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Preparing for Life’s Certain Uncertainty

February 26, 2025

“Just in case…” – A phrase I often use as I start to tell my husband some information of (usually financial) importance that I’ve filed away with our other important documents. I had a friend use this same phrase recently when updating me of changes to their estate planning situation.

As a CERTIFIED FINANCIAL PLANNER® professional, planning for the ‘just in case’ or unexpected moments in life are usually not far from the top of my mind. Whether it be in the case of death, disability, or even an unexpected illness, being organized and prepared for life’s unexpected is key to any individual or family’s financial success. I also know from my line of work that simply passing this information along when it comes to mind isn’t enough to properly prepare your loved ones for life’s unexpected moments. If you have never thought to organize your documents for life’s certain uncertainty or have done so, but it has been a while since you’ve reviewed, use the steps below to help set your loved ones up for success.

  1. Compile a list of all bank accounts, and account logins where bills may be paid. Gone are the days where each of your bills can be tracked down by a physical statement coming in the mail. To help your loved ones, compile a list of all your recurring bills or accounts as well as login information. Be sure to note which accounts may be set up as an auto draft for a bill or utility payment.
  1. Ensure you have a list of contact information for your financial team (i.e. your financial advisor, CPA, and attorney). As an advisor, I try to send clients with my business card to share with those who may handle their finances should they become incapacitated or pass away. I list this information as well for my personal matters. A quick list of individuals who should be contacted first will make life easier for your loved ones trying to figure out their next steps.
  1. Decide on where and how to organize key documents. Storing this information can be as simple as a binder or folder kept somewhere like a fireproof box or safe within your home. You can also opt for digitally storing this on your computer, a USB, or a cloud-based storage like OneDrive or iCloud. Wherever you decide to store them, include the items listed above as well as your estate documents, deeds or titles, and potentially a list of wishes or notes for your loved ones on where to start.
  2. Tell your closest (and trusted) loved ones where to find this information and openly communicate your wishes. All your efforts and organization are useless if your loved ones aren’t clear on where to find this information. Clearly communicate with those who will be handling your finances on where to find your ‘just in case’ folder and what the code or password may be to access this information. Take it one step further and review your information with them so that your wishes can be made clear.

Remember that this is not a process to review once and never look at again. Whether it be a major life change, an upcoming trip, or simply just because time has passed, take the time to review the documents and information you have compiled to best help your loved ones when life’s changes come your way.

Published in the Victoria Advocate.

Sara Potts is a CFP® professional and Lead Advisor with Keller Wealth Advisors.

https://kellerwealthadvisors.com/wp-content/uploads/2025/02/Discussing.png 247 500 Keller Wealth Advisors http://kellerwealthadvisors.com/wp-content/uploads/2024/04/KellerWA-300x80-1.png Keller Wealth Advisors2025-02-26 01:01:422025-02-24 16:34:18Preparing for Life’s Certain Uncertainty

Educators and Public Servants Finally See Increased Social Security Benefits

February 12, 2025

Let me tell you about Sarah, a long-time kindergarten teacher. Sarah looked forward to a modest retirement supported by her Teacher Retirement System pension and her late husband’s social security benefits. She met with me before announcing her retirement to make sure that she was ready to retire. After reviewing her social security benefits, Sarah was distraught to learn that the Government Pension Offset (GPO) would completely eliminate her Social Security Survivor benefits due to her TRS pension, and the Windfall Elimination Provision (WEP) would substantially reduce her own social security benefits – both of which weren’t reflected on any of her social security statements. Her plans for a comfortable retirement were delayed, but we were able to develop a plan that put her on track again for a successful retirement in a few years. Fortunately, Sarah’s plan just changed for the better.

The Social Security Fairness Act was signed into law on January 5th, 2025, and repealed both the WEP and GPO, retroactive to January 1, 2024. Affected retirees will now receive their full Social Security benefits, and any reductions since January 2024 will be reimbursed. Now, Sarah’s own Social Security benefits and her survivor benefits will be fully restored. Not only will she receive an additional $1,300 per month from Social Security moving forward as a survivor benefit, but she will also receive retroactive payments for the reductions dating back to January 2024.

The WEP and GPO faced criticism for decades, especially since the professions most affected were teachers, police officers, firefighters, and other public servants who often make sacrifices for others. With the elimination of the WEP and GPO, many millions of retirees will see their benefits increase hundreds or even thousands of dollars per month. For Sarah, this change will mean that she can finally retire and enjoy spending more time with her grandchildren.

If you have already filed for Social Security, make sure you have applied for spousal or survivor benefits if applicable. Some workers who’s Spousal or Survivor benefits were eliminated due to the GPO might never have filed for the additional benefit, but might have higher benefits now with the repeal of the GPO. Contact the Social Security Administration to file for Spousal or Survivor benefits now if this is your case.

If you have not yet filed for Social Security benefits, now is the time to revisit your Social Security plan with a CFP® professional. The additional income from restored benefits could impact your optimal timing for claiming Social Security. For example, perhaps you were previously waiting until age 70 to maximize your own benefits, but now with your higher spousal benefits, the best age to file might be 67 because spousal benefits don’t increase past full retirement age. It is important to work with a financial advisor well versed in these issues to ensure your retirement plan accounts for these changes.

Whether you’re already receiving benefits or planning to file, now is the time to act. Consulting with a CERTIFIED FINANCIAL PLANNER® professional can help you navigate these changes and set you on the path to a secure retirement.

David Faskas, CFA, CFP® is the Chief Investment Officer, Chief Financial Planning Officer, and a managing member of Keller Wealth Advisors.

https://kellerwealthadvisors.com/wp-content/uploads/2025/02/SS-Fairness-Act.png 247 500 Keller Wealth Advisors http://kellerwealthadvisors.com/wp-content/uploads/2024/04/KellerWA-300x80-1.png Keller Wealth Advisors2025-02-12 01:01:142025-02-05 16:16:20Educators and Public Servants Finally See Increased Social Security Benefits

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