Each year, the Trustees of the Social Security and Medicare trust funds provide detailed reports to Congress that track the programs' current financial condition and projected financial outlook. These reports have warned for years that the trust funds would be depleted in the not-too-distant future, and the most recent reports, released on May 6, 2024, show that Social Security and Medicare...
Although required minimum distributions (RMDs) are now mandatory components of retirement plans, this was not always the case. RMD rules began to apply to qualified plans following the Tax Reform Act of 1986, after policy makers noticed that retirement account holders were saving the funds for their beneficiaries rather than their own retirement spending. Fast-forward to the current day, where...
As Sam enjoys their Sunday evening, Sam gets a call from their sister Maya. This is unexpected since Sam hasn’t talked to Maya in years. “Hi, Maya”, Sam answers the phone. Maya responds, “Hi, Sam. I have some news for you.” Maya proceeds to tell Sam that their Aunt Gertrude passed away and as the executor of her estate, Maya lets Sam know that they are one of the beneficiaries of Aunt Gertrude’s...
Pretend for a while that you are 40 years old and about to make an additional $10,000 per year with your new job that just started today, January 2, 2024. You are ecstatic about your future, and you go into your new HR manager’s office with all smiles ready to discuss details of your benefits package. You sit down and see that you have a 401(k) available with a Roth option and the ability to...
The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50 or older by December 31, 2023) up until your tax return due date, excluding extensions. For most people, that date is Monday, April 15, 2024. You can contribute to a traditional IRA,...
You’ve entered your 40s and 50s and retirement no longer feels like a pipe dream. It’s far enough away that you can’t quite visualize it, but it’s close enough around the corner to have you thinking about taking your retirement plan more seriously. Maybe you have an average 401(k) balance for a 40-49 year-old of $100,300, or maybe you have the median 401(k) balance in a 401(k) for a 50-59...
Save More for Retirement in 2024 On November 1, 2023, the IRS announced the Cost of Living Adjustments (COLAs) affecting the dollar limitations for retirement plans for 2024. In October, the Social Security Administration announced a modest benefit increase of 3.2%. Retirement plan limits also increased over the 2023 limits. COLA increases are intended to allow participant contributions and...
If you are covered by Medicare, it's time to compare your current coverage with other available options. Medicare's Open Enrollment period begins on October 15 and runs through December 7. Medicare plans can change every year, and you may want to switch to a health or prescription drug plan that better suits your needs or your budget. During this period, you can: Switch from Original Medicare...
If you're covered by Medicare, here's some welcome news — Medicare drug coverage can help you handle the rising cost of prescriptions. If you're covered by Original Medicare, some Medicare Cost Plans, Medicare Private Fee-For-Service Plans, or Medicare Medical Savings Account Plans, you can sign up for a Medicare Prescription Drug Plan (Part D) offered in your area by a private company or...
The IRS recently released the 2024 contribution limits for health savings accounts (HSAs), as well as the 2024 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). What is an HSA? An HSA is a tax-advantaged account that enables you to save money to cover healthcare and medical costs that your insurance doesn't pay. The funds contributed are made with...
By: Arash Navi, CFP®, CPA, Controller & Wealth Manager Our goal is to help our clients build and grow their wealth and tax planning plays an important role in this process. We recommend that you mark your calendar to review your finances in the first week of October, annually. Take this time to review your income for the year from employment, businesses, investments, or any other...
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it can address additional changes to RMDs made by the SECURE 2.0 Act of 2022, which was passed in late 2022. In the meantime, the...
By: Tina Schackman, CFA®, CFP®, Senior Retirement Plan Consultant It’s important to note that not all retirement plans allow loans to be taken, so you should consult with your benefits department or contact your plan’s administrator before considering a loan from your employer-sponsored retirement account (i.e., 401k, 403b, etc.). Whether or not to take a loan from your employer-sponsored...
Find out during our free webinar on July 13th from 10-11:30am PT. Social Security expert Elaine Simmons will share knowledge from her near 50-year career helping people make informed decisions regarding this significant retirement asset. Register today and take control of your retirement.
By: Braden Priest, CFA®, Retirement Plan Consultant Hiring the right advisor for your company's retirement plan is one of the most critical decisions you will ever make as a plan sponsor. Many brokers and retail wealth managers dabble in retirement plan advisory services, but putting your plan in the hands of a non-specialist advisor can lead to expensive plan corrections, penalties, and poor...
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