5 Retirement Myths You Shouldn’t Believe

Imagine a future where your days are not dictated by the alarm clock but by your desires to explore, unwind, and create lasting memories with loved ones. It’s a dream many chase, but often get sidetracked by misconceptions about retirement planning. For a fulfilling retirement, it’s smart to start planning early. Be aware, though, there are many retirement myths that …

How 4 Generations Think Differently About Retirement

The COVID-19 pandemic upended Americans’ lives. In many cases, the pause on society affected retirement finances and plans. An October 2022 survey report from Transamerica Center for Retirement Studies and Transamerica Institute, “Emerging From the COVID-19 Pandemic: Four Generations Prepare for Retirement,” examined the pandemic’s impact on Baby Boomers, Generation X, Millennials, and Generation Z. The study focused on the …

IRS to Make Largest Increase Ever to 401(k) Contribution Limit

Americans can save thousands more dollars in tax-advantaged retirement plans in 2023. Millions of Americans can save more in retirement accounts next year, after inflation adjustments made Friday by the Internal Revenue Service. The employee contribution limit for 401(k) and similar workplace plans will jump $2,000 to $22,500 for 2023, the largest increase ever in terms of dollars and percentage, …

who are age 62 to 64 contribute an additional $10,000 to their 401(k) or 403(b) plans

Andy Friedmand Says SECURE 2.0 Should Pass After Midterms

Very few bills are likely to move in the lame duck session that historically grips Congress after mid-terms, but Washington insider Andy Friedman believes SECURE 2.0 (Securing a Strong Retirement Act of 2022) has an excellent shot. “Right now, the Senate and House have each passed [their version of the] bills with only minor differences that are easily worked out. …

Annuity Essentials

In its most basic form, annuities are insurance that provides an income stream either for a fixed period of time or for the rest of your life. Sounds pretty straightforward, right? The trouble is that annuities are often sold and not bought. Consumers are pushed into ill-fitting products because that’s what the broker is selling that month. When shopping for …

Creating a Successful Business Succession Plan

An exit strategy helps business owners ensure the long-term success of their company A good succession plan creates a blueprint for ownership transfer as you exit your business. It helps you prepare for your retirement, ensuring you have the income you need. And setting a well-conceived plan into motion protects the people around you, including your heirs, employees, and customers …

Understanding Your Retirement Income Plan

Manage cash flow in retirement with multiple income streams  When you retire, you get to bid farewell to the working world. That’s the good news. The bad news? You’ll no longer have a paycheck coming in from your employer. To address that, you’ll need to piece together a steady stream of income from different retirement sources, such as Social Security, …

How to Make a Wealth-Transfer Plan

A well-designed plan protects your wishes and helps avoid conflict among your heirs. A wealth transfer plan guides the movement of your assets from your estate to your beneficiaries. Baby boomers are already in the throes of the most significant wealth transfer in history. Over the next 25 years, they are expected to leave $68 trillion in wealth to their …

Preparing for Healthcare Costs in Retirement

For many Americans, navigating the maze of health insurance options—from employer-based plans to individual policies—can be dizzying. Much of that changes at 65. That’s when individuals generally are eligible for Medicare, which covers routine health care expenses such as visits to doctors and prescription drugs. But the program doesn’t cover everything. Here is a breakdown of how Medicare works—and your …

Your IRA and Your Legacy

Individual retirement accounts can play a valuable role in the estate planning process Individual retirement accounts (IRA) are a cornerstone of many people’s retirement savings strategy, and for good reason: The ability to contribute pre-tax income—and to defer taxes until you start making withdrawals—means your savings can potentially grow more quickly than they could in a taxable account. But there’s …