Are you aware of the Saver’s Credit you’re entitled to when you contribute to your IRA or employer-sponsored plan? Each year the IRS outlines who’s eligible, the amount you may contribute, and the Saver’s Credit you’ll receive. Sharing the specifics for the 2023 tax year from the IRS! Image by Nattanan Kanchanaprat from Pixabay Who’s […]
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If you have a 401K and are over the age of 50, you are able to make a catch-up contribution to your 401K. In 2024, there will be a change to the popular catch-up contribution. Heads up! Catch-up Contribution Eligibility The IRS defines a catch-up contribution this way. “A catch-up contribution is an elective deferral
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Growing up, I knew very little about life insurance. This had not been a topic taught in school, nor discussed at home. Starting my first job out of school, life insurance was offered as a company benefit included in all the papers we filled out when hired. There was not an educational briefing about the
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The Secure Act 2.0 passed the House of Representatives this week by a vote of 414-5. This piece of legislation moves now to the Senate. This bill was crafted to simplify the current retirement system and help workers save for retirement. Pay attention – sometimes what you plan is impacted by legislation! The original Secure
As we explore the human aspect of work, let me remind you that today in the US, we “spring ahead”! Yes, it is that day of the year when an hour of our day goes “poof”! Happy Sunday! One Size Does Not Fit All Two years ago, we learned of a global pandemic. This pandemic
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Social Security – a term we’ve all heard, a program we pay into and a source of income when we retire. Looking back into history tells us that although Social Security did not really arrive in America until 1935, there was one important precursor, that offered something we could recognize as a social security program,
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Happy April, Happy Holiday weekend, Happy Spring! Want to relay a an item of financial importance (no joke!) today for those who turned 70 between July 1, 1946 and June 30, 1947. Today, April 1st is the deadline for those who are 70 1/2 or older to start taking required minimum distributions (RMD’s) from their
The Department of Labor (DOL) has finalized its much anticipated new fiduciary rule applicable to financial institutions and advisors working with retirement savers. The final version has changed significantly from its proposed form. These changes impact individual savers, companies providing benefits to employees and the financial industry providing services. Financial planning impacts all three generations in
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Have you ever been curious about your life span? Longevity is a topic that arises as we plan for our retirement. Will our resources cover us as we age? How do we plan for the unknown? Bloomberg posted an article yesterday that piqued my interest. Here is a recap of this article. “Americans increasingly need an accurate
The Living Planner Advisory Perspective Series presents questions to professionals each month. We provide our readers with this information to help them prepare for meetings with professionals they may consider using to help them plan and prepare for life. This month, let’s welcome Laura Roeder, a Registered Representative with Team Financial Partners, LLC. Laura is
