The Internal Revenue Service (IRS) has announced the contribution limits for retirement plans for 2025, reflecting cost-of-living adjustments aimed at helping savers prepare for retirement. Key Contribution Limits for 2025 401(k), 403(b), and Similar Plans: The contribution limit for these workplace retirement accounts has increased to $23,500, up from $23,000 in 2024. Individuals aged 50 […]
Why Retirees Might Want to Keep Their 401(k)
When you decide to retire, you have a few different options for your 401(k). You could leave the money in the plan, transfer it to an IRA or convert it to an annuity, withdraw it as a lump sum, or take required minimum distributions (RMDs) starting at age 73. There are good reasons for all […]
2022 Account Limits and Changes
Before the year wraps up, there are some accounts you can still contribute to. Certain accounts can even reduce your tax burden, so it’s worth looking into before 2023 comes. Here is an overview of important account limits, and how long you have to make contributions: Health Savings Account During open enrollment, it’s a good […]
How to Plan Strategic Retirement Withdrawals
If you’re preparing for retirement, there are potential savings you should consider with your withdrawals. With just a few key moves, you could maximize your money and gain significant savings when it comes time to withdraw money in retirement. Here are a couple of the moves that pay off the most for retirees: Diversify for […]
Important Deadlines to Know for Your Retirement Plan
If you want to maximize the benefits of your retirement plan, it’s important to note the deadlines that go along with them. Not all retirement plans should be, or can be, set up at the same time. And if you want the tax benefits of your plan, there is a cutoff date to apply your […]