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Retirement
Build a secure financial future for yourself and your family with our comprehensive resources
on personal financial planning, including tips, tools, and strategies for achieving your financial goals.
New Year, New Rules
Your 2024 Retirement Playbook
As it often happens, the new year brings new rules. This time around, we have some good news for you, especially if you are planning to retire any time soon: the retirement planning landscape is getting a much-needed facelift in 2024.
New Retirement Contribution Limits for 2023
The Internal Revenue Service has released new retirement contribution limits for the coming year.
After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels. This include changes to IRA, Roth IRA, Workplace and SIMPLE Retirement Accounts, and other changes.
End-of-the-Year Money Moves. 2022 Edition
Here are some things you might consider before saying goodbye to the outgoing year
What has changed for you in 2022? This year has been as complicated as learning a new dance. Did you start a new job or leave a job behind? That’s one step. Did you retire? There’s another step. Did you start a family? That’s practically a pirouette. Proving that you have all of the right moves in 2022 might put you in a better position to tango with 2023.
Retirement Preparation Mistakes
Why are they made again and again? Here are some classic financial missteps that plague retirees.
Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees.
2021 Limits for IRAs, 401(k)s and More
Numbers to know for the new year.
On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note.
“Backdoor” Roth IRAs
If you make too much money to open a Roth IRA, you could create one this way.
You can sum up the appeal of a Roth IRA in three words: federal tax benefit.
The SECURE Act
Long-established retirement account rules change.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is now law. With it, comes some of the biggest changes to retirement savings law in recent years. While the new rules don’t appear to amount to a massive upheaval, the SECURE Act will require a change in strategy for many Americans. For others, it may reveal new opportunities.
Can You Put Your IRA into a Trust?
What you should know about naming an IRA beneficiary.
Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA.
Creating a Retirement Strategy
Most people just invest for the future. You have a chance to do more.
Across the country, people are saving for that “someday” called retirement. Someday, their careers will end. Someday, they may live off their savings or investments, plus Social Security. They know this, but many of them do not know when, or how, it will happen. What is missing is a strategy – and a good strategy might make a great difference.
New IRS Contribution Limits for 2020
Changes for 2020.
The I.R.S. just increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes.
Reducing the Risk of Outliving Your Money
What steps might help you sustain and grow your retirement savings?
“What is your greatest retirement fear?” If you ask any group of retirees and pre-retirees this question, “outliving my money” will likely be one of the top answers. In fact, 51% of investors surveyed for a 2019 AIG retirement study ranked outliving their money as their top anxiety.
The Solo 401(k)
A retirement savings vehicle designed for the smallest businesses.
Do you work for yourself? Then take a look at the solo 401(k), which marries a traditional employee retirement savings account to a small business profit-sharing plan. To have a solo 401(k), you must either be the lone worker at your business or its only full-time employee.
Cash Balance Plans
More professional practices (and practice groups) should look into them.
In corporate America, pension plans are fading away. Only 16% of Fortune 500 companies offered them to full-time employees in 2018, according to Willis Towers Watson research. In contrast, legal, medical, accounting, and engineering firms are keeping the spirit of the traditional pension plan alive by adopting cash balance plans.
Eight Mistakes That Can Upend Your Retirement
Avoid these situations, if you can.
Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible.
The FIRE Movement
A radical new approach to working, saving, and retiring.
Retire before 50 and live your best life. That is the message of the FIRE (Financial Independence, Retire Early) movement, which is drawing interest worldwide.
Retirement and Adult Children
Supporting family can put a crimp in your strategy.
Families are one of the great joys in life, and part of the love you show to your family is making sure that their basic needs are met. While that’s only to be expected from birth through the high school years, many households are helping their offspring well into their twenties and beyond.
Roth IRA Conversions
What are your options? What are the benefits?
If you own an Individual Retirement Account (IRA), perhaps you have heard about Roth IRA conversions. Converting your traditional IRA to a Roth IRA can make a lot of sense depending on your situation. But remember, consulting with your financial advisor before making financial decisions is never a bad idea. Ready to learn more? Read on.
Are You Retiring Within the Next 5 Years?
What should you focus on as the transition approaches?
You can prepare for your retirement transition years before it occurs. In doing so, you can do your best to avoid the kind of financial surprises that tend to upset an unsuspecting new retiree.
Traditional vs. Roth IRAs
Perhaps both traditional and Roth IRAs can play a part in your retirement plans.
IRAs can be an important tool in your retirement savings belt, and whichever you choose to open could have a significant impact on how those accounts might grow.
A Retirement Fact Sheet
Some specifics about the “second act.”
Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you.
Some Changes Are Coming for 401(k)s
Take note of them for 2019.
Some notable developments are about to impact 401(k) plans. They follow a major change that became effective in 2018. Thanks to the Tax Cuts & Jobs Act, workers who borrow from 401(k) accounts and leave their jobs now have until October of the following year to repay plan loans.
Tax Considerations for Retirees
Are you aware of them?
The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.
The IRA and the 401(k)
Comparing their features, merits, and demerits.
How do you save for retirement? Two options probably come to mind right away: the IRA and the 401(k). Both offer you relatively easy ways to build a retirement fund. Here is a look at the features, merits, and demerits of each account, starting with what they have in common.
Avoid Tax Consequences With a Direct 401(k) Rollover
Few things you need to know about 401(k) rollover
There are several options for your 401(k) plan when you leave an employer, two of which are the direct and indirect rollover.
