- Good News: Americans Can Soon Make $10,000 Retirement Catch-Up Contributions
IRS guidelines for retirement catch-up contributions are currently established for people ages 50 and older. This allows individuals within this age category to make 401(k) contributions of up to $7,500 starting in 2023 (a slight bump from the $6,500 you… read more…
- When Is the Roth Conversion Deadline?
The deadline for converting funds in retirement and other accounts to a Roth IRA is Dec. 31 of the year for which taxes will be owed on the converted funds. Retirement savers may want to convert a different type of… read more…
- Retiring at 62 to 67 While Waiting for Disability: A Guide
Social Security Disability pays you the amount you’d receive at your full retirement age. If you’re between age 62 and 67, you may find yourself running low on cash while waiting for a favorable disability decision. Taking Social Security retirement… read more…
- HSA vs. 401(k)
Two of the most common vehicles for building savings are the 401(k) and the health savings account, or HSA. While the HSA isn’t a traditional retirement account, at least not formally, it can provide you with significant value when your… read more…
- 6 Medicare Changes in 2023, Including Free Shingles Vaccines and Negotiable Prescription Prices
The year 2023 brings changes to the rules, limits and options on all kinds of federal programs and Medicare is no exception. Roughly 65 million senior citizens who rely on Medicare for health coverage will pay less for several things,… read more…
- You Need to Know About These Major Social Security Changes in 2023
There’s a huge cost-of-living increase coming to Social Security recipients this year – the largest adjustment since 1981, thanks to pandemic-prompted inflation. But that’s not the only change coming. Other dollar limits on Social Security payroll taxes, taxes on benefits,… read more…
- Your Required Minimum Distributions (RMDs) Have Officially Been Pushed Back
The SECURE 2.0 Act, signed by President Biden in December 2022, includes dozens of changes to provisions related to tax-advantaged retirement accounts. Among the most important changes is a provision, which took effect Jan. 1 of this year, that delays… read more…
- How Long Will $400k Last in Retirement?
Data from the Federal Reserve shows that the average savings in the United States at retirement age is just $255,200. So if you find yourself with $400,000 in assets at retirement age, congratulations! You’re doing much better than average. But how… read more…
- Retirement Tax Strategies to Consider
Ideally, once you retire, you won’t have to work ever again. This is great, but for most people, it also means there’s no new money coming in the door. You have your savings and your investments and that’s often it.… read more…
- What Are Retirement Income Funds (RIFs)?
A retirement income fund (RIF) is a conservative investment that many people use to prepare for retirement. By investing in RIFs, retirees can earn regular income. However, that income isn’t always guaranteed. Here is how RIFs work and how their… read more…
- How Much Savings Should I Have at 40?
One way to evaluate how well you’re saving for retirement is based solely on your age. A common age-based estimate for retirement savings holds that a 40-year-old should have approximately three times their annual salary set aside for retirement. There… read more…
- How to Save $1 Million Dollars
If you’re looking to put away more money for retirement, you may have a goal in mind that you’re trying to reach, such as saving $1 million. You may want to earn and save more than that, of course, but… read more…
- What Happens to Your Pension When You Die?
If you worked in a job with a pension, this means you will receive ongoing benefits once you retire. A critical part of estate planning, then, will be figuring out what happens to that money when you die. The answer… read more…
- How to Save a Million Dollars in 20 Years
When it comes to retirement, perhaps the single biggest question is “how much do you need to save?” And the honest answer depends entirely on how you want to live, what responsibilities you have and where you want to be.… read more…
- Traditional vs. Roth TSP: Key Differences
If you’re a government worker with a Thrift Savings Plan (TSP) from your employer, congratulations! With low management fees to matching contributions, you have one of the best investing tools available. You can prepare well for a comfortable retirement by… read more…
- What Is a Roth Thrift Savings Plan (TSP)?
Government employees enjoy a multitude of benefits, such as special discounts and generous sick leave. These benefits also extend to retirement. Specifically, the Roth Thrift Savings Plan (TSP) offers a tax-advantaged retirement account with matching contributions. Employees of all income… read more…
- How to Find Old 401(k) Accounts
It is not uncommon to lose track of an old 401(k) account after you change jobs. It’s easy for people to assume their 401(k) contributions continue when they get a new job. Financial services company Capitalize estimated that 24.3 million… read more…
- Is $10 Million Enough to Retire?
A $10 million nest egg will pay for a comfortable retirement for the majority of retirement savers. However, whether that much is enough to fund any specific retiree’s golden years depends on a number of factors. This includes pre-retirement lifestyle… read more…
- Do Medicare Premiums Go Up Because of Inflation?
With inflation in 2022 reaching a 40-year high, many taxpayers might wonder if they will have to pay more in Medicare premiums for 2023. Your Medicare premium will not increase because of inflation. But it has been going up steadily… read more…
- The SECURE 2.0 Act and Your Retirement Savings: Expect to See These Big Changes
Congress passed the long-awaited SECURE 2.0 Act of 2022 that promises to restructure most Americans’ 401(k) plans and change retirement contribution and withdrawal rules to help Americans grow and preserve their nest eggs. The SECURE 2.0 Act came as part… read more…
- Women Lag in Retirement Savings: These Options Can Help Boost Nest Eggs
According to a new study from Goldman Sachs, half of all women say they’re behind in their retirement savings when compared with men. This shortfall adds to the financial double-whammy that women already face as a result of lower pay… read more…
- How Many Roth Conversions Can You Make Per Year?
A Roth Individual Retirement Account (IRA) can offer tax benefits in the form of tax-free withdrawals in retirement. If you have a traditional IRA or 401(k), you can use a Roth conversion to change the tax status of your retirement… read more…
- Can You Use Retirement Funds to Buy a Second Home?
Can you use retirement funds to buy a second home? Technically, yes. Retirement funds are funded with your money. But perhaps a better question might be: Can you withdraw money from your retirement funds early to buy a second home… read more…
- One-Year Checklist Before Retirement Overseas
Retiring abroad has become a popular trend for many Americans. There are many reasons to retire overseas, including a lower cost of living, a slower pace and sandy beaches. But before you move, there are some things to consider. Here’s… read more…
- How to Save a Million Dollars in 30 Years
Many people have the goal of saving a million dollars before they retire. They want to be able to enjoy their retirement without having to worry about money. The truth is, even with a million dollars, you’ll probably still need… read more…