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If 2023 has been financially challenging, why not take a moment to reflect on the progress you’ve made and the setbacks you’ve faced? Getting into the habit of reviewing your finances midyear may help you keep your financial plan on track while there’s still plenty of time left in the year to make adjustments. Goal […]

Tax-advantaged retirement accounts such as 401(k) plans and IRAs are intended to promote long-term retirement savings and thus offer preferential tax treatment in return for a commitment to keep savings in the account until at least age 59½. Withdrawals before that age may be subject to a 10% federal income tax penalty on top of […]

An AARP study released in July 2022 found that nearly half of all private sector employees ages 18 to 64 had no access to a retirement plan at work. It also found that small businesses are more likely to lack a work-based plan, putting their workers at a significant disadvantage when it comes to retirement […]

To say the economy has been uneven over the past few years is an understatement. Amid these bumpy economic times, why buy life insurance? Here are a few reasons. Protection for Loved Ones Savings that were intended to provide support for you and your family may have taken a hit over the past few years […]

The bulk of Social Security benefits go to retirees, but Social Security is much more than a retirement program. Most Americans are protected by the Old-Age, Survivors, and Disability Insurance (OASDI) program — the official name of Social Security — throughout their lives. Current Social Security Beneficiaries Source: Social Security Administration, 2023 At the Beginning […]

When you leave your job or retire, you have an opportunity to manage your funds in an employer-sponsored retirement plan such as a 401(k), 403(b), or government 457(b) plan. Depending on the situation, you generally have four options.* The approach that typically gives you the most control over the funds is to transfer some or […]

Retirees face several unique challenges when managing their income, particularly when it comes to taxes. From understanding how taxes relate to Social Security and Medicare to determining when to tap taxable and tax-advantaged accounts, individuals must juggle a complicated mix of factors. Social Security and Medicare People are sometimes surprised to learn that a portion […]

Municipal bonds are issued by public entities such as state and local governments, health systems, universities, and school districts to help finance the building and maintenance of infrastructure projects such as roads, airports, water systems, and facilities. Despite the higher borrowing costs that resulted from the Federal Reserve’s inflation-fighting interest-rate hikes, municipalities issued $308 billion […]

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2023. Estate, Gift, and Generation-Skipping Transfer Tax The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2023 is […]

The arrival of spring is always a good time to dust off the cobwebs that have built up in your home during the winter. It’s also a good time to clean out and organize your financial records so you can quickly locate something if you need it. Keep Only What You Need If you keep […]