"Ham and Cheese" Breakfast Casserole

Yield
Serves 6 to 8

Ingredients

4 cups (loosely packed) day-old challah or other egg-enriched bread (3/4-inch cubes) 2 tablespoons olive oil, divided
1 medium yellow onion, thinly sliced 3/4 teaspoon kosher salt, divided 1/4 teaspoon granulated sugar
8 ounces thickly sliced pancetta, diced 6 large eggs
1 1/2 cups whole milk
1/2 teaspoon dry mustard
1/4 teaspoon freshly grated nutmeg 2 teaspoons fresh thyme leaves
1/4 teaspoon freshly ground black pepper
1 cup grated Gruyère cheese (about 4 ounces)

Instructions

Grease an 8-inch square baking dish (or another 1 1/2-quart to 2-quart baking dish) and spread the cubed bread in the bottom.

Heat 1 tablespoon of the oil in a medium skillet over medium heat until shimmering. Add the onions, 1/4 teaspoon of the salt, and sugar. Cook, stirring occasionally, until lightly caramelized (a medium golden-brown color), about 15 minutes.

Meanwhile, in another heavy skillet, heat the remaining 1 tablespoon oil over medium heat and sauté the pancetta until the fat is almost all rendered and it

begins to get crisp, about 8 to 10 minutes. Transfer to a paper towel-lined plate to drain.

Whisk the eggs, milk, dry mustard, nutmeg, thyme, remaining 1/2 teaspoon salt, and pepper together in a large bowl.

Spread the pancetta over the bread cubes, then layer the onions on top. Sprinkle grated Gruyère on next, and then pour the egg mixture over the entire thing.

Press down on the top gently, so that all of the bread cubes get soaked a bit with the egg mixture. Cover and refrigerate overnight.

Arrange a rack in the middle of the oven and heat to 350°F. Take the casserole out of the refrigerator so it can warm on the counter while the oven preheats.

Bake, uncovered, until the edges are bubbling and the top begins to brown, 35 to 50 minutes. The baking time will be greatly dependent on the depth of dish you use. Check the interior with a knife; if it comes out clean the bread custard is baked through. (Cover with aluminum foil near the end of cooking if the top is already browned.)

Recipe notes

Make ahead: The casserole can be assembled, covered tightly with aluminum foil, and refrigerated overnight before baking. Uncover and bring to room temperature before baking.
Storage: Leftovers can be stored in an airtight container in the refrigerator for up to 4 days.

URL to article:  https://www.thekitchn.com/recipe-make-ahead-ham-and-cheese-breakfast-casserole-43364

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Social Security increases benefits by 8.7% for 2023

This cost of living adjustment represents the largest increase in 40 years.

The Social Security Administration has announced a cost-of-living adjustment (COLA) to recipients’ monthly Social Security and Supplemental Security Income benefits. More than 65 million Americans will see the 8.7% increase in their payments beginning in January of 2023.

“We haven’t seen a cost-of-living adjustment like this since the early 1980s,” says Jim Kidney, Raymond James financial planning consultant. “It will provide welcome relief for Social Security recipients to help combat recent inflation.”

The increase – significantly higher than last year’s 5.9% COLA and the largest since the 11.2% adjustment in 1981 – is tied to the consumer price index for urban wage earners and clerical workers and was put in place to ensure the purchasing power of these benefits isn’t eroded by rising price levels over time

According to the Social Security Administration, on average, retired workers currently collect $1,681 per month in Social Security payments, or roughly $20,172 per year. The 8.7% COLA will add about $146 per month to those payments or $1,752 for the year.
Keep in mind all federal benefits must be direct deposited. So if you haven’t already started receiving benefits, you need to establish electronic transfers to your bank or financial institution. Contact your financial advisor for more information.

Source: Social Security Administration

The consumer price index for urban wage earners and clerical workers is a monthly measure of the average change over time in the prices paid by urban wage earners and clerical workers for a market basket of consumer goods and services.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Make your final tax saving moves before Dec 31

Proactive investors know that the months before year-end can be an ideal time to make strategic adjustments.

While keeping in mind your long-term investment goals, meet with your advisor and coordinate with your tax professional to examine nuances and changes that could impact your typical year-end planning.

Mind your RMDs

Be thoughtful about required minimum distributions (RMDs) to ensure that you comply with the rules – especially as some of those rules have shifted throughout the course of the pandemic.

Investors that reach a certain age – 70 1/2 for those born before July 1, 1949; 72 for those born after – are required to take RMDs from their IRAs. You’ll face a hefty 50% tax penalty on amounts not withdrawn from your IRA to meet the RMD, so be sure to speak with your advisor to ensure you’ve met your obligations.

A few reminders for future distribution planning:

• RMDs can be automated with your advisor to help ensure you don’t miss applicable deadlines.
• Your first RMD can be delayed until April 1 of the year after you turn 72. If you delay, however, you must also take your second RMD in the same tax year. This can inflate your income, which may affect your tax bracket.
• Subsequent RMDs must be taken no later than December 31 of each calendar year.
• Qualified charitable distributions allow traditional IRA owners who transfer RMDs to qualified charities to exclude the amount donated from their adjusted gross incomes, up to $100,000.
• Be mindful of how taking a distribution will impact your taxable income or tax bracket. If you have space left in your bracket or a down income year, you may want to consider taking additional distributions.

To harvest or not to harvest

Evaluate whether you could benefit from tax-loss harvesting – selling a losing investment to offset gains. The first $3,000 (single or married filing jointly) offsets ordinary income. Excess losses also can be carried forward to future years. With your advisor, examine the following subtleties when aiming to decrease your tax bill:

• Short-term gains are taxed at a higher marginal rate; aim to reduce those first.
• Don’t disrupt your long-term investment strategy when harvesting losses.
• Be aware of “wash sale” rules that affect new purchases before and after the sale of a security. If you sell a security at a loss but purchase another “substantially identical” security – within 30 days before or after the sale date – the IRS likely will consider that a wash sale and disallow the loss deduction. The IRS will look at all your accounts – 401(k), IRA, etc. – when determining if a wash sale occurred.

Manage your income and deductions

Those at or near the next tax bracket should pay close attention to anything that might bump them up and plan to reduce taxable income before the end of the year.

• Determine if it makes sense to accelerate deductions or defer income, potentially allowing you to minimize your current tax liability. Some companies may give you an opportunity to defer bonuses and so forth into a future year as well.
• Certain retirement plans also can help you defer taxes. Contributing to a traditional 401(k) allows you to pay income tax only when you withdraw money from the plan in the future, at which point your income and tax rate may be lower or you may have more deductions available to offset the income.*
• Evaluate your income sources – earned income, corporate bonds, municipal bonds, qualified dividends, etc. – to help reduce the overall tax impact.

Evaluate life changes

From welcoming a new family member to moving to a new state, any number of life changes may have impacted your circumstances over the past year. Bring your financial advisor up to speed on major life changes and ask how they could affect your year-end planning.

• Moving can significantly impact tax and estate planning, especially if you’ve relocated from a high income tax state to a low income tax state, from a state with a state income tax to one without (or vice versa), or if you’ve moved to a state with increased asset protection. Note that moving expenses themselves are no longer deductible for most taxpayers.
• Give thought to your family members’ life changes as well as your own – job changes, births, deaths, weddings and divorces, for example, can all necessitate changes – and consider updating your estate documents accordingly.

Next steps

Consider these to-do’s as you prepare to make the most of year-end financial moves, and discuss with your financial advisor and tax professional:

• Manage your income and deductions, paying close atten­tion to your marginal tax bracket.
• Evaluate your investments, keeping in mind whether you could benefit from tax-loss harvesting.
• Make a list of the life changes you and your family have experienced during the year.
  *Withdrawals prior to age 59 1/2 may also be subject to a 10% federal penalty tax. RMDs are generally subject to federal income tax and may be subject to state taxes. Consult your tax advisor to assess your situation. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Making the most of Medicare's open enrollment period

Ask yourself a few questions to make sure you're getting the most from Medicare.

Mark your calendar for Medicare’s open enrollment season: between Oct. 15 and Dec. 7, you are able to make changes to your Medicare Advantage plan and prescription drug coverage.

During this time, you can change from Original Medicare to a Medicare Advantage plan or vice versa or switch from one Medicare Advantage plan to another Medicare Advantage plan. You can also join a Medicare Advantage or Medicare prescription drug plan for the first time, or drop your drug coverage completely.

Even if you’re satisfied with your current plan, open enrollment presents a great opportunity to make sure you’re getting the most out of Medicare. Every year you should compare your current plan to other plans in your area in case another plan offers better health and/or drug coverage at more affordable prices.

The coverage provided by insurance companies often changes each year and could result in paying more out-of-pocket on healthcare expenses throughout the year. Here are some tips to help you get started.

• Ask yourself some important questions: Have your needs changed? Is your current coverage adequate? Will the cost of your current plan be going up? Are there comparable, lower-cost plans available?
• Review the annual notice of change from your current plan provider. You should receive this in September.
• If you have a Medicare Advantage plan, make sure your doctor is still accepting your particular plan next year. If your doctor is out of network, you will have to choose a new plan or pay higher out-of-pocket costs.
• Carefully review your plan for prescription drug coverage and determine your copayment and coinsurance costs.
• If you switch from a Medicare Advantage plan to Original Medicare, you will want to join a stand-alone Part D plan to get Medicare drug coverage.
• Compare plans using the Medicare Plan Finder at medicare.gov.
• Get one-on-one assistance from the State Health Insurance Assistance Program.
• Call the Medicare Rights Center at 800.333.4114 for free counseling.
• All changes to your Medicare plan will take effect Jan. 1 of the next year.

Medicare decisions can be complicated. If you have any questions about open enrollment, or if you’d like to discuss how healthcare costs factor into your overall financial plan, please contact your financial advisor.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Weave more of what you love into everyday life

How to mindfully incorporate your favorite things in your day to day

A recent study found that Americans rated listening to their favorite song, enjoying a nice dinner and watching their favorite movie as the top three “little things” that bring joy. While they’re all pretty easy to incorporate into life, more than half of those polled said they don’t enjoy life’s simple pleasures enough and others felt like they don’t have enough time to.

Sometimes we take little moments for granted if we’re not plugged in (or unplugged, rather) and being mindful. It’s easy to harp on the negatives, but positive thoughts have more power than you think – and it doesn’t have to be a grand gesture to count.

Identify what makes you happy
Flowers delivered on our birthday make us smile, but did you ever think about visiting a flower shop to pick out your own once a month? The idea is to slow down enough to recognize those moments of joy and seek to replicate them more often.

Sometimes finding the positive means feeling the negative first. You can counteract the feelings of longing, like missing your kids during a day at the office, with something good. Frame a bunch of goofy family photos that make you laugh (they say it’s the best medicine, after all), then set them up all over your workspace.

Incorporate simple pleasures in everyday life
We’re glued to our smartphones (potentially a problem in and of itself), so use its features to remind you of the little things that make you happiest. You can use your notes app to jot down what made you smile throughout the day. It’ll become a go-to list to look at when you’re in need of a boost. (There’s something particularly powerful about writing them down – or typing them out – that makes them stick in your memory.) Sit on the front porch with a cup of coffee, take a walk in the park or make a home-cooked meal … you get the gist.

Most small moments don’t need a big budget, but there are some you’ll want to plan for – like exploring somewhere new or luxury bed linens (both of which made a top 50 list of simple pleasures). If that pressed crease in your pants puts a smile on your face, work a weekly dry-cleaning visit into your budget.

While it’s human nature to have what psychologists call “negativity bias” (a totally normal way your brain protects you from future harm), pessimism can take its toll. Balance that with a small dose of joy now and again, and you may just find yourself walking lighter.

Next steps
If you’re looking to retrain your brain to seek out the simple pleasures in life:

• Focus on the good things, no matter how small and even in the most challenging of situations
• Keep a gratitude journal to hold you accountable for practicing thankfulness daily
• Prioritize what makes you feel happy by setting aside time, energy and a budget to see those things through

Sources: slh.com; healthline.com; huffpost.com

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.