To help you manage your finances throughout the year, we’ve put together a list of important financial planning dates. You can mark them on your wall calendar or, better yet, enter them into your virtual calendar (where you can also set up reminders to keep you on track).
If you are 50 or older, or you will reach age 50 by the end of the year, you may be able to make contributions to your IRA or employer-sponsored retirement plan above the normal contribution limit. Catch-up contributions are designed to help you make up any retirement savings shortfall by bumping up the amount you can save in the years leading up to retirement. Catch-up contributions can be made to traditional and Roth IRAs, as well as to 401(k) plans and certain other employer-sponsored retirement plans. But if you participate in an employer-sponsored retirement plan, check plan rules--not all plans allow catch-up contributions.
It’s a few months before you turn 65. You check the mail and find the box overflowing with materials from companies discussing M edicare enrollment, M edicare Advantage plans, and other pharmacy-related plans. The amount of information is overwhelming—how will you possibly sort through it all and figure out what you need to do?
As people retire healthier and better educated than ever before, the traditional picture of retirement is changing. M any retirees aren’t ready to settle for an unstructured life full of Sundays. Instead, they’re busy pursuing their passions, going back to school, joining the Peace Corps, starting new businesses, traveling to exotic places, reconnecting with far-flung friends and family, tackling athletic challenges, and sharing their talents and skills with others.
As much as it pains me to say, summer is almost over. Children and grandchildren will be heading back to school any day now, and for some of us a relaxing fall is in order after an eventful summer. While most of our clients were out enjoying time with family and friends, a few did reach out during the summer and asked if I can cover a broad overview of Social Security in my next piece.
“Where did the time go?”. I find myself saying this year after year as soon as August comes around and it finally hits me that fall foliage and sweater weather is right around the corner. After hearing about all the exciting trips our clients have gone on this summer, it makes me want to go back and do a few more things differently, but unfortunately you cannot go back in time. However, that does not mean I can't adjust accordingly to change things for the future.
This month’s topic I will be discussing: What to do with an old 401(k). In researching material I thought would be helpful in this post, I came across a client approved piece provided to me by National Financial Services which insightfully discusses about the topic, so I figured it best to pass it along as is.
I want to introduce you to my new monthly feature, “Retiring the Month with Mike”. During these monthly posts I will be featuring a new topic on how we can help further educate you on financial matters. During meetings with clients, Jeremy, Chris and I heard about areas in which you may desire to learn more about. Additionally, I will be featuring our “Social Media Post of the Month” from either our company Twitter account or one of our LinkedIn profiles.