DuPont Wealth - January 2019

4 THINGS BABY BOOMERS SHOULD KNOW

As baby boomers take one step closer to retirement, there are a few crucial matters to keep in mind.

When you file your taxes jointly and your income is anywhere from $32,000 to

$44,000, you can be faced with a 50 percent tax on your benefits — and 85 percent if it’s over $44,000.

Cost-of-Living Adjustment (COLA) Increase Starting on Jan. 1, 2019, the Social Security cost-of-living adjustment (COLA) will rise 2.8 percent — the most substantial cost of living increase in seven years.This much-needed adjustment gives Social Security retirees an added $39 monthly, or $468 yearly, into their retirement funds.The rise will help families who rely heavily on Social Security funds for most, or all, of their income.

Estate Planning Many people might be uncomfortable planning for what will happen after they’ve passed away, but it’s a step you have to take. Creating an estate plan will

Required Minimum Distributions (RMDs) Affect Taxes

Baby boomers who reach the age of 70 1/2 must start making withdrawals, called RMDs, from their tax-deferred accounts on an annual basis. Individuals who fail to take out the minimum amount of money required will have to pay significant penalties. The money that collected interest over the years without tax deductions will suddenly be under high scrutiny of the IRS. Investors will owe income tax on withdrawals based on their tax bracket, and the income from their withdrawals will be added to the combined income amount Social Security calculates. Taxes on Social Security Benefits Social Security benefits are usually taxed only if an individual has additional income, which includes interest, wages, dividends, and self-employment.

help your loved ones, trustees, and health care providers know what your

wishes are and how to carry them out accordingly. This includes any finances, possessions, and end-of-life health desires. Having a trust in place will also protect your estate from probate court and will keep your finances safe.

If you wish to know more about these and other retirement issues, don’t hesitate to contact our offices at 614.408.0004.

SUDOKU

CITRUS AND AVOCADO SALAD

Winter is the height of citrus season, so it’s a perfect time to experiment with oranges and lemons. Roasting the fruits concentrates their flavor and makes the skins edible, creating a blast of flavor for this winter salad.

INGREDIENTS

1 blood, cara cara, or navel orange, sliced 1/8-inch thick and deseeded 1 Meyer or regular lemon, sliced 1/8-inch thick and deseeded

1/4 small red onion, thinly sliced 2 tablespoons fresh lemon juice

• • • •

1 bunch arugula

1/2 cup fresh mint leaves 1 avocado, cut into wedges Salt and pepper, to taste

4 tablespoons olive oil, divided

DIRECTIONS

1. Heat oven to 425 F. 2. In a rimmed baking sheet, toss citrus slices with 1 tablespoon oil and season with salt and pepper. Roast citrus until lightly charred and caramelized, about 10–15 minutes. Let cool. 3. Meanwhile, in a large mixing bowl, combine onion and lemon juice. Season with salt and let sit for 5 minutes. 4. Add citrus, arugula, and mint to onion mixture. Drizzle with remaining oil, season with salt and pepper to taste, and toss thoroughly. 5. Add avocado, combing very gently to not crush avocado.

Inspired by Bon Appétit

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