Michael Lyubinsky - Financial Advisor

Michael Lyubinsky - Financial Advisor Michael Lyubinsky is a CFP® specializing in comprehensive financial planning

Nearly half a million Americans were victims of tax identity theft in 2024. Could you be next?Here’s how it happens:A sc...
06/03/2025

Nearly half a million Americans were victims of tax identity theft in 2024. Could you be next?

Here’s how it happens:

A scammer uses your personal info—like your Social Security number—to file a fake tax return and claim a refund.

When you file your real return, it’s rejected. Then comes the paperwork, delays, and frustration.

The good news: according to a 2025 report in “The Wall Street Journal”, there’s a simple way to protect yourself.

• The IRS offers a six-digit Identity Protection PIN (IP PIN) designed to prevent fraud. If a return is filed without the proper IP PIN, it’s automatically rejected.

• This PIN is unique, is changed annually, and can even be issued for your dependents.

• It also helps manage delays caused by “false positives”—returns that are flagged incorrectly for fraud.

If you filed an extension and plan to submit your return by October, now’s the time to take action. Taking this small step now could help you avoid a major headache later.

This post is not a substitute for professional advice. If you have more questions, we encourage you to consult your tax, legal, or accounting professional.

Here’s a question for everyone…What makes for a truly happy retirement? For many, retirement starts with financial prepa...
05/26/2025

Here’s a question for everyone…

What makes for a truly happy retirement?

For many, retirement starts with financial preparation—but the happiest retirees go beyond the numbers. Finding fulfillment, purpose, and joy in this next chapter is just as important as funding it.

According to MassMutual’s 2024 Retirement Happiness Study, the retirees who report the greatest satisfaction are:

• Spending quality time with loved ones (76%)
• Staying active with regular exercise (70%)
• Pursuing meaningful hobbies (63%)
• Embracing travel opportunities (62%)

The transition into retirement isn’t just about having enough—it’s about knowing how to enjoy it to the fullest.

Last week, equity and bond markets experienced a rally as the U.S. administration softened its stance on trade. Be sure ...
05/01/2025

Last week, equity and bond markets experienced a rally as the U.S. administration softened its stance on trade. Be sure to check out this week’s market perspective for key insights across market segments, asset classes and more. https://s3.amazonaws.com/static.contentres.com/media/documents/602e3f6e-5053-4b68-8ede-be178fbd76be.pdf

College acceptances are rolling in!But what’s the true cost of higher education? It goes far beyond tuition.Many familie...
04/22/2025

College acceptances are rolling in!

But what’s the true cost of higher education? It goes far beyond tuition.

Many families don’t realize that room and board, travel, books, and ad hoc expenses (think ride-shares and late-night food delivery) can add $10- $20k!

Here are some things we suggest our clients look out for:

• Financial Aid Isn’t Always Clear – Award letters vary, making comparisons tricky. Knowing how to analyze and appeal aid can make a big difference.

• Not All Loans Are Equal – Federal loans can have lower rates (6.53% for undergrads in 2024-25). Parent PLUS Loans come with 9.08% interest and are the parent's responsibility. Understanding the options is key.

• 529 Plans Require Smart Withdrawals – Timing matters. Missteps can lead to unexpected taxes and penalties.

A 529 plan is a tax-advantaged college savings plan. Before choosing a plan, it's important to consider not only the state tax treatment but also any associated fees and expenses. Availability of a state tax deduction will depend on your state of residence, as state tax laws and treatment may vary from federal tax laws. If you make nonqualified distributions, earnings will be subject to income tax and a 10% federal penalty tax.

• College Rankings Aren’t Everything – Prestige fades, but career success can ultimately depend more on a student’s major, experience, and skill set than the name on the diploma.

If you’d like to review your college saving strategy, feel free to message us.

Wishing you a joyful and blessed Easter!Easter is a time of renewal, hope, and gratitude—a reminder of new beginnings an...
04/20/2025

Wishing you a joyful and blessed Easter!

Easter is a time of renewal, hope, and gratitude—a reminder of new beginnings and the blessings that surround us. May your day be filled with peace, love, and time with those who matter most.

Heightened volatility persisted last week, this time to both the up and downside as markets reacted to the news of pausi...
04/17/2025

Heightened volatility persisted last week, this time to both the up and downside as markets reacted to the news of pausing reciprocal tariffs. Read this week’s market perspective for more highlights about the fixed income, equity, and alternative markets.https://s3.amazonaws.com/static.contentres.com/media/documents/b7632be0-e3a8-46c1-8e87-49a03533cd2c.pdf

With taxes top of most people’s minds…Have you ever wondered how long you should keep your tax records?According to the ...
04/17/2025

With taxes top of most people’s minds…

Have you ever wondered how long you should keep your tax records?

According to the IRS, here are the guidelines:

• Basic tax records: Keep for 3 years after filing

• Employment tax records: At least 4 years

• Unreported income documents: 6 years if over 25% of gross income

• Loss from securities: 7 years

Some records (like property-related documents): Keep until you dispose of the asset

Before discarding any records, check if other entities (like insurance companies or creditors) require them for longer periods.

Remember, the IRS is providing this information as a general guideline. Consult with your tax, legal, or accounting professional before changing any of your record-keeping SOPs.

Thinking about starting a consulting business when you retire?You’re not alone…Some retirees are leveraging their expert...
04/14/2025

Thinking about starting a consulting business when you retire?

You’re not alone…

Some retirees are leveraging their expertise to launch consulting businesses, but it’s not as simple as it seems.

According to a 2024 article in The Wall Street Journal, transitioning into consulting requires more than experience—it requires careful preparation, market awareness, and a clear value proposition.

Key takeaways from the article:

• Start preparations before retirement
• Begin part-time while still working
• Proactively maintain and nurture industry connections
• Leverage your professional network

Remember: A successful retirement isn't just about leaving work—it's about moving toward what excites you next. Consulting is an excellent option for some retirees!

As Passover begins, we extend our warmest wishes to our Jewish friends, colleagues, and clients celebrating this sacred ...
04/12/2025

As Passover begins, we extend our warmest wishes to our Jewish friends, colleagues, and clients celebrating this sacred holiday.

Passover (Pesach) commemorates the liberation of the Israelites and their exodus from Egypt—a profound story of freedom that has inspired generations.

For eight days, Jewish families and communities will:

• Gather for Seders to retell this ancient story
• Share traditional meals and customs
• Reflect on themes of freedom and gratitude
• Celebrate renewal and hope

To those observing: May your Passover be filled with peace, joy, and meaningful moments with loved ones.

Chag Pesach Sameach! (Happy Passover!)

How much money do Americans think they need to be wealthy?According to a 2024 Schwab wealth survey, most Americans say i...
04/08/2025

How much money do Americans think they need to be wealthy?

According to a 2024 Schwab wealth survey, most Americans say it takes $2.5 million to feel wealthy—an increase of $300,000 from the previous year.

Interestingly, the amount deemed necessary to "live comfortably" has decreased to $778,000 from the previous year's $1 million. This suggests that while the benchmark for wealth has risen, many individuals feel content with less.

The happiest respondents focus on:

• Comfortable daily living – Having enough to cover expenses without stress

• Financial preparation – Knowing they can handle unexpected costs

• Time freedom – The ability to enjoy life without being tied to work

At the end of the day, wealth is personal—and financial confidence comes from a strategy that supports the life you want to live.

What does financial well-being mean to you? Drop your thoughts below!

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