Have you heard the good news? The IRS announced late last year that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The catch-up contribution limit for aged 50 and over remains at $7,500. This means if you are 50 yrs or older you
What to Know About Working in Retirement Years
Think you’ll have more money, and/or make it last longer if you work during your retirement years? Maybe, if you pay attention to income limits and delay taking your benefits until your full retirement age. When to begin your retirement is a very personal decision and depends on many factors: health, current income, and financial
Six Tax Saving Strategies Designed for Fall
Revisit your tax plan NOW to minimize your tax burden in the Spring of 2024 and save more of your money. These 6 ideas will help you switch from a reactive to a proactive plan when it comes to minimizing taxes. Double-check your withholding amounts. Income tax brackets and marginal tax rates usually change from
April 2023 Brings RMD Deadline For Many
RMDs are usually made at year end, but folks who turned 72 years old in 2022 are now covered by a new rule that allows the first required minimum distribution to be delayed until April 1st of 2023. For all years following the first year, RMDs have to be made by December 31st. So if
Retirement Plan Limits Rise for 2023 and IRA Contributions Continue Thru April 18th
Have you heard the good news? The IRS announced late last year that individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The catch-up contribution limit for aged 50 and over is increased to $7,500, up from $6,500. This means if you are 50 yrs or
Rebalancing Your Portfolio According To Your Age And Priorities
Portfolio rebalancing according to your age and goals is really all about asset allocation. At different stages in your life, your financial concerns shift and so you look for your investment strategy and portfolio to shift too – from growth to income – as you get older. During these uncertain economic times, with market volatility,
Recent Changes to RMDs and Retirement Plans
The SECURE Act changed the age when individuals must begin taking withdrawals from their retirement accounts. Now, if a person’s 70th birthday is July 1, 2019, or later, they do not have to take their first RMD until the year they reach age 72. The CARES Act waived RMDs during 2020 so Seniors and Retirees,