Now is the perfect time to top up your retirement accounts to ensure you are well-positioned for the future. Before the end of 2024, aim to top off retirement savings plans and take your RMDs if appropriate. Retirement account changes to make before 2024: Until December 31, you can contribute up to $22,500 to your … Read more
A few years ago, a renowned firm in the community organized an estate planning seminar, attracting many retirees. The event stood out for its lack of exaggerated promises, a common pitfall in such workshops, and the firm’s apparent expertise was commendable. However, a concerning trend emerged: every client received similar estate planning documents regardless of … Read more
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
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
As the economy, inflation, and Social Security concerns grow, many Americans face challenges in saving for their future. CBS News reports that 50% of women and 47% of men aged 55 to 65 have no retirement savings at all. Despite the widespread lack of preparation for retirement, it’s crucial to start saving now to ensure … Read more
Exchange-Traded Funds (ETFs) have recently gained significant popularity as a valuable tool for retirement accounts. These investment vehicles offer unique benefits that make them particularly suitable for long-term retirement planning. Here is how ETFs can enhance retirement accounts and contribute to a successful retirement strategy. #1 Diversification: Investing in ETFs allows investors to diversify their … Read more
Who says you have to wait until your golden years to retire? If early retirement is your dream, then it’s time to explore the exhilarating world of accessing your retirement savings without paying a single penalty. The traditional notion of being bound by age 59-1/2 to tap into your hard-earned funds is a thing of … Read more
Retirement marks a significant life transition, bringing forth various financial challenges. A financial advisor should be a tremendous asset during this phase, but how much control should they have? Finding the right balance between independent decision-making and relying on professional advice. Let’s explore the extent of power a financial advisor should ideally hold during your … Read more
The United States is facing a retirement crisis, with approximately 56 million private sector workers lacking any form of retirement savings plan. Failing to have a plan in place can lead to insufficient funds for a comfortable retirement. That’s why having a 401(k) plan if offered by your employer, is crucial. However, knowing the fine … Read more