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.

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Taxes 401(k) Retirement Plan Pension 189

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.

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Finance Retirement Plan Government Salary 273

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.

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Finance Retirement Plan Government IT 244

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.

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Retirement Plan Pension Finance Employment 183

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.

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401(k) Life Insurance Taxes Insurance 245

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.

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401(k) Life Insurance Retirement Plan Finance 236

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.

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401(k) Pension Retirement Plan Taxes 246

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.

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401(k) Banking Deductible Deductions 246

Money Talk

JULY 5, 2024

In other words, people are happy not indulging in high-cost activities that put a strain on their finances. Women’s Finances - The gap between average salaries for men and women can add up to hundreds of thousands of dollars over working years. Getting involved in family finances (e.g., Saving for retirement.

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Finance Taxes Retirement Plan Retail 170

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.

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401(k) Finance Taxes Retirement Plan 189

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.

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401(k) Retirement Plan Finance Government 245

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 189

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).

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Taxes Deductible Deductions Finance 177

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.

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401(k) Health Savings Account Finance Retirement Plan 186

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.,

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Taxes 401(k) Retirement Plan Pension 195

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.

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Employment Health Insurance Pension Deductible 163

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.

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Deductible Deductions Commissions Taxes 246

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.

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Commissions Finance Retirement Plan Consulting 189

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.

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401(k) Taxes Retirement Plan Finance 189

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.,

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Taxes Retirement Plan Finance Commissions 188

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%.

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401(k) Taxes Retirement Plan Pension 186

Money Talk

DECEMBER 22, 2021

Tax-Deferred Retirement Plan Limits - Like IRAs, maximum plan contributions are indexed for inflation. In 2022, retirement savers in 401(k)/403(b)/457 plans and the federal Thrift Savings Plan (TSP) who are under age 50 can contribute up to $20,500, a $1,000 increase from $19,500 in 2021.

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401(k) Pension Taxes Deductible 233

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.

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Taxes Retirement Plan Deductible Deductions 159

Money Talk

OCTOBER 6, 2022

Lack of Retirement Planning - Many people spend time planning meetings that last an hour, weddings that last a day or a weekend, and higher education (4-5 years). However, when it comes to planning what they will do over what could be a 30-year retirement, many people “just show up.”

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Taxes Finance Education Retirement Plan 188

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.

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Retirement Plan Finance Education Benefits Package 104

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.

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Retirement Plan Finance Education Pension 130

Employee Benefits

JULY 25, 2024

A fifth (20%) of UK employees aged 40-60 said worrying about their future retirement finances is affecting their ability to work, according to research by Hymans Robertson Personal Wealth. Worrying about finances can often be the root cause of stress. “We We need to intervene earlier, to give people time to course correct.

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Finance Retirement Plan Employee Benefits Employment 64

Money Talk

MARCH 10, 2022

Where They Are Used- Target-date funds are a frequent “menu” option for workers to select in tax-deferred employer retirement savings plans. For example, federal government workers have “L Funds” in the Thrift Savings Plan. Small differences in fees can translate into large differences in returns over time.

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Retirement Plan Commissions Taxes Finance 188

Money Talk

JULY 13, 2022

. ¨ RMD Planning - As I wrote in my book, Flipping a Switch , there are three things that older adults can do with RMD withdrawals: spend the money, re-save or invest the money (minus income tax payments) in a taxable investment account or Roth IRA (if qualified), and make gifts to people and/or charities.

Taxes 189

Taxes Retirement Plan Finance Consulting 189

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.

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401(k) Retirement Plan Banking Finance 119

Best Money Moves

DECEMBER 7, 2021

In the same study, 31% of employees reported having finance-related anxiety. Money management is a universal issue for your employees, whether they’re fresh out of college or approaching retirement age. In fact, according to data from CapitalOne, 73 percent of Americans rank their finances as their top source of stress.

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Employee Benefits Retirement Plan Finance Benefits Package 122

Money Talk

DECEMBER 29, 2022

I recently attended a number of webinars about retirement planning. For example, if you really enjoy working, maybe you shouldn’t retire at all in the traditional sense. Being the author of a book about transitions in later life , I am always looking for new information about this topic. Play pickleball or golf on the side.

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401(k) Taxes Retirement Plan Finance 181

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.

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Taxes 401(k) Retirement Plan Health Savings Account 126

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.

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Retirement Plan Healthcare Healthcare Benefits Parental Leave 105

Employee Benefit News

NOVEMBER 20, 2023

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

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Retirement Plan Finance Utilities IT 103

HR Professionals Magazine

JANUARY 25, 2023

Plan sponsors of any size, especially organizations with a strong balance sheet and debt capacity, may have an untapped resource that could help, i.e., the capacity to borrow. First, consider a one-time, larger contribution that could be financed.

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Retirement Plan Pension Finance Engineering 52

Money Talk

DECEMBER 7, 2022

Some people arrange automatic monthly payments through their retirement plan custodian to simulate a “paycheck” while others take their RMD quarterly or in one lump sum. Timing of Withdrawals - RMDs can be taken as one withdrawal or a series of withdrawals during the course of a year.

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401(k) Taxes Entertainment Retirement Plan 186