is the time to run scenarios, check your earnings record, coordinate your retirement accounts, and get a Social Security strategy in place that fits your health, lifestyle and income plans. After all, Social Security isn't just a check. It's a decision that can impact your financial future for decades. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 8 Social Security Mistakes Gen X Needs To Avoid
Yahoo
5 days ago
- Business
- Yahoo
8 Social Security Mistakes Gen X Needs To Avoid
As Generation X edges closer to retirement, Social Security decisions are becoming more relevant, and possibly more complicated. The choices you make in your 40s and 50s can dramatically affect how much income you'll receive later. Be Aware: Read More: From claiming benefits too early to ignoring tax implications, there are several avoidable mistakes that could shrink your monthly check or leave you financially unprepared. Here are the biggest Social Security pitfalls Gen Xers should avoid, according to financial experts, planners and attorneys. For many Gen Xers, taking Social Security at 62 seems like the default move. But experts warn that this could lock you into lower benefits for life. 'Claiming at 62 might feel like a head start, but it's often a long-term budget killer,' said Andrew Latham, certified financial planner (CFP) at SuperMoney. 'You lock in a permanent reduction, up to 30% less than your full benefit.' While early claiming may be necessary in some situations, such as poor health or lack of income, Dr. Shawn DuBravac, CEO and president of the Avrio Institute, emphasizes the long game: 'Filing too early can put unnecessary pressure on your financial future,' especially with longer life expectancies and the potential for a 30-year retirement. Find Out: Many Gen Xers plan to work part-time or consult in early retirement. But if you collect Social Security before your full retirement age, those earnings could reduce your benefits. 'If you're under full retirement age, Social Security deducts $1 from your benefits for every $2 you earn above a certain limit,' said Ashley Morgan, attorney, tax resolution expert and founder of Ashley F Morgan Law. 'In 2025, that limit is $23,400.' In short: Working while claiming can create a lose-lose situation unless you're strategic. Even self-employment income can come back to bite if you don't track and report it correctly. A surprisingly common misstep? Relying solely on Social Security to cover your retirement. 'Another common misstep is assuming Social Security benefits alone will be enough. It likely won't be,' said Dr. DuBravac. 'Delaying benefits and building diversified income streams through other retirement like IRAs or [401k plans] can lead to significantly greater financial stability down the road.' William Connor, certified financial advisor (CFA,) CFP and partner at Sax Wealth Advisors agreed: 'Social Security should be viewed as one piece of a multi-pronged approach to retirement income.' Social Security benefits are calculated based on your 35 highest-earning years. If there are mistakes or gaps in your earnings history, your future checks could take a hit. 'Gen Xers should create an account with the Social Security Administration and review your earnings history,' said Connor. 'Inaccurate records can lead to reduced benefits.' Ashley Morgan echoed this: 'Previously, the SSA mailed out earning reports. Now, you have to go online and check yourself. Getting errors fixed is much easier sooner than later.' If you're self-employed and routinely deduct business expenses to lower your tax bill, you may also be shrinking your future Social Security benefits without realizing it. 'Your Social Security benefit is based on your taxable income,' said Morgan. 'So writing off too much may reduce the income you're reporting to the SSA, and thus, your future payout.' Worse, if you don't report that income within three years, you may not get Social Security credit for it at all. Whether you've been married, divorced or widowed, spousal and survivor benefits can be a lifeline. But many Gen Xers don't realize they're eligible. 'Generally, if your spouse is fully retired and you've reached full retirement age, you may qualify to collect half of their benefit or the full amount as a survivor,' said Morgan. This is especially valuable for stay-at-home parents or those with lower lifetime earnings. Even divorcees could qualify if the marriage lasted 10 years or more and they haven't remarried. With frequent headlines about Social Security's future, it's easy to assume the program will be 'bankrupt' by the time Gen X retires. But that assumption can lead to poor decisions, like early filing out of fear. 'While Social Security does face long-term funding issues, it seems unlikely that the program will be eliminated,' said Connor. 'Gen Xers should plan for a potential reduction — say, 70% of projected benefits — but not assume the entire system will collapse.' Yes, Social Security income can be taxed both at the federal and possibly state level. 'Up to 85% of your benefits can be taxable if your combined income is above a certain threshold,' said Connor. 'High-income Gen Xers need to start thinking now about tax-efficient portfolio withdrawals to reduce the hit.' Dr. DuBravac also warns that without a coordinated drawdown strategy, you could end up paying more taxes than necessary, especially during your highest-earning years. 'Many Gen Xers still believe there is considerable time before they need to focus on retirement planning,' said Connor. 'But waiting reduces options.' Now is the time to run scenarios, check your earnings record, coordinate your retirement accounts, and get a Social Security strategy in place that fits your health, lifestyle and income plans. After all, Social Security isn't just a check. It's a decision that can impact your financial future for decades. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 8 Social Security Mistakes Gen X Needs To Avoid Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-05-2025
- Business
- Yahoo
I'm a Finance Expert: 4 Financial Risks of Co-Signing Loans
When your best friend or family member asks you to co-sign a loan, it's easy to say yes. But what feels like a quick favor turns into a long-term financial burden. Co-signing a loan is more than vouching for someone's creditworthiness. Learn More: Consider This: GOBankingRates spoke with Ashley Morgan, debt and bankruptcy lawyer and owner at Ashley F. Morgan Law, to discuss the financial risks of co-signing loans. A lot of people assume that co-signing means promising to repay the loan when the borrower defaults. However, 'when you co-sign a debt, you are responsible for all the payments in the beginning,' Morgan said. 'This means if the account is charged or in collections, a creditor can collect the full amount from you.' Before you sign the dotted line, ensure that you're in a position to cover the loan payments if anything happens. Find Out: A co-signed loan appears on your credit report. So, any late or missed payments can negatively impact your credit score. 'If it lowers your credit, then it may make it difficult to qualify for your own loans,' Morgan noted. It can also impact your debt-to-income ratio — the percentage of your monthly income that goes toward existing debts. If you're planning to take out a mortgage, buy a car, or even apply for a credit card, lenders might view you as too risky to extend you more credit. What if the person you co-signed for files for bankruptcy? You'd assume the debt is wiped clean, right? No, you're still on the hook. 'If you co-sign for a debt and the other person files for bankruptcy, you're still responsible for the debt,' Morgan warned. 'This means that the original borrower can discharge their obligation on the debt, but yours remains unless you also file for bankruptcy.' You might think you can remove yourself from the loan later, but it's not easy. 'Being removed as a co-signer is difficult. It typically requires refinancing the full debt,' Morgan said. That's why you shouldn't treat co-signing as a short-term favor. It's a long-term financial commitment. More From GOBankingRates Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer 4 Affordable Car Brands You Won't Regret Buying in 2025 Source Ashley F. Morgan Law, 'Ashley F. Morgan Law, PC | Bankruptcy Attorney | Tax Resolution.' This article originally appeared on I'm a Finance Expert: 4 Financial Risks of Co-Signing Loans Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Australian
17-05-2025
- Sport
- The Australian
Caballus back with a bang to claim Ortensia Stakes
Caballus announced his return as a sprinting force with a commanding comeback win at Scone on Saturday. Trainer Bjorn Baker, who once held Everest ambitions for Caballus, has reason to aim high with the four-year-old again after his dominant win in the Listed $200,000 Ortensia Stakes (1100m). This was the same Caballus who showed considerable promise last season but lost his way during the spring with five unplaced runs. He was then gelded and also underwent throat surgery. • PUNT LIKE A PRO: Become a Racenet iQ member and get expert tips – with fully transparent return on investment statistics – from Racenet's team of professional punters at our Pro Tips section. SUBSCRIBE NOW! Baker wasn't at Scone on Saturday but his stable foreman Glen Lobb said Caballus had been hinting for some weeks that he was ready to finally realise his potential. 'Josh Parr has been riding Caballus in his work and about a month ago he said this horse was airborne, he's a different horse after his two surgeries,' Lobb said. 'Caballus had been trialling well and we were confident he would be hard to beat today. 'He had a good run from the inside barrier but he slightly missed the start and had to do a bit of work to get up there. 'Then he over-raced a bit and I was a little worried but when he let down, he let down good. 'The race opened up beautifully for him and he was very impressive. He's in for a good preparation, he's a very nice horse.' Caballus, ridden by Ashley Morgan, was confidently backed into $5.50 equal favouritism and he powered past early leader The Novelist ($13) to win by three-quarters of a length with Firestar ($26) just over a length away third. • Summer Flame ignites with boilover stakes win Ostraka and Pisanello were also sent out $5.50 equal favourites and ran fourth and fifth respectively. Caballus continued the breakout seasons for Baker and Morgan. Baker, who is second the Sydney trainers premiership with 77 wins, has now prepared 25 stakes winners for the season including three at Group 1 level, for stable prizemoney for nearly $24.5 million. Morgan has also had a sensational season. He is nearing a century of wins on all tracks, he rode the first Group 1 winner of his career on Private Harry in The Galaxy, and Caballus was his sixth stakes win. 'It was good to see this horse do that today and hopefully he gets some confidence from that win,' Morgan said. 'I rode him work during the week and when you get the chance to sit on him, you understand why they have such a high opinion of the horse. 'There was so much to like about his effort today, particularly the way he attacked the line. He really wanted to win.'
News.com.au
17-05-2025
- Sport
- News.com.au
Two surgeries have enabled Caballus to turn promise into success with a smart victory in the Listed Ortensia Stakes at Scone
Caballus announced his return as a sprinting force with a commanding comeback win at Scone on Saturday. Trainer Bjorn Baker, who once held Everest ambitions for Caballus, has reason to aim high with the four-year-old again after his dominant win in the Listed $200,000 Ortensia Stakes (1100m). This was the same Caballus who showed considerable promise last season but lost his way during the spring with five unplaced runs. He was then gelded and also underwent throat surgery. Baker wasn't at Scone on Saturday but his stable foreman Glen Lobb said Caballus had been hinting for some weeks that he was ready to finally realise his potential. ' Josh Parr has been riding Caballus in his work and about a month ago he said this horse was airborne, he's a different horse after his two surgeries,' Lobb said. 'Caballus had been trialling well and we were confident he would be hard to beat today. 'He had a good run from the inside barrier but he slightly missed the start and had to do a bit of work to get up there. 'Then he over-raced a bit and I was a little worried but when he let down, he let down good. 'The race opened up beautifully for him and he was very impressive. He's in for a good preparation, he's a very nice horse.' Caballus, ridden by Ashley Morgan, was confidently backed into $5.50 equal favouritism and he powered past early leader The Novelist ($13) to win by three-quarters of a length with Firestar ($26) just over a length away third. Caballus is too good in the Ortensia Stakes at Scone! ðŸ'¥ @AshMorgan6 | @BBakerRacing â€' SKY Racing (@SkyRacingAU) May 17, 2025 • Summer Flame ignites with boilover stakes win Ostraka and Pisanello were also sent out $5.50 equal favourites and ran fourth and fifth respectively. Caballus continued the breakout seasons for Baker and Morgan. Baker, who is second the Sydney trainers premiership with 77 wins, has now prepared 25 stakes winners for the season including three at Group 1 level, for stable prizemoney for nearly $24.5 million. Morgan has also had a sensational season. He is nearing a century of wins on all tracks, he rode the first Group 1 winner of his career on Private Harry in The Galaxy, and Caballus was his sixth stakes win. 'It was good to see this horse do that today and hopefully he gets some confidence from that win,' Morgan said. 'I rode him work during the week and when you get the chance to sit on him, you understand why they have such a high opinion of the horse. 'There was so much to like about his effort today, particularly the way he attacked the line. He really wanted to win.'
