Help Your Children Get a Let Up in Retirement

Retirement can be a long way off for teenagers, but given how much retirement can cost–and the costs will probably continue to rise throughout future generations–there’s no such thing as getting too early of a head start. No, you teenager might not fully appreciate how much such steps may help in the future, but that shouldn’t be a good enough reason not to at least talk to your teenager about starting to save for retirement as soon as they are able. Of course, you can start off through conversation. However, if you really want to make an impression, you may Continue reading Help Your Children Get a Let Up in Retirement

Staying Focused on Retirement During Trying Times

I’ve focused a lot on Coronavirus and how it has or may affect retirement plans for many. I see no reason to change that theme now. While parts of the country are starting to re-open, many areas are still largely shut down. There is also a lot of uncertainty surrounding opening up parts of the country. What happens in infections spike in areas that are reopening and they have to shut down again? Many predict, such a situation is a real possibility for places opening without a proper plan. It can be easy to become cautious regarding saving for retirement Continue reading Staying Focused on Retirement During Trying Times

Money In, Money Out: The SECURE Act and Age Restriction Changes

If you’ve been reading up on the SECURE Act, then you are probably well aware of the fact that it eliminated the age restriction on contributions to traditional IRAs. This is a big deal for those Americans planning to work into their 70s by allowing them to put money into their traditional IRAs while they continue working. It should be noted, though, that removal of the age restriction does not remove required minimum distribution (RMD) age requirements. That means that people will still need to begin taking RMDs from a traditional IRA at 72, even as they are still making Continue reading Money In, Money Out: The SECURE Act and Age Restriction Changes

The SECURE Act Passed. What Does That Mean?

I’ve written about the SECURE (Setting Every Community Up for Retirement Enhancement) Act a number of times over the past year or so. I’m writing now following it’s passing Congress last week as part of the year-end spending bill. Now that President Trump has signed it into law, it goes into effect on January 1, 2020. The legislation is a relatively large overhaul to retirement savings accounts. The two biggest changes are to contributions and required minimum distributions (RMDs). First off, the new law eliminates the age limit for traditional IRA contributions. This means that if you are still working, Continue reading The SECURE Act Passed. What Does That Mean?

Finance Themed Gifts or the Holidays

We’re a little less than 10 days away from Christmas, so chances are, you’ve probably done all your holiday shopping at this point. However, if you’re looking for a few more gift ideas for your children or grandchildren, then maybe you might want to consider something with a focus on finances and money. For example, a book on personal finance can be a great gift that can help people more than they may even realize. There are many such books out there covering various aspects of personal finance, so you may want to stick with bestsellers on this. A personal Continue reading Finance Themed Gifts or the Holidays

Getting Involved With the Match Game

No, this is not a blog post about dating games, but it is about matches–employer contribution matching, that is. In case you are unfamiliar, employer contribution matching is a retirement benefit in which a company will match contributions you make to your employer-sponsored retirement account (usually a 401(k)). Such benefits usually have certain limitations or rules for eligibility. For example, you may have to work at the company for a certain length of time before being eligible or you have to contribute a certain amount of your annual income to take advantage of it. While matching contributions are offered by Continue reading Getting Involved With the Match Game