Memorable vacations do not happen by chance. They require a certain level of effort and planning to ensure that you stay within your budget and maximize your actual time away for fun, sightseeing and relaxation. The more you plan, the more likely your getaway will meet your expectations. With this in mind, it is surprising […]
In April 2024 the IRS again granted taxpayers another year of relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. The SECURE Act, signed into law in 2019 and amended in 2022 under SECURE Act 2.0, introduced a requirement that certain […]
Like many estate-planning decisions, whether it is best to invest in a traditional 401(k) retirement savings plan or a Roth 401(k) comes down to taxes. More specifically, does it make more sense for you to pay taxes on your withdrawals in the future or on the contributions you make today? Weighing these options requires a […]
In 2023, the U.S. Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Corporation issued final changes to how retirement plan sponsors must annually report critical information about their employee benefit plans under the Secure Act that was passed into law in 2021. These updates apply to employers’ annual reporting obligations for the 2023 […]
There are times when you may find yourself short on cash to cover necessary and often significant expenses, such as unexpected medical bills and home repairs, or helping a child pay for graduate school or the purchase of a new home. While it may be tempting to tap into your retirement savings, it is important […]
If you turned 62 this year, congratulations! You may be eligible to begin collecting Social Security benefits. However, the longer you wait to start claiming benefits, the higher the monthly payout you will receive. For example, by waiting until you reach your full retirement age (FRA), as defined by the Social Security Administration (SSA) based […]
The COVID pandemic created a prolonged period of economic uncertainty that has left an indelible mark on individuals and businesses across the globe. While it is natural to become anxious and question whether you are fully prepared for the current period and any challenges that may arise in the future, you should focus your attention […]
Ever since the creation of the first investable index fund in 1975, investors have debated whether it is better to invest in actively or passively managed investments. Is one superior to the other? Not necessarily. Should you utilize one over the other? Probably not. With passively managed investments, your money is automatically put into securities […]
The nation’s 71 million recipients of Social Security and/or Supplement Security (SSI) benefits are seeing those payments rise by 3.2 percent in 2024, a sharp contrast to last year’s 8.7 percent increase. According to the Social Security Administration, the 2024 cost-of-living adjustment (COLA) represents an additional benefit of $50 per recipient each month. The Social […]
If you want to get in shape, you should establish healthy eating habits and a regular exercise schedule. Are you looking to play an instrument? Take lessons and start a routine of practicing regularly. The road to success is paved with positive behaviors and lifestyle choices. Retirement is no different. Following are six habits that […]