5 Tips to Prepare for the Snowbird Lifestyle in Retirement
One of the biggest decisions you’ll make when you prepare to retire is where to live. Will you stay where you are or relocate? Many retirees move to be closer to their children and grandchildren, while others move to warmer climates. The so-called “snowbirds” move from the colder Northern states to warmer Southern states each […]
5 Tips for Having Effective Family Money Meetings
Many parents are reluctant to discuss money with their children, for whatever reason. In fact, a 2023 study found that 62 percent of Americans don’t talk about money, in general. Yet talking with your children about money, and allowing them to hear you and your spouse discussing it, improves their financial literacy, which typically translates into better […]
5 Ways to Catch Up on Your Savings in Your 50s
People who begin saving money for retirement early in their careers benefit from compound interest, which “grows” their money over time. That is the ideal scenario, but plenty of people in their 50s find themselves falling short in retirement savings for many reasons. A recent BankRate study found that more than half of American adults in the […]
IRS Increases 401(k) Contribution Limits for 2024
Each year, the IRS sets the maximum amount of money that you and your employer can contribute to a 401(k) plan. On Nov. 1, 2023, the IRS announced that in 2024, the amount individuals can contribute to their 401(k), 403(b) and most 457 plans — as well as the federal government’s Thrift Savings Plan, a retirement savings and […]
4 Important Year-End Tax Planning Points For 2023
As we near the end of 2023, there are a few year-end items that are important to review: 1) Long-term Capital LossIf a retail account has long-term capital loss to harvest, that may be helpful for your 2023 tax return. You are able to offset any long-term capital gains by the amount of long-term capital […]
