Freedom Financial Planning LLC

06/02/2026

Financial scams may be far more widespread than many people realize.

A recent analysis estimates that Americans lose at least $119 billion annually to scams, a figure significantly higher than official reports suggest. Researchers say the gap exists because many victims never report the crime.

Data from the FBI shows $16.6 billion in reported scam losses in 2024, but studies suggest that only a small portion of cases are actually reported.

Investment-related schemes appear to be the most costly category. These often involve long-running online relationships or messages that eventually encourage victims to send money to fraudulent opportunities.

As technology evolves, scams are becoming increasingly sophisticated, making awareness and caution even more important when responding to unexpected messages, financial offers, or requests for personal information.


Source:

The estimate builds on numbers from the FBI, which are widely believed to capture only a small fraction of the money lost to scams.

05/26/2026

A newly introduced tax deduction aimed at older Americans could reduce taxable income for millions of households.

Under the proposal, individuals age 65 and older could claim an additional $6,000 deduction on their federal taxes. Lawmakers say the measure is designed to provide relief for retirees facing rising living costs.

If enacted, the deduction could apply to both single filers and married couples who meet income requirements. Supporters argue that the change may help offset later-in-life expenses for housing, healthcare, and everyday costs.

Because the proposal is still moving through the legislative process, details, which include eligibility thresholds and how the deduction would be phased in, could still change.

Tax rules can be complex, so it may be helpful to review any updates with a qualified tax professional. I’m always happy to connect if that would be helpful.


Source:

A new tax deduction for senior citizens is kicking in this tax season, potentially providing bigger refunds to millions, the AARP says.

05/19/2026

There's a moment many people experience at some point in their lives.

You're booking a flight. You scroll past the standard seat… and pause at first class.

Not because you have to upgrade.
Not because you're trying to impress anyone.
But because you've worked hard, and you're wondering when you're allowed to start enjoying the perks.

Milestones can shift the way we think about money.
A career high. An empty nest. A major life win. Retirement on the horizon.

Financial discipline matters. So does lifestyle.

The goal isn't reckless spending—and it isn't endless accumulation, either. It's aligning your resources with the life you actually want to live.

Sometimes that means staying in your seat.
Sometimes it means stretching out a little.

If you're navigating what "enjoying the journey" looks like in your own life, we'd be happy to talk it through with you. ✈️

05/12/2026

Thinking about retirement? You're not alone—and the numbers might give you something to think about.

From how much people rely on Social Security to what retirees actually spend, these stats highlight why it’s important to look at the full picture. It’s not about having every answer—it’s about starting a conversation that helps you feel more confident about what’s ahead.

📌 Save this post for later
📩 Share it with someone who’s thinking about their future
💬 Questions? I’m always here to talk things through

05/10/2026

Mom taught me that "waste not, want not."
That grocery lists matter.
That rainy day jars aren't just for spare change; they're one way she prepared for life's "what ifs."

Whether she balanced the checkbook down to the penny or found creative ways to stretch a budget, many of us carry her financial wisdom with us.

What's a money lesson your mom shared that still sticks with you?
Drop it in the comments—we'd love to hear what stayed with you. 💬👇

05/05/2026

Extended care is one of the biggest wild cards in retirement.

Costs vary by location, care type, and health needs—but they've all been rising faster than many realize.

These five insights can help you understand what drives costs and why they often catch retirees by surprise.



Sources:
CareScout, Cost of Care Report, July–December 2024
AALTCI, Long-Term Care Insurance Statistics & Data 2025
EBRI/Greenwald, 2025 Retirement Confidence Survey, April 2025

04/28/2026

Investors are anxious, and with good reason. The unsettling events in the Middle East are dominating the headlines, which can put even the most seasoned investor on edge. Will the number of corrections for the S&P 500 increase to 27 this year?

04/21/2026

What a $5 Frappuccino can teach your teen about building wealth 👇

April is National Financial Literacy Month, and here's a number worth sharing at the dinner table.

If your teen opens a Roth IRA at 18 with $1,000 from a part-time job and adds $1,000 a year, that single account could be worth nearly $500,000 by age 65. Tax-free.
This assumes an 8% annual rate of return.
(This example is hypothetical and for illustrative purposes only. )

Think they can't save $1,000 a year? Skipping the daily Frappuccino more than covers it. ☕

But the best financial education isn't about the math. It's about real decisions with real consequences.

A few things that actually work:

✅ Hand them cash instead of a credit card for shopping. Let them keep what they don't spend.

✅ Give them a clothing budget for the year. If they blow it by October, that's the lesson.

✅ Have the college money talk before they fall in love with a school. As one counselor put it, "Have the conversation before they buy the hoodie."

✅ With the Roth IRA, you can show them that there are certain rules with certain accounts. For example, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½. Also, tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner's death. The original Roth IRA owner is not required to take minimum annual withdrawals.

What's one money lesson you wish someone had taught you earlier? 👇

Please consult with a tax and finance professional before making any decisions.



Sources:
-https://www.calculator.net/roth-ira-calculator.html?cstartingprinciple=1%2C000&cannualaddition=1%2C000&cmax=n&cinterestrate=8&ccurrentage=18&cretirementage=65&ctaxtrate=25&printit=0&x=Calculate -ira-result
-https://www.ngpf.org/blog/advocacy/how-many-states-require-students-to-take-a-personal-finance-course-before-graduating-from-high-school-is-it-6-or-is-it-21/

04/14/2026

A rare Pokémon “Illustrator” card recently sold for $16.5 million, bringing renewed attention to collectibles as a potential alternative asset.

According to data cited in the article, secondary trading card sales volume has nearly doubled over the past two years. The Pokémon index has gained approximately 145% in the past year, compared to roughly 15% for the S&P 500 over the same period.

However, collectibles carry distinct considerations:
➡️Limited liquidity and reliance on auction markets for pricing
➡️Value driven largely by buyer demand
➡️Potentially higher capital gains tax rates (up to 28% for certain items)
➡️Performance that can differ significantly from traditional securities

While some investors explore trading cards, art, wine, and watches for diversification, these items are often viewed as complementary holdings rather than substitutes for broadly diversified portfolios.

As interest in alternative assets grows, understanding both the opportunities and the trade-offs is important.


Source:

AJ Scaramucci thinks trading cards have experienced tremendous growth, and thus they, and other collectibles, are great alternative investments.

04/08/2026

You might be paying more in taxes than you need to—and not even realize it.

From investment timing to account selection, small decisions can have a big impact on your total tax bill. Here are five areas to keep in mind this tax season.