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Helping your kids fund a Roth IRA
Many retirees regret they didn’t start saving for retirement earlier. But what if you can turn those regrets into actions that benefit your children and provide important lessons? You can by taking this easy step. David McClellan explains how helping…
The IRS has postponed the catch-up contribution requirements until 2026.
Recently, the IRS announced the new catch-up contribution requirement under the SECURE 2.0 Act. The new rule affects older, higher-paid 401(k) participants to make catch-up contributions into an after-tax Roth account instead of the pre-tax traditional accounts. Although Congress meant…
These potential adjustments to the Social Security program may not seem wonderful
Heraclitus said, “Change is the only constant in life.” It may also be true about Social Security. If changes do not happen to the program, Social Security would be able to pay about 80 percent of the benefits to which…
SECURE 2.0 Drafting Error Could Cause a Change in Retirement Planning
A drafting error baked into the SECURE 2.0 act passed by Congress and signed into law last December would, if not corrected, have an effect on those planning on making catch-up contributions in their employer-sponsored retirement accounts in 2024. Specifically,…
Social Security Advice for Women Could Equally Benefit Men
The Motley Fool’s Selena Maranjian takes a look at a series of tips provided by the Social Security Administration to help women make the best decisions for their benefits, but also notes that these ideas are essentially unisex. Calling them…
Attention First-Year Retirees: Some Mistakes to Avoid
Many folks getting set to move into that coveted life phase called “retirement” have some important–critical, really–steps ahead, most of which could cause financial discomfort down the road. One of these, of course, is the obvious decision on when to…
Preparing for Social Security Cuts–Some Steps You Can Factor into Your Strategy for Retirement
Yes, it’s still a decade away, but the possibility of substantial benefit cuts is very real, regardless of the actions–or inactions–of Congress. In fact, it’s clear to almost everybody who’s kept themselves at least partially up-to-date on the Social Security…
Planning on Waiting Until Age 70? Here are Some Thoughts to Ponder
Choosing the correct time to begin drawing Social Security benefits involves many factors, but one common piece of advice from financial advisors is to defer as long as you can, optimally to age 70, to get a larger monthly benefit…
Nationwide Retirement Institute’s 10th Annual Social Security Survey–The Good & Bad News
The 2023 edition of Nationwide’s annual survey produced some striking differences of opinion regarding the viability of Social Security, with 40% of the more than 1800 respondents saying they’re very confident (or at least confident) about the program’s staying power…
Thoughts on Dealing With the Dreaded Federal Income Tax on Social Security Benefits
It often comes as a surprise (and not a pleasant one, at that) to the newly retired when they file their federal income tax return after beginning their Social Security retirement benefits and find that receiving this benefit ups their…