When:
March 25th, 2026
3:00 pm Eastern; 12:00 pm Pacific
~45 minutes & Q/A included

How: Zoom Meeting
Recorded and able to retrieve for one week

Cost: Free to ongoing clients; $10 per session for guests

Email us for the recording!

Buying Your Next Home Before You Sell

Hosted by: Cynthia Flannigan, CFP®

Guest commentator: Lee Chieng

Certified Mortgage Advisor, General Mortgage Capital Corp

This Chalk Talk is designed for homeowners who are preparing for an important life transition: selling a long-time family home and purchasing a new home for the next chapter of retirement. But timing can be tricky. What happens if you find the perfect downsized home before your current home sells? Or if you want to avoid making your purchase contingent on selling first?

In this session, we’ll walk through:

1. What are the common obstacles homebuyers are facing when they decide to buy before they sell?
2. What are the financing options available?
   • Bridge loan
   • Equity line or equity loan
   • Pledged assets
3. The costs, timelines, and qualification requirements for each option
4. The advantages and potential risks to consider

Lee Chieng is an accomplished loan officer with a strong background in the mortgage industry. With over two decades of experience, she has been assisting clients in achieving their homeownership dreams since 2002. Lee possesses extensive knowledge of both traditional and non-traditional home mortgages, as well as expertise in government-backed loans such as FHA and VA.

In addition to her expertise in traditional, conventional, and government loans, Lee is well-versed in catering to the unique needs of investors and individuals with non-traditional income sources. She understands that not all borrowers fit the standard criteria and is proud to offer Non-QM loan programs tailored specifically for these situations. Lee is committed to providing options and solutions to clients who may have faced financial challenges in the past or have unconventional financial profiles.

Furthermore, Lee is highly knowledgeable in the complexities of reverse mortgages. She understands that homeowners in their golden years may have different financial needs and can benefit from a reverse mortgage. Lee’s reverse mortgage program is designed to provide financial flexibility and stability for seniors aged 62 and older. Whether her clients are looking to supplement their retirement income, cover healthcare expenses, or simply enjoy their retirement years to the fullest, she offers tailored solutions to meet their specific needs. Lee takes the time to educate her clients about the pros and cons of reverse mortgages, ensuring they have a comprehensive understanding of this specialized financial product.

Throughout her career, Lee has helped numerous clients with diverse backgrounds and unique circumstances achieve their homeownership goals. She believes in building trust and lasting relationships with her clients, always putting their best interests first. Lee’s commitment to providing exceptional service means that she goes the extra mile to educate her clients about the various options available to them. Her goal is to empower her clients to make informed choices that align with their financial objectives.

You may contact Lee at 415-569-2119 or by e-mail at lchieng@gmccloan.com to learn more!

The post Chalk Talk: Buying Your Next Home Before You Sell appeared first on MainStreet Financial Planning.

• Transfer cash held in digital wallets like Venmo, PayPal and Cash App to your bank account monthly.
  • Benefit: Funds held in these apps are not FDIC insured. Moving them protects your money—and allows it to earn interest.
• Vacuum out your dryer vent at least annually.
  • Benefit: Your dryer runs more efficiently, and more importantly, you significantly reduce the risk of a house fire.
• Make a credit card payment twice a month.
  • Benefit: Your credit score could increase by lowering your credit utilization rate before the lender reports your balance to the credit bureaus.
• Take photos of your ID, passport, and credit cards and store them in a hidden folder on your phone.
  • Benefit: If items are lost or stolen, you’ll have quick access to important details and customer service numbers securely stored in a password-protected Hidden/Locked/Secure folder.
• Write a postcard to a friend you haven’t spoken to in a while. A stamp for the standard domestic postcard (4 ¼” high by 6” long) costs $0.61.
  • Benefit: Staying socially connected can reduce loneliness and positively impact your long-term health and happiness!

At the end of the day, progress doesn’t come from grand resets—it comes from small, repeatable choices that quietly stack in your favor. Whether it’s reconnecting with someone you care about, protecting your money, improving your safety, or strengthening your financial footing, these simple to-dos are easy to overlook but powerful when practiced consistently.  If your New Year’s intentions wobbled a bit, that’s okay—consider this your reminder that a reboot is always available, and even the smallest habits can make a meaningful difference over time.

Related reading:

Good Habits Need Good Techniques — a practical look at how to build habits that actually last.

The post Good Habits for the New Year appeared first on MainStreet Financial Planning.

Here’s what you need to know to avoid Medicare late enrollment penalties while continuing to work past age 65.

Understanding Medicare Parts and Potential Penalties

Medicare consists of several parts, and not all of them are mandatory at age 65. But delaying enrollment in certain parts without proper coverage can result in permanent financial penalties.

Do You Need to Enroll in Medicare at Age 65?

That depends on your current health insurance:

• If your employer (or your spouse’s) has 20 or more employees, and you’re actively working, you can delay enrolling in Medicare Part B and D without penalty. The employer’s plan is considered creditable coverage, meaning it meets Medicare’s standards.
• If the employer has fewer than 20 employees, you generally must enroll in Medicare when you turn 65. In this case, Medicare becomes your primary insurance, and delaying could lead to gaps in coverage and penalties.

When You Retire: Use the Special Enrollment Period (SEP)

Once you stop working or lose employer coverage (whichever happens first), you enter what Medicare calls a Special Enrollment Period. This allows you to sign up for Medicare without facing penalties.

• You have 8 months to enroll in Part B after your employment or group coverage ends.
• You have 63 days to enroll in Part D after your drug coverage ends.

Failing to enroll within these windows can trigger the penalties listed above.

Key Steps to Avoid Penalties

1. Confirm Your Employer Coverage Is Creditable
   Talk to your HR or benefits administrator to confirm whether your current plan counts as creditable coverage for Medicare Parts B and D.

• Creditable coveragemeans the employer health plan is at least as good as Medicare.
• If your current employer coverageis creditable, you may be able to delay enrolling in Medicare Part B and/or Part D without penalties.
• If it’snot creditable, you need to enroll in Medicare when first eligible to avoid penalties and coverage gaps.

1. Gather the Required Paperwork
   When you retire and apply for Medicare Part B, you’ll need to submit Form CMS-L564 (Request for Employment Information), signed by your employer. This proves you had coverage and qualifies you for penalty-free late enrollment.
2. Time Your Enrollment Carefully
   Enroll during your Special Enrollment Period instead of using the General Enrollment Period (January 1–March 31), which may result in a coverage gap and penalties. Also, COBRA isn’t considered group health plan coverage, so again, use the Special Enrollment Period!

Should You Enroll in Medicare Part A at 65?

Many people enroll in Medicare Part A at 65, even while working, because:

• It’s free if you or your spouse worked and paid Medicare taxes for at least 10 years.
• It can serve as secondary insurance to your employer plan.

However, if you have a Health Savings Account (HSA) and want to continue contributing to it, do not enroll in any part of Medicare, including Part A. Once you enroll, you can no longer contribute to your HSA.

Working past 65 doesn’t mean you’ll be penalized by Medicare — but it does require some proactive planning. By understanding your coverage, and acting during the correct enrollment windows, you can avoid costly mistakes and ensure a smooth transition when you’re ready to retire.

Go to www.medicare.gov for more information and download the Medicare and You handbook. These resources can answer many of your questions about enrolling for Medicare.

The post How to Avoid Medicare Penalties When Working Past 65 appeared first on MainStreet Financial Planning.

Inflation – The rate at which prices for goods and services rise, decreasing purchasing power. Moderate inflation is normal, but high inflation can be problematic.

An example of inflation is the U.S. inflation surge in 2021-2022 following the COVID-19 pandemic. During this period:

• Prices of goods and services rose rapidly, with inflation peaking at 9.1% in June 2022, the highest in over 40 years.
• Supply chain disruptions from the pandemic led to shortages, increasing costs for goods like cars, electronics, and food.
• Government stimulus programs and low interest rates boosted consumer demand, adding to price pressures.
• Energy prices soared due to geopolitical factors, including the Russia-Ukraine war, making transportation and heating more expensive.

The Federal Reserve responded by raising interest rates aggressively to slow inflation, eventually bringing it down in 2023.

Deflation – A decrease in the general price level of goods and services, often indicating weak demand and economic trouble.

An example of deflation is the Great Depression (1929–1939) in the United States. During this period:

• Prices of goods and services fell significantly.
• Wages declined, leading to lower consumer spending.
• Businesses reduced production and laid off workers.
• The money supply contracted due to bank failures, reducing available credit.

Deflation is dangerous because it can lead to a downward economic spiral where people delay purchases expecting lower prices, further reducing demand and slowing economic growth.

Disinflation refers to a slowdown in the rate of inflation, meaning prices are still rising, but at a slower pace than before. It’s different from deflation, which is when prices actually drop.

An example of disinflation is the U.S. economy in the early 1980s under Federal Reserve Chairman Paul Volcker. During this period:

• Inflation was high in the late 1970s, exceeding 10% annually due to oil price shocks and loose monetary policy.
• The Federal Reserve raised interest rates aggressively, peaking at around 20% in 1981, to slow inflation.
• Inflation gradually declined from over 10% in 1981 to around 3-4% by 1983, but prices still increased—just at a slower rate.
• Economic growth slowed briefly, leading to a recession (1981-1982), but inflation was successfully controlled.

This period is a classic example of disinflation because inflation was reduced without turning into deflation (where prices actually decrease).

Stagflation – A rare combination of stagnant economic growth, high unemployment, and high inflation.

An example of stagflation is the 1970s oil crisis in the United States. During this period:

• High inflation: Oil prices surged due to OPEC’s oil embargo (1973), leading to increased costs for goods and services.
• High unemployment: Economic growth slowed, and businesses struggled, leading to job losses.
• Stagnant economic growth: Despite rising prices, GDP growth was weak, creating an unusual combination of inflation and recession

Stagnation – A prolonged period of slow or no economic growth, often with high unemployment.

An example of stagnation is Japan’s “Lost Decade” (1990s-2000s). During this period:

• Economic growth was sluggish: Japan’s GDP growth was minimal despite various government stimulus efforts.
• Low consumer and business confidence: People and companies were hesitant to spend or invest.
• High debt levels: The banking system was burdened with bad loans from the burst of Japan’s 1980s asset bubble.
• Mild deflation: Prices remained stagnant or slightly declined, discouraging spending and investment.

This stagnation persisted for years, leading to prolonged economic weakness despite low interest rates and government intervention.

These terms can be quite similar, so I hope this list helps clarify their meanings and enhances your understanding of the articles you read.

The post What is Inflation, Deflation, Disinflation, Stagflation and Stagnation? appeared first on MainStreet Financial Planning.

1. Freeze Your Credit

If you temporarily unfreezed your credit for a loan or new credit card last year, be sure to re-freeze it now. Freezing your credit is an effective way to protect against identity theft and unauthorized access to your financial accounts.

2. Update Your Home Inventory

Take a few moments to review and update your home inventory, whether you keep it in an app, a spreadsheet, or through photos on your phone. Removing items you no longer own and adding new purchases will ensure your inventory is accurate and ready for insurance purposes if needed.

3. Scrutinize Your Credit Report

Visit annualcreditreport.com to get your free credit reports from the three bureaus: Experian, TransUnion, and Equifax. Verify that the information is accurate and that all your credit cards, store accounts, and loans are properly listed. This will help catch any errors or fraudulent activity. If you notice discrepancies, file a dispute with the relevant credit bureau.

4. Verify Your Social Security Earnings

Your Social Security benefits are based on your earnings record, so it’s crucial to ensure your reported income is correct. Log into myssa.gov to view and confirm your earnings history. If you notice any errors, you can easily request a correction online. For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. Double-checking this annually ensures your record stays accurate for future benefit calculations.

5. Review Your Estate Planning Documents

Take some time to review the key documents in your estate plan, such as your will, power of attorney, and property deeds. Whether they’re stored in physical files or securely stored digitally, it’s important to confirm they’re updated and easy to access should you need them.

6. Revise Your Annual Budget

Look over your budget from the previous year and make adjustments for 2024. Tools like Tiller, Monarch, or YNAB can help you track your spending and ensure you stay within your financial goals. While inflation can increase certain costs, staying aware of your spending is the key to preventing your expenses from creeping up.

7. Prepare for Tax Season

Organize your tax documents in one central location—whether it’s a folder, box, or basket—to avoid scrambling when it’s time to file. You’ll receive a mix of mailed forms, emailed notices, and online documents, so keeping everything in one place will save you time and hassle when tax season arrives.

By checking these key items annually, you’ll stay on top of your financial health and be ready for whatever the year brings. Starting the year with these updates will give you peace of mind, knowing your finances are secure and organized.

The post Start the Year Strong: Get Your Financials in Shape for 2025 appeared first on MainStreet Financial Planning.

Median emergency savings: $600

An Empower study shows Americans have accumulated a median emergency savings of just $600. This varies by age with older individuals saving more.

• Gen Z median savings $200
• Millennials median savings $500
• Gen Xers have median savings $868
• Baby Boomers median savings $1,000

Average credit score in the US: 715

While credit scores tend to be higher for older individuals, according to Experian, the average score in 2023 is 715 which is considered Good credit.

• Poor credit: 300 to 579
• Fair credit: 580 to 669
• Good credit: 670 to 739
• Very good credit: 740 to 799
• Excellent credit: 800 to 850

Retirement savings at age 67: 10x income

Fidelity estimates that you need to save 10 times your income by age 67 to maintain your current lifestyle in retirement.

Fidelity’s guideline:

• Age 30 1x salary
• Age 40 3x salary
• Age 50 6x salary
• Age 60 8x salary

Note that the success of these estimates actually depends on how much you spend as well as factoring in your other income sources.

401(k) account contribution: 8.0% 

In 2023, Capitalize found the average employee-only contribution was 8%; the average dollar amount of employee-only contributions of $5,993.

Average net worth: $1.06 million

The Federal Reserve 2022 Survey of Consumer Finances report found that the average net worth among all households was $1.06 million among U.S. families.

• Ages 18-34, net worth $183.380
• Ages 35-44, net worth $548,070
• Ages 45-54, net worth $971,270
• Ages 55-64, net worth $1.56 million
• Ages 65-74, net worth $1.78 million
• Ages 75+, net worth $1.62 million

Percentage of Americans with a Will: 32%

Caring.com’s 2024 Wills Survey indicates that only 32% of people in America have a will. This is 6% fewer than in 2023

How did you do? Comparing your financial situation to national averages can provide insight into where you stand, but these are not benchmarks or guidelines of where you should be, just where others are. Your personal goals, values, and circumstances play a much larger role in shaping your financial journey. Rather than focusing solely on how you measure up to others, use these averages as a tool to identify areas for improvement or growth. Ultimately, success in personal finance is about creating a plan that works for you and continually adjusting it to meet your evolving needs and aspirations.

The post How Do You Compare to National Averages? appeared first on MainStreet Financial Planning.

What are Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts?

• These types of accounts are custodial accounts which allow you to invest on behalf of a minor until they reach the age of majority. The age of majority is usually either 18 or 21, determined by the state of residence of the custodian.
• UTMAs and UGMAs allow financial investments, but UTMAs also allow property such as real estate. UTMAs may be the only option when opening a new account. Vermont and South Carolina residents can only establish new UGMAs.

Why use this type of account?

UTMAs and UGMAs can transfer wealth to a grandchild, of course, but you can also use them as a learning tool to provide financial education. Gifting even a small amount of money to a UTMA or UGMA and passing along your investment knowledge can give your grandchild a gift more valuable than money that will last a lifetime.

How are UTMAs/UGMAs taxed?

This account is owned by the child, so earnings are generally taxed at the child’s assumed lower tax rate instead of the parent’s rate. This is the power of this type of account.

What is the impact on Financial Aid?

Since these are the child’s assets, there is an expectation that more funds of these funds would go toward the child’s education. Saving for College indicates “20 percent of a student’s assets are counted on the FAFSA, 25 percent are counted on the CSS Profile. Any interest, dividends or capital gains reported on the student’s income tax return is also counted as income on the FAFSA and assessed at 50 percent.” Note: This is not tax-advantaged like a 529 plan.

How can you use the funds in a UTMA/UGMA?

This account can be used for anything! Whether these funds are earmarked for your grandchild’s first car, a downpayment on a home or kickstarting their funds for retirement, these assets will continue to be invested for their goals. If the focus is specifically on education, a 529 Plan may be a better choice in some circumstances, however.

What happens when the grandchild turns the age of majority?

While the grandchild is the minor, you will continue to manage and invest in the UTMA/UGMA. After the age of majority, the grandchild takes over ownership of the account, and it becomes their individual account. This is where the knowledge and financial skills they have learned from you help them to become a responsible and informed investor for their future success.

Where Can You Open a UTMA/UGMA Account?

Ready to get started? Here are three reputable custodians where you can open a UTMA/UGMA account today:

1. Vanguard: Known for its low-cost index funds and long-term investment philosophy, Vanguard is a great option if you’re looking to minimize fees while teaching your grandchild about diversified investing. Open a UTMA/UGMA with Vanguard.
2. Schwab: Charles Schwab offers a user-friendly platform with a range of educational resources, making it a good choice for grandparents who want to engage younger family members in managing their investments. Open a UTMA/UGMA with Schwab.
3. Fidelity: With a strong emphasis on financial education and planning tools, Fidelity is ideal for those who want to teach their grandchildren about investing while providing a wide array of investment options. Open a UTMA/UGMA with Fidelity.

Opening a UTMA or UGMA account for your grandchildren is a wonderful way to contribute to their financial future while also passing on essential money management skills.

Interested in other ways to financially support your loved ones? Check out our article on 5 Ways to Give Your Godchild (or Loved One) a Financial Boost

The post The Benefits of Opening an UTMA/UGMA for Your Grandchildren appeared first on MainStreet Financial Planning.

• Disconnect from the network, wifi, internet immediately and turn off your computer to stop access and any of the malware programs from running.
• Take a minute to breathe. Once you’re not in panic mode, continue on.
• Determine if you have been hacked.

• • Use an anti-virus software to do a scan. Most recommended anti-virus software charge something, and it is worth it to have that protection. There are many other anti-virus software on the market to look at, but company names you’ll see on Consumer Reports lists will include Norton, TotalAV, Aura, McAfee and Bitdefender.
  • Check your system settings to turn off remote access to your computer. Search for Remote Assistance if you have a PC and Remote Login for Mac.
  • Check your computer’s firewall. A firewall prevents unwanted connections from the internet or other networks. You’ll want to make sure this is on, and if anything listed looks suspicious, you should be able to select it from the list and block incoming connections.
  • Also, check if any of the recent activity isn’t something you’ve used. For Windows, go to the Start menu to view recently opened apps, and for a Mac, click the Apple icon and then Recent Items.
• Back up the data and files on your computer in case you no longer have access to it, save in the cloud, an external drive or memory stick.
• Change passwords, make sure the passwords you’ve selected are long, at least 20 characters, and have special characters and wherever possible, set up 2 factor authentication
• If you require professional assistance, consider visiting a local tech support service to have your computer examined in person, rather than opting for online support which typically involves granting remote access where you might run into bad actors posing as computer service firms. I’ve used Best Buy’s Geek Squad in the past! Before you leave, make sure you’ve backed up your data in case they need to reset your computer to its factory settings.
• It is advisable to contact your bank and investment firms to alert them about potential fraud. They can place a note on your account for additional identity confirmation or implement extra security measures like a verbal passcode or security questions.
• Go to all three credit reporting agencies and freeze your credit, also set up a fraud alert.

• Experian, https://www.experian.com
• TransUnion, https://www.transunion.com
• Equifax, https://www.equifax.com

• Keep monitoring your bank, credit cards and computer, and if there were fraudulent charges, report the fraud to https://www.identitytheft.gov

It is unfortunate that fraud happens as often as it does. Taking these steps as soon as suspicions arise can hopefully stop the hacker in their tracks.

The post What to Do If You Suspect Your Computer Has Been Compromised appeared first on MainStreet Financial Planning.

First thing to know, your Social Security benefits aren’t 100% taxable. These are based on income brackets where the benefits could be 50% taxable or if you have higher income, benefits are 85% taxable. That’s quite a difference in tax if your income happens to go over the threshold by even one dollar!

According to the Social Security Administration 2024 brackets listed below, if you:
File a federal tax return as an “individual” and your combined income is

• Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.
• More than $34,000, up to 85% of your benefits may be taxable.

File a joint return, and you and your spouse have a combined income that is

• Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.
• More than $44,000, up to 85% of your benefits may be taxable.

What is combined income, also called provisional income? It is a special formula Social Security uses to determine at which tax rate your benefits will be taxed. The calculation is:

• MAGI, modified adjusted gross income (this is AGI that does not include the taxable portion of Social Security benefits)
• plus nontaxable interest income
• plus 50% of your Social Security benefits for the year

Sum these amounts and see which tax rate for Social Security benefits applies to you. You may want to get your CPA involved to help with the calculations.

If your income sources already push you well into the 85% Social Security taxation rate, you’re already in a higher marginal tax bracket and not concerned about the tax torpedo. For others, there are strategies to reduce the taxable portion of Social Security benefits such as Roth IRA Conversions, delaying Social Security or drawing down more of your tax deferred accounts before filing for Social Security. Reach out to us at MainStreet to discuss how these strategies work.

For other articles on Social Security, see the following:

5 FACTS YOU SHOULD KNOW ABOUT SOCIAL SECURITY RETIREMENT BENEFITS Originally posted by Katherine Edwards on Jun 29, 2023

SHOULD I TAKE SOCIAL SECURITY WHILE STILL WORKING?

Originally posted by Cynthia Flannigan on Apr 8, 2021

The post What is the Social Security Tax Torpedo? appeared first on MainStreet Financial Planning.

After my mom passed, I had been helping my dad get his estate planning documents and other financial activities in order. In fact, when on the phone with his insurance or investment companies, he loved to refer to me as his financial advisor before even mentioning that I was also his daughter. Over the years my dad felt comfortable that everything was in in good hands for when he passed.

Below are some of the items or activities my dad and I did.

• Add data to an Excel spreadsheet.

• • Use a Life Organizer to collect your important data as shown in this Money Tip. I made sure it included a list of my dad’s former addresses, email addresses and phone numbers, personal information like date of birth and Social Security number and military data. After he passed, it was great to be able to not only have everything in one place but where I could copy and paste data instead of constantly retyping.

• Create an address book with the people you want to attend your funeral, including phone numbers.

• • I had a few weeks before my dad’s military funeral was scheduled so I was able to mail letters, however, most of the time the funeral will be coming up pretty quickly and letters are not an option. My dad’s friends greatly appreciated being notified.

• Write your own obituary

• • What is it you want your family and friends to know about you and what you value most? Not only is this task out of the way for those you leave behind but it’s also a good recap of your life so far!

• Make a list of your values or create a letter of intent.

• • This lets your family know what’s important to you or if you have instructions on what you wish your heirs to do with the funds you’ve left them.

• Have a family meeting

• • This is where you can discuss what the documents are, what your family’s responsibilities are, and get on the same page with your wishes if you become incapacitated or pass away. Not everyone is ready to face this topic head-on—be prepared for jokes brushing it off, procrastination or denial.

• Do a test run

• • The worst time to realize your hard work wasn’t actually complete is after you’ve passed and there’s nothing that can be done. So, practice! Have your executor do a test run trying to locate your documents and check they have any needed contact information while you’re still around to fill in the gaps.

My client’s father had his documents in “the red notebook” which I thought was pretty genius. Not only did this notebook contain his letter of intent—instructions for some funds earmarked for the grandchildren towards purchasing a car, but the name “red notebook” will now always refer to a source of all the important information a family needs when someone passes away. Instilled in the next generation, it becomes a legacy passed along to the rest of the family who will also make sure they are as prepared as they can be.

For another article on getting ready for your end of life, see this article on Digital Legacy Planning to organize your online assets.

The post End of Life Planning appeared first on MainStreet Financial Planning.