Tag Archives: retirement
Earlier this year, the U.S. Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Corporation issued final changes to the ways in which retirement plan sponsors must annually report critical information about their employee benefit plans in according with the Secure Act that was passed into law in 2021. These updates apply to employer’s […]
One of the primary objectives of financial planning is to ensure that individuals have more than ample spendable cash flow during all of their retirement years. Navigating the careful balance between spending too much and possibly running out of funds or spending too little and missing out on all of the potential joys of retirement […]
Women spend a significant portion of their lives putting their families first, tending to the needs of husbands, children and aging parents often before themselves. The problem is that as these women approach retirement age, they are finding themselves without the benefit of ample savings to carry them through their golden years. According to the […]
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Individuals looking to boost their retirement savings beyond the traditional limits of workplace 401(k) and 403(b) plans may have an opportunity to do so with a mega backdoor Roth. This strategy may provide a workaround to the income and contribution limits of Roth IRAs while allowing high-net-worth individuals to yield the benefit of tax-free distributions […]
The IRS released its annual cost-of-living adjustments for retirement savers in 2023, increasing the contribution limits and income eligibility requirements in the new year. One week previously, the Social Security Administration announced an 8.3 percent increase in Social Security and Supplement Security Income benefits, which it expects will help retirees weather higher consumer prices and […]
Spouses saving for an eventual retirement during their working years often have different timelines for leaving the corporate world behind. While a difference in retirement dates can eliminate one income stream and help couples ease slowly into their golden years, careful advance planning can go a long way toward ensuring their financial goals stay on […]
Since Congress first passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) in 2019, it has been working on a secondary package of regulations to further expand taxpayers’ access to workplace retirement plans and improve their financial security during their golden years. The proposed regulations, commonly referred to as Secure Act 2.0, […]
Planning for retirement is often the last thing recent college graduates will think about upon entering the job market and earning a steady income. However, there is no minimum age for individuals to start thinking about saving for the future, whether it is for the purchase of a new car or home, to support a […]
The IRS recently released its 2022 cost-of-living adjustments for retirement savers. Among the highlights are higher annual contribution limits to 401(k), 403(b), most 457 plans and SIMPLE IRAs as well as high income limits for individuals to qualify for deductible contributions to traditional IRAs. Employer-Sponsored Retirement Plans The maximum amount individuals may contribute in 2022 […]