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As 2024 winds down next week, its time for my final quarterly summary of take-aways from recent personal finance classes, conferences, and webinars that I attended. Below are some nuggets that you might find useful in your personal financial planning: Offense and Defense- Financial offense involves earning money from one or more sources (e.g.,
I recently attended three webinars related to retirementplanning. One discussed required minimum distribution (RMD) rules, the second, retirementplanning in general, and the third, the FIRE ( F inancial I ndependence, R etire E arly) movement. Use of RMD Withdrawals - A chunk will pay income taxes.
If you picture retirementplanning 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.
With less than five months remaining in 2024, now is the time to begin serious taxplanning for your 2024 income tax return. I recently attended a webinar with some tips for financial advisors about reviewing clients’ tax returns. Simply look at your 2023 tax return and divide your total tax owed by taxable income.
Every quarter, I like to review and summarize my notes from recent webinars and classes. While technically not a tax, IRMAA is a drag on payees’ bottom line. Saving for retirement. Tax Diversification - It is risky to put all your retirement savings in tax-deferred accounts (a.k.a., It’s that time again!
I recently attended a number of webinars about retirementplanning. This includes topics of interest to older adults in later life such as required minimum distributions (RMDs), taxes on Social Security benefits, and Medicare premiums. Key risks in retirement include longevity, health care expenses, taxes, and inflation.
It’s that time again…time to recap “nuggets” from recent webinars and conferences that I attended. Below is a list, in no particular order, of insights, facts, and recommendations that stood out to me as being original, significant, and/or useful: New Definition of Retirement- The word “retire” does not necessarily mean “stop working.”
Taxes can have a significant impact on family offices, influencing decisions around structure, investing and overall planning strategies. McDermott’s Family Office Taxwebinar series explores the latest trends and guidance on taxplanning for family offices and identifies opportunities to optimize tax efficiency.
In addition to writing monthly Small Steps to Health and Wealth™ financial messages , I also present online webinars and class segments. My segment of their six-week class series was called Can Farmers Ever Afford to Retire? One of my Money Talk clients is my long-time employer, Rutgers Cooperative Extension.
The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.
A solid benefits package has comprehensive health insurance, paid time off (PTO), retirementplans, and wellness support. RetirementPlans (401(k) & Pensions) A robust 401(k) match or pension plan is a powerful signal that a company views its employees as long-term partners, not disposable resources.
This was accompanied by a concerted communications drive, designed to improve understanding of pensions among its employees, boost appreciation of the enhanced employer contribution and ensure staff were fully engaged in their own retirementplanning. The organisation runs regular sessions with employees, both in-person or online.
Schedule workshops or webinars to break down complex topics like: Health savings accounts (HSAs) Flexible spending accounts (FSAs) Retirementplanning options Emphasize the total rewards picture Highlight how your benefits program fits into your companys total rewards strategy. It is not legal or tax advice.
Methods include webinars, podcasts, blogs, television and radio shows, print media, websites, and more. Health Savings Accounts - One study found that the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions.
I recently attended several webinars and listened to several podcasts about issues related to retirementplanning and personal finance issues in later life. Waiting to Retire Has Benefits - In addition to providing more time to save money (e.g., Some older workers had reasons to continue working longer than planned (e.g.,
The platform streamlines HR processes and benefits administration by offering a single, centralized platform for employees to access and manage their benefits, from health insurance and retirementplans to time-off tracking and more. One of the key benefits of GoCo is its ease of use.
How often do employees draw from their retirement accounts? Are employees using tax-advantaged accounts such as HSAs? As recounted in a SHRM article : “ created a new landing page with details about the option, started webinars about financial planning and sent direct mail pieces.
Best Money Moves Sneak Peek: 2023 Financial Webinar Series. Get an inside look into Best Money Moves and catch a free preview of our 2023 Financial Webinar series. Best Money Moves takes financial education to the next level with free, monthly Webinars available to all users.
The information we’re covering is for general informational purposes only and does not constitute legal advice, tax advice, accounting services, or professional consulting of any kind. I was reminded of this during a Paycom webinar on “ FLSA: Don’t Underestimate Overtime Expansion. ” Exploring the Overtime Policy Piece.
Whether your employees need help with day-to-day budgeting, debt management, planning for their financial future or something in-between, our resource library can help. Best Money Moves users have access to over 900 unique articles, videos, webinars and calculators across a range of financial topics. Do you plan for your tax refund?
Employees can also participate in bespoke financial wellbeing workshops, featuring guides, webinars and in-person seminars on topics such as pensions and protection, budgeting , saving and investing. We sought to provide guidance to suit our colleagues throughout various key life events and with day-to-day financial budgeting.
While traditionally associated with healthcare expenses, HSAs can play a pivotal role in retirementplanning for your employees. Let’s look at how HSAs and retirement intersect, and why integrating HSAs into your benefits strategy can be a game-changer for both your employees and your organization.
Philip Smith, DC director at TPT Retirement Solutions, says: “Most employees will opt for a combination of drawing their pension down over time, taking some of it as a lump sum or buying an annuity. However, this can have tax implications if they withdraw beyond their tax-free limit.”
Understanding HSAs Health Savings Accounts are tax-advantaged savings accounts designed to help individuals and families with high-deductible health plans (HDHPs) cover medical expenses. Retirement Savings Challenges Employers have faced a dual challenge when it comes to retirement savings benefits.
Operating a programme which is specific to Ashurst’s pension scheme has certainly boosted participation in the programme as has choosing means of communications, such as webinars with our pension provider Aviva, which are dynamic and active. Simple choices such as hosting the sessions during working hours also encourage engagement.
That’s why we’ve compiled this summary of one of our recent webinars that Alice Gilman, Esq, hosted. encourages employers to provide retirementplans by offering tax incentives and credits. However, this particular credit was victim to extremely aggressive marketing from less-than-trusted tax professionals.
Examples of common financial topics include: Retirementplanning Investments Debt management Household budgeting Credit management Savings Taxes Tips for Implementing Financial Wellness Programs Education is Key – Start by assessing the financial literacy levels within your workforce.
Offer alternative healthcare plans , such as high-deductible health plans (HDHPs) paired with health savings accounts (HSAs). These plans often provide employees with more control over their healthcare expenses and offer tax advantages.
Additionally, HR payroll professionals are responsible for maintaining accurate employee records, such as tax information, benefits enrollment, and timekeeping data. Furthermore, HR is responsible for managing employee benefits, such as health insurance, retirementplans, and paid time off.
I recently presented a 90-minute 2024 Personal Finance Year in Review webinar for OneOp and wrote a blog post about 2024 financial milestones for 403bwise. Impacts resulted from avoiding high-cost debt and larger retirement savings. My one-person company, Money Talk (read: me), may be the only entity in the U.S. Whats next for 2025?
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