Things To Do In SW Florida

By Liz Weston | NerdWallet The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Social Security benefits were once tax-free. That changed in 1983, when Congress decided to tax a portion of benefits for the highest-income recipients.

Back then, fewer than 10% of beneficiaries were affected. Lawmakers failed to update the law to account for inflation, however, so today most Social Security beneficiaries have to pay federal income tax on at least some of their benefits, says Ted Sarenski, author of American Institute of CPA’s “Guide to Social Security Planning.”

There are a few ways to reduce that tax bite, however, especially if you can plan ahead.

How Social Security taxes work

Social Security taxes are based on your annual “combined income.” Combined income comprises:

• Your adjusted gross income, which includes your earnings, investment income, retirement plan withdrawals and other taxable income.
• Any nontaxable interest you receive, such as interest on municipal bonds.
• One half of your Social Security benefits.

For couples filing a joint return, a combined income between $32,000 and $44,000 means up to 50% of benefits may be taxable. For higher combined incomes, up to 85% of benefits may be taxable. Single filers may pay tax on up to 50% of benefits when combined income is between $25,000 and $34,000, and up to 85% of benefits beyond that. read more

Generators should provide power after a hurricane knocks out electricity, not provide a reason for a hospital trip or start a fire. That’s why Generac recalled 64,000 portable generators Thursday.

The problem, as stated in the U.S. Consumer Product Safety Commission recall alert: “The recalled generators’ fuel tank can fail to vent adequately from the rollover valve, causing the gas tank to build up excess pressure and expel fuel when opened, posing fire and burn hazards.”

The alert says Generac admits it has heard about the generators “overheating and pressurizing or expelling fuel when opened” 27 times. Three of those times turned into “severe burn injuries.”

A handle problem causing finger injuries caused Generac to recall generators in 2021 and a re-upping of the recall in 2022 after more injuries were reported.

The current recall covers Generac Portable Generators under type GP15000E, model Nos. G0057341, G0057342, 005734R1, and 005734R2; and type GP17500E, model Nos. G0057351, G0057352, 005735R1, and 005735R2. The model number is on the heat shield between the engine and the alternator. read more

Since 2019 before the pandemic, the number of houses and condominiums for sale at or below the median sales prices in South Florida has plunged.

New figures quantify the extremely tight supply of homes in Miami-Dade, Broward and Palm Beach counties that middle-class homebuyers can typically afford, and show a prime reason why many house hunters haven’t been able to find houses or condos they can afford to buy.

Consistently through the pandemic that began in March 2020, housing experts have said home prices kept soaring in South Florida for myriad reasons, with short supply being the main one. Now, for the first time the Miami Herald has the data to show just how thin the inventory of homes has been, making it highly competitive for many buyers to land affordable homes.

Each of the three counties in the region has seen a drop between 56% and 87% in the inventory of single-family houses and condos listed for sale from July 2019 to July 2023 at or below median sales prices, according to data from the Multiple Listing Service and Ana Bozovic, a real estate analyst and founder of Analytics Miami and Miami Dealsheet. read more

Q: The bonds in my portfolio have struggled lately. What should I be doing with them? – G.I., Orlando

A: As interest rates rise, bond prices typically fall. If you have high-quality individual bonds you still want to hold, you will receive your principal back at maturity if those bond issuers are still viable. But an increase in interest rates also means investors are receiving a better return on newly issued bonds. Consider adding to them as long as they meet your rate of return requirement in the short term.  – Colby Winslow

Q:  How can I help my children get started with investing while stock market values are below market highs? – C.C. Altamonte Springs

A:  Parents or relatives can open a Uniform Transfers to Minor Act account in the name and Social Security number of their child and invest the funds for their child.  When the child turns either age 21 or 25 the child will take over the account.  – Charlie Fitzgerald, III

Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations. read more