News & Insights

How might the 2023 COLA increase affect retirees’ financial plans?

The Social Security Administration provides benefits to retired employees. These benefits can become a substantial part of your retirement plan, especially since they are adjusted according to each year’s cost-of-living expenses. By January 2023, Social Security and Supplemental Security Income (SSI) benefits will increase by 8.7% to account for inflation.  The Social Security Administration applies […]

5 early distribution tax exemptions you should keep in mind during early retirement planning

About half of all U.S. workers take money out of their retirement fund when changing jobs. However, many people do not realize that the money you withdraw from your IRA retirement fund before you reach the age of 59½ is taxed. It can even be subject to an early withdrawal penalty fee. This is because […]

What does a recession mean for me and my retirement plan?

What exactly constitutes a recession is hard to define and the definition has been getting a lot of publicity recently, but generally, a recession is considered a period where a nation’s economic output is declining. Recessions are commonly described as a fall in GDP (gross domestic product) in two successive quarters, but in reality can […]

IRA losing money? Here are 4 potential reasons and what you can do to stop it from happening

You might be wondering, what exactly is an IRA and how does it work? An individual retirement account (IRA) is a retirement savings account that allows a person to deposit money toward their retirement. This type of account is managed by the individual planning for their own retirement, as opposed to a retirement account managed […]

Are you saving enough for health care costs you may face in retirement?

It’s about that time of year when people with Medicare must decide whether to make changes to their insurance plan. Most people are used to health insurance coverage that is supplied by an employer. According to one survey, 77% of Americans who are currently working are saving for retirement through a work-sponsored plan. That means […]

Retirement tax planning: How to plan ahead to save on taxes

Retirement planning is an important part of financial planning in general. If you’re planning for retirement, there are five basic steps for you to consider. A financial planner knows how essential each one of these steps is and can guide you through each of them. The first is to start planning at the right time. […]