Social Security cuts looming? Secure your financial future now

If you search online, you’ll encounter various suggestions for enhancing your Social Security benefits. For instance, improving your job skills to secure higher wages can increase your program payouts. Another strategy is to consider delaying your filing until age 70, ensuring the maximum monthly benefit based on your earnings history. While striving for a higher … Read more

IRS Increases Retirement Contribution Limits 2024 – Here’s What You Need to Know

The Internal Revenue Service (IRS) has made an announcement that the contribution limits for retirement accounts, such as 401(k) plans, will be raised in 2024. There will be an increase to the annual contribution limits for most 457 plans, 401(ks), and 403(bs) by $500 to $23,000. Individuals aged 50 and older will be able to … Read more

Are You Making These Mistakes With Your IRA?

An IRA offers a straightforward method to accumulate savings for a relaxed retirement, whether that’s locally, in a different state, or perhaps on a picturesque island. Plus, you enjoy tax advantages along the way.  While there are potential drawbacks to using an individual retirement account (IRA), it’s important to keep in mind that it’s a … Read more

Don’t Wait for 2024! Boost Your Retirement Savings NOW with These 5 Tips

As 2024 nears its conclusion, the festive season is on the horizon, reminding us that there’s limited time left to achieve this year’s retirement savings target. If you have an IRA, you can contribute until the 2024 tax deadline for 2024 contributions. However, those with a 401(k) must make their 2024 contributions by December 31. … Read more

Unlocking the Mystery of RMDs: Your Guide to Making the Most of Your Golden Years

Understanding the rules around Required Minimum Distributions (RMDs) is crucial as you plan for retirement. This concept applies to most retirement accounts and has tax implications that can significantly impact your financial planning. Here’s everything you need to know about RMDs. What are RMDs? Required Minimum Distributions are the minimum amounts you must withdraw from … Read more

The Importance of Thinking Beyond Social Security

Securing a comfortable retirement demands more than just relying on Social Security benefits. While Social Security was never designed to be the sole pillar of retirement funding, various avenues exist for potential retirement income. Acknowledging that Social Security alone falls short of ensuring a comfortable retirement is essential. Its intended purpose was to provide an … Read more

The Roth Conversion Penalty You Didn’t See Coming

Numerous individuals find the prospect of transferring their assets from a conventional IRA or 401(k) plan to a Roth individual retirement account appealing due to the tax-free income it provides during retirement, as well as the tax-free distributions that become available once they reach the age of 59 and a half. While converting traditional retirement … Read more

IRS Delays IRA Withdrawal Rules Again – What You Must Know

The IRS has once again decided to delay certain required minimum distribution (RMD) rules, offering taxpayers relief from confusing regulations surrounding RMDs for inherited IRAs. This recent change brings important implications for beneficiaries who inherited IRAs. In recent years, legislative changes have significantly altered retirement plan rules. For instance, the SECURE Act of 2019 eliminated … Read more