Money Talk

MAY 9, 2024

Be Realistic About Retirement Age - Retirement age is an important assumption in retirement planning and can happen earlier than expected. Studies have found an average gap of about 4 years between expected and actual retirement age and about half of U.S. workers retire earlier than expected.

Retirement Plan 182

Retirement Plan Pension Finance Employment 182

Money Talk

AUGUST 8, 2024

Not only does this provide an opportunity to catch possible errors and omissions, but it also provides valuable insights about household finances and a source of questions about tax calculations and future tax planning for my second visit. elect to donate to a qualified charity via a qualified charitable distribution (QCD).

Taxes 176

Taxes Deductions Deductible Finance 176

Money Talk

JULY 25, 2024

It is also easier to keep personal and business finances separate by maintaining dedicated bank accounts and credit cards for business transactions. Stick to a Schedule - Invoicing clients promptly and following up on overdue payments can maintain healthy cash flow and avoid disruptions to personal finances.

Employment 162

Employment Health Insurance Pension Deductions 162

Money Talk

DECEMBER 29, 2021

Below is a written summary of these financial milestones and their impact on family finances. Retirement Planning- A new “life is short” mindset, especially among the affluent, prompted many workers to retire and required minimum distributions returned for taxpayers age 72+ with tax-deferred plans.

Finance 363

Finance Taxes Insurance Retirement Plan 363

Money Talk

APRIL 30, 2024

Lack of Planning - A speaker who was a financial planner noted that about 90% of his clients haven’t figured out what to do with the rest of their life. If your entire retirement plan is to spend more time with family and friends, you better check in with them first.

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Retirement Plan Finance IT 188

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

Taxes 188

Taxes 401(k) Retirement Plan Pension 188

Money Talk

MAY 18, 2023

It is not specifically about a personal finance topic such as inflation, investing, or retirement planning. This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. Miss Barbara). Let’s start a conversation.

Finance 244

Finance Retirement Plan Government IT 244

Money Talk

SEPTEMBER 14, 2023

Types of Tax-Deferred Accounts - These include employer-sponsored defined contribution plans (e.g., 401(k), 403(b), 457, thrift savings plan), Traditional IRAs funded with pre-tax dollars, simplified employee pensions (SEPs) for self-employed workers, and annuities. Beneficiary types include a spouse, non-spouse (e.g.,

Taxes 194

Taxes 401(k) Retirement Plan Pension 194

Money Talk

JUNE 13, 2024

In a recent article for the Rutgers Cooperative Extension newsletter, VISIONS , I described key features of your tax return to review for future financial planning including income sources, tax write-offs, changes in tax filing status, tax rates and marginal tax brackets, tax withholding, retirement plan contributions, and capital gains and losses.

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

Money Talk

JUNE 22, 2023

With employer-sponsored retirement plans, workers should contact their plan administrator or HR department; life insurance policy owners, their insurer; and IRAs and annuities, the plan custodian. A guardian must be appointed by the court to manage assets of minor children until they reach legal age.

401(k) 235

401(k) Life Insurance Retirement Plan Finance 235

Money Talk

MARCH 24, 2022

I recently taught a 90-minute personal finance class for women age 50+. Sources of Retirement Income - Income sources include Social Security, employer defined-benefit pensions or defined-contribution retirement plans (e.g., 401(k)s), tax-deferred accounts (e.g.,

401(k) 362

401(k) Finance Entertainment Taxes 362

Money Talk

MARCH 15, 2023

What Not to Do - Annuities are generally not appropriate for qualified retirement plans such as 401(k)s or IRAs. They are already a tax-deferred product and investors gain no benefit by placing them in a tax-deferred plan. Deferred annuities make payments at a future date and allow annuitants time to make deposits.

401(k) 244

401(k) Life Insurance Taxes Insurance 244

Employee Benefits

JUNE 28, 2024

While many employers (41%) plan to spend more on financial education and planning offerings next year than they are now, only 18% of employees are interested in what they are investing in. Half (54%) would prefer employers invest more in health insurance, while 43% would like more on retirement plans.

Retirement Plan 88

Retirement Plan Health Savings Account Health Insurance Employment 88

Money Talk

DECEMBER 7, 2023

tax-deferred retirement plan contributions and charitable gifting) are already accounted for. This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation.

Taxes 206

Taxes Retirement Plan Deductions Deductible 206

Employee Benefit News

NOVEMBER 20, 2023

Goldman Sachs Asset Management utilized behavioral finance to address what makes retirement planning successful.

Retirement Plan 111

Retirement Plan Finance Utilities IT 111

Best Money Moves

MARCH 11, 2024

Pension and retirement plans The same Forbes Advisor study found that 34% of employees and 34% of employers agree that retirement plans are a vital part of a company’s benefits strategy. A retirement plan allows employees to build a financial safety net as they work, saving money over their careers.

Retirement Plan 105

Retirement Plan Healthcare Healthcare Benefits Parental Leave 105

Money Talk

APRIL 20, 2023

For additional information about retirement planning for farmers, visit the Rutgers Cooperative Extension Later Life Farming website. This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation.

401(k) 246

401(k) Pension Retirement Plan Taxes 246

Money Talk

APRIL 11, 2024

RMD Inevitability - Required minimum distributions (RMDs) are inevitable if you have a traditional IRA (unless you make qualified charitable distributions), SEP-IRA, or qualified employer retirement plan (i.e., 401(k), 403(b), 457, or Thrift Savings Plan). There is no way out. tax bracket was over 90%.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

Money Talk

FEBRUARY 10, 2022

After work, commuting, eating, sleeping, and/or exercise, many people have less than five hours on a typical weekday to manage everything in their life, including personal finances. How do you take charge of your finances when time is at a premium? Weekends are even more hectic with household chores and family activities.

401(k) 189

401(k) Finance Taxes Retirement Plan 189

Best Money Moves

NOVEMBER 7, 2023

63% of employees feel that economic uncertainty affects current and future workplace benefits and 401(k) retirement plans. Workers in the baby boomer generation are having to delay retirement due to the instability of the current economy. The percentage of employees that prioritized saving for retirement has dropped by ⅓.

401(k) 105

401(k) Retirement Plan Banking Finance 105

Money Talk

JANUARY 18, 2023

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. 401(k)s) and IRAs are pegged to inflation.

401(k) 246

401(k) Banking Deductions Deductible 246

Money Talk

APRIL 6, 2023

Since it is unlikely that Congress will ever mandate employer plans, some states are now starting to do require employers to offer a workplace savings plan. Auto-Enrollment is Effective - Research indicates that most workers who are auto-enrolled in retirement plans stay in them, even in the absence of an employer match.

401(k) 245

401(k) Retirement Plan Finance Government 245

Best Money Moves

JULY 8, 2024

Help employees save money with financial wellness programs, benefits communication, retirement plans and more. A 2023 PwC study found that 57% of employees cited finances as their top stressor. Use default opt-out for retirement plans. 5 ways to motivate your employees to save money.

Retirement Plan 105

Retirement Plan Deductions Deductible Payroll 105

Money Talk

NOVEMBER 30, 2022

Develop a Proactive Mindset - This means acknowledging, learning about, and planning for possible future outcomes rather than ignoring the possibility that they could happen. An example is retirement planning. Make Small Changes - If inflation or job changes are pinching household finances, it is time to revisit cash flow.

Finance 355

Finance Retirement Plan Government Salary 355

Best Money Moves

JANUARY 31, 2023

Supplement retirement benefits with a digital financial wellness program that offers the latest technology. Today, most employees prefer to manage their finances using digital apps and technology (including banking and investing), according to Bank of America’s 2022 report.

401(k) 119

401(k) Retirement Plan Banking Finance 119

Money Talk

APRIL 28, 2022

When someone feels powerless, a financial counselor might say “Tell me about a time that you felt in control over your finances.” Always Be Learning (ABL)- Lifelong learners seek out opportunities to learn new things about personal finance (or other topics). unmatched employer retirement savings, 6. maximum HSA contribution, 2.

401(k) 186

401(k) Health Savings Account Finance Retirement Plan 186

Best Money Moves

AUGUST 19, 2024

In a survey of 2,000 Americans, MarketWatch found that 88 percent of respondents reported feeling some form of financial strain and 65 percent felt that finances were the top source of stress in their lives. Financially stressed employees are five times more likely to be distracted by finances while at work.

Retirement Plan 82

Retirement Plan Finance Education Benefits Package 82

Money Talk

NOVEMBER 11, 2021

Retirement Plan Withdrawal Caution - A webinar, The Impact of COVID-19 on Retirement Savings , by Consumer Action, noted that the CARES Act made it easier for people to take withdrawals from their retirement savings plans to pay bills. Womens’ Finances - Women, the majority of U.S.

Retirement Plan 130

Retirement Plan Finance Education Pension 130

Employee Benefits

AUGUST 28, 2024

Lorna Shah, managing director of Legal and General Retail Retirement and chief executive officer of Legal and General Home Finance, said: “At Legal and General, we believe retirement should be as stress-free as possible. We want to redefine retirement as a rewarding chapter of financial security and a fulfilling lifestyle.”

Pension 64

Pension Retirement Plan Finance Retail 64

Money Talk

FEBRUARY 23, 2023

salary/wages, interest income, short-term capital gains, and RMDs (withdrawals) from tax-deferred retirement plans) in 2022 and 2023 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Ordinary Income Tax Rate - The seven federal income tax brackets for ordinary income (e.g., Income taxes are progressive (i.e.,

Taxes 188

Taxes Retirement Plan Finance Commissions 188

Money Talk

APRIL 21, 2022

Many people think about hiring a financial advisor when their personal finances start to get complex (e.g., accumulated wealth over time) or a major life event such as retirement, the birth of a child, or the death of a spouse occurs. a cash flow (income minus expenses) statement for a recent month or your spending plan/budget , 2.

Commissions 188

Commissions Finance Retirement Plan Consulting 188

Money Talk

JULY 13, 2023

Act of 2022 , passed last December, has financial planning opportunities for both the accumulation and distribution phases of retirement planning. New Catch-Up Limit - Currently, additional catch-up savings ($7,500 in 2023) in employer retirement plans is available for workers age 50+. The SECURE 2.0

401(k) 130

401(k) Retirement Plan Taxes Salary 130

HR Lineup

FEBRUARY 5, 2023

Maxifi is a personal financial and retirement planning software that aims to help individuals and families make smarter financial decisions. This software offers a suite of tools and resources to help users manage their finances, plan for retirement, and achieve their financial goals.

Retirement Plan 52

Retirement Plan Finance Software Education 52

Money Talk

JANUARY 26, 2022

They can delay their beginning withdrawal date until April 1 of the year following the year they retire as long as they do not own more than 5% of the business offering the retirement plan. This is called the “still working exception" and it only applies to workers’ current employer tax-deferred employer plan.

401(k) 189

401(k) Taxes Retirement Plan Finance 189

Money Talk

OCTOBER 27, 2022

Significant changes in 1986 established income limits for participants in an employer-sponsored retirement plan that eliminated the tax deductibility of traditional IRA contributions for some people. History - In the early 1980s, federal legislation created a tax-deductible IRA for anyone with earned income.

Deductions 245

Deductions Deductible Commissions Taxes 245

Best Money Moves

MAY 31, 2023

Nearly 1 in 5 employees over the age of 59 do not have a retirement account, per a Credit Karma poll , the highest percentage for any generation. With retirement near on the horizon, this leaves less opportunity for older generations to save for the later years.

Retirement Plan 105

Retirement Plan Banking Finance Overtime 105

Employee Benefits

NOVEMBER 15, 2023

The programme, which is provided in partnership with Wealth at Work, aims to help employees who need help understanding their options and how to implement their plan; including retirement goals and considerations, accessing retirement savings, understanding the risks, tax planning, and how to seek further guidance and regulated financial advice.

Pension 116

Pension Education Retirement Plan Finance 116