Advisors celebrated the passing of a retirement reform law at the end of 2022. Most of the discussion centered on provisions allowing savers more leeway in their retirement preparations and incentivizing more employers to provide workplace savings programs.
Category: Money
Strategies For Minimizing Taxes When Withdrawing From A Retirement Account
Since you must still pay taxes on your conventional 401(k) and IRA funds, you cannot withdraw the whole amount for retirement purposes.
Distributions from regular IRAs and 401(k)s are subject to income tax. Withdrawals from a 401(k), an IRA, or any qualified retirement plan are subject to income tax, but there are methods to reduce that hit.
New Retirement Law Allows Insurers to Tap Your 401(k)
Retirement plans featuring in-plan annuity investments are likely to gain traction following the passage of a landmark spending law, providing workplace savers with lifetime income options and fostering closer ties with insurance providers that regulators had previously kept at bay.
Here Are The Five Most Likely Financial Shocks In 2023
We understand if you would prefer not to think about the year 2022; however, don’t wait until the middle of 2023 to assess how your financial situation may have altered in the last year. It may be necessary to make modifications, and it is important to do it as soon as possible.
Pros And Cons Of Using Retirement Money To Pay Off High-Interest Rate Debt
Many Americans are paying more interest fees on their credit card balances than ever due to the all-time high national average interest rate. Therefore, they may be debating whether or not it is wise to use their retirement funds to settle their debt.
Avoid These 5 Mistakes When Drafting a Financial Power of Attorney
Financial power of attorney is a potent estate planning tool, but you might encounter dire repercussions if you forget to identify a backup and provide overly wide gifting powers.
Yes, A Home Is Still A Good Investment
Yes, a home is still a good investment, despite falling home prices. After a lengthy surge in property prices, indications now point to a time of deceleration. Instead of being enthusiastic about this potential, many homebuyers question if purchasing a home during a recession is still a sensible investment.
Here Are Four Big Retirement Risks And The Necessary Steps On How To Reduce Your Exposure
Common pitfalls on the road to retirement include spending too much, investing too little, and deviating from your goal. The good news is you may be able to prevent them with some self-control and foresight.
A Recession in 2023: How to Adjust Your Retirement Portfolio
The U.S. economy is already feeling the effects of a New Year’s hangover, with dire predictions for the next year, 2023. The Conference Board predicts that the United States economy will enter a recession in 2023 with a probability of 96%. Furthermore, a recent poll conducted by the National Association for Business Economics predicts that there will be a 50% likelihood of a recession in the year 2023.
10 Financial Resolutions To Make 2023 Your Best Year
Getting your financials in order at the start of the year is a great idea. Be especially cautious when you create financial resolutions. Watch out for excessive inflation and the possibility of a recession.
