Posts Tagged ‘retirement planning’
The Importance of Maximizing Contributions to Retirement Savings Accounts while Saving on Taxes
One of the most compelling reasons to maximize retirement contributions is the power of compound growth. The earlier and more you contribute, the more time your money has to grow exponentially. This means that your investments earn returns, and those returns themselves earn returns, creating a snowball effect that can significantly increase the value of…
Read MoreTips to Planning Your Purposeful Retirement : Three science-backed avenues to retirement enrichment and fulfillment
Retirement is often idealized as a serene period of well-deserved rest and leisure. Yet, while the respite from a career’s demands is welcome, retirees soon find that the keys to living well in this new phase are engagement and purpose. Research consistently shows that having a sense of purpose is linked to better health, lower…
Read MoreRetirement Planning: Do We Stay or Do We Go?: Tips to find a balance that honors your emotional bonds and practical needs
As we sail into the golden years, the familiar shores of our longstanding homes beckon with the comfort of decades’ worth of cherished memories. Yet, the winds of change carry whispers of continuing care communities, offering a different kind of allure with promises of ease, convenience, and peace of mind. It’s at this juncture that…
Read MoreRegain Confidence and Restore Your Retirement
The path to retirement can often seem daunting, with the end goal appearing distant and difficult to reach. This sentiment has only grown in recent years, as indicated by a recent report on the Economic Well-Being of US Adults, conducted by the Federal Reserve. According to the study, only 31% of non-retired Americans are confident…
Read MoreThe Triple Dangers of Inflation for Pre-Retirees: Safeguard your financial well-being and ensure a secure retirement
As the economic landscape continues to shift and evolve, one specter looms ominously over the horizon: inflation. For pre-retirees, individuals who are on the cusp of transitioning into their golden years, the effects of inflation can be particularly devastating. With each uptick in the Consumer Price Index (CPI), the financial security and stability of those…
Read MoreQuestions to Ask If Navigating a Solo Retirement: Ensure your retirement is not only secure, but also vibrant and fulfilling
Embarking on retirement alone, either by choice or due to unforeseen circumstances such as the loss of a partner or divorce, presents a unique set of challenges and considerations. With the rise in divorce rates among those aged 50 and older, and the reality that over a quarter of individuals over 60 live solo –…
Read MoreRecent IRS Updates to Defined Benefit Plans: An opportunity to fine-tune your approach to pension risk management
The IRS has released the 2024 mortality tables, which will be instrumental in funding, determining minimum lump-sum distributions, and various other calculations that affect the financial health of your pension plan. This update marks the first major revision to the base mortality rates since 2018 and includes adjustments to consider the impact of COVID-19. The…
Read MoreRetirement Planning: A Map to Changes in 2024
Navigating these demands an adaptable approach to financial planning As we kick off 2024, the world of retirement planning is undergoing a fairly significant transformation, as tax brackets, retirement contribution limits, estate and gift tax exemptions, among other things, are set to undergo upward revisions. Additionally, the gradual introduction of Secure 2.0, a pivotal retirement…
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