IRMAA stands for Income-Related Monthly Adjustment Amount, and it applies to Medicare Part B and Part D premiums. In layman’s terms, if your modified adjusted gross income is above a certain level, there is an additional surcharge to your Medicare Part B and Part D premiums. Unless you like paying more for Medicare, IRMAA is something you would want to avoid, if possible.

As we come to the end of the calendar year, people love to put together an end-of-year checklist for things that normally get overlooked throughout the rest of the year. Just as importantly, there are some opportunities that simply go away (at least for that calendar year) come December 31. If you’re looking to tidy up your finances going into the new year, here are ten places to start.

Simply put, a beneficiary designation tells a financial institution (such as a bank, brokerage firm, or insurance company) what to do with your financial assets if you pass away.

The way we see things, the work doesn’t stop just because we’ve helped our clients tackle the problems that brought them to our door. We’re always looking for ways to add value to our clients’ lives. And sometimes, the best thing we can do is be there during those important life events when they need us the most. Here are 7 examples of those significant life events that we help our clients with.

Most people might believe that taxes should be left to the accountants. At Lawrence Financial Planning, we believe that most tax returns should be prepared by a tax professional. But we also believe there are many tax-related things a financial advisor can (and should) do for their clients. That’s why we help our clients each year with tax planning.

When you retire, things change. After all, you no longer have the stability that comes from having a steady job or owning your business. And the simple mindset of “spend less than what you earn” no longer applies. So, you might have more questions than answers as you enter this new phase of life.