A common dilemma when saving for retirement is deciding whether to contribute to a Roth or Traditional retirement account. One provides tax benefits now while the other provides benefits in the future. Ideally, you will utilize both of the course of your retirement saving years.
2022 had a lot of implications of our money. A volatile market, inflation, rising interest rates and more. With everything that occurred, the new year is the perfect time to review your retirement plans and familiarize yourself with several IRS changes such as tax bracket adjustments, social security increases, IRMAA adjustments and more.
The first half of 2022 has been a challenging one for many. Inflation, volatile stock markets, rising interest rates are just a few things that have been impacting peoples lives. The slower summer months are a great time to check in on your finances and review any adjustments that need to be made.
The beginning of a new year brings hope, optimism and a list of new year resolutions, many of which fizzle out after several weeks. Improving areas of our personal finances often falls at the top of the list of new year resolutions. Let's make 2022 the year that you stick to those goals and set yourself on the path toward a stronger financial future.
With so many unknowns about retirement, just thinking about it can be overwhelming. Where will I receive income from? When should I claim social security? Do I have enough financial resources to maintain my current lifestyle? These are all common and reasonable thoughts, but with proper planning you can remove the uncertainty and have a clear plan!
Have you recently changed jobs and are unsure of what to do with your old 401(k)? This is a pivotal decision which can have extreme financial consequences. Do not be like the masses who forget about their old employer plans or cash them out. Instead take it with you through a 401(k) rollover.