Articles

Posted on Jan 18, 2024

Embarking on a journey of financial planning for the new year requires dedication and strategic thinking. By budgeting wisely, building an emergency fund, managing debt, saving for goals, reviewing investments, planning for retirement, and continually educating yourself, you’ll pave the way for financial security and peace of mind in the year ahead.

Posted on Dec 19, 2023

Each generation has its unique approach to savings, shaped by their specific economic, political, and societal contexts. Baby Boomers focus on securing retirement, Gen X balances familial responsibilities with future planning, Millennials prioritize short-term goals amid economic challenges, and Gen Z, as digital natives, is just beginning to navigate personal finance.

Posted on Nov 14, 2023

As part of the SECURE Act, Long-Term, Part-Time (“LTPT”) rules were created in 2019. Effective for plan years beginning after 12/31/2020, 401(k) plans must begin to track employment of LTPT employees and, once eligible, the employees defined as LTPT employees must be allowed to enter a retirement plan solely for deferral purposes.

Posted on Oct 10, 2023

One common misconception is that Medicare is free. While most people rely on Medicare coverage once they retire, they must still plan to pay premiums, deductibles, and co-pays. Medicare Part A (hospital insurance) is free for most retirees, but Part B, medical insurance, is not. In 2023, Medicare Part B premiums start at $164.90 per person per month but can cost more depending on your income.

Posted on Sep 15, 2023

If you’re an employer with a SIMPLE IRA plan and want to switch to a 401(k) profit-sharing plan by January 1, 2024, you must notify employees by November 1, 2023. A 401(k) profit-sharing plan offers discretionary contribution employer matches or profit-sharing each year, with the amount determined by the company's financial wellness.

Posted on Aug 28, 2023

This two-year transition period gives employers, sponsors, and record-keepers more time to prepare, especially for those employers who do not currently allow Roth deferrals in their retirement plans.

Posted on Aug 25, 2023

The SECURE 2.0 Act, implemented in December 2022, introduces changes to retirement savings catch-up contributions, allowing Americans over 50 to contribute more to their 401(k) accounts, with special provisions in 2024 for high-earners to make Roth contributions and a new contribution limit in 2025 for those aged 60-63. These catch-up contributions aim to help older Americans bridge the gap in their retirement savings.

Posted on Jul 21, 2023

Saving for retirement is not just a prudent financial choice but an essential one for most Americans. Social Security is a safety net but is not meant to be the sole support for people when they retire, and the monthly benefits may not be enough to maintain a desired standard of living. Personal savings, investments, and employer-sponsored retirement plans such as 401(k)s ensure a more secure and comfortable retirement.

Posted on Jun 21, 2023

This article emphasizes the importance of retirement savings and suggests methods to augment them, such as creating a realistic budget, automating contributions from paychecks, and taking full advantage of employer-matching contributions. It also advises individuals to make small financial changes and take advantage of the power of compound interest to secure a comfortable retirement.

Posted on May 10, 2023

Money is a leading cause of stress for many Americans, even those considered wealthy. Research shows that people worry about retirement savings, college tuition expenses, student loans, health care costs, credit card debt, and the ability to cover the monthly rent or mortgage payment. Employers are recognizing that these financial stressors can have a negative impact on employee productivity and overall well-being.