The Internal Revenue Service has issued a release explaining changes in retirement plan limits for 2026. Below is a summary of this release. The provisions can be complex, so current and prospective plan participants should work with a financial professional.
When you retire, your income will most probably be lower than when you were working, and while your expenses will be lower in some areas — no more commuting — they’ll be higher in others — more prescriptions and doctors’
The concept of retirement is stressful for many people. Retiring in and of itself can be worrisome because it essentially entails a life where you no longer work yet you still need to support yourself. In addition to worrying about
Health care is expensive, more people are living longer and the market is on a roller coaster. Worrying about running out of money in retirement is not unfounded. But with financial planning, you can get some breathing room, so you
A tax credit known as the Retirement Savings Contributions Credit is designed to offset a percentage of the initial $2,000 that taxpayers put toward their individual retirement accounts or other retirement accounts established through their employers. Also called the Saver’s
Maybe you spent most of your early career working paycheck to paycheck. Perhaps your savings went to college funds for your children or paid off old debts. Whatever your circumstances, it’s never too late to build a nest egg. Follow
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. Also
If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be able to amp up the benefits of a traditional or Roth IRA by
Your max contributions to 401(k) plans for 2025 increase to $23,500, up from $23,000 for 2024, according to the IRS. The tax agency also issued technical guidance regarding cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items
The biggest threats to your financial stability in retirement include unrealistic budgeting, inflation, health care costs and living longer than anticipated. The first threat is, in some ways, the easiest to control. Be honest with yourself about how much you