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What Retirees Should Know About Tariffs
As a new administration weighs its stance on tariffs, it’s worth considering how these policies may affect retirees and their financial plans. Tariffs, often described as taxes on imported goods, are actually taxes imposed on U.S. companies importing foreign products. These taxes can ripple through the economy, impacting consumer prices, including essentials that retirees rely on, such as groceries, healthcare, [...]
Recent Tax Changes Boost 529 Plan Benefits
529 plans, the popular tax-advantaged savings accounts for education expenses, have become even more attractive in recent years thanks to a series of federal tax law changes. These modifications have expanded the versatility of 529 plans, making them a more powerful tool for families planning for educational expenses. What is the 529 Plan? A 529 plan is a tax-advantaged investment [...]
How Spending and Budgets in Retirement Change Over Time
Retirement is often viewed as a static phase of life, but the reality is far more dynamic. As retirees progress through their golden years, their spending habits and budgetary needs evolve significantly. Understanding these changes is crucial for effective retirement planning and ensuring financial stability throughout this important life stage. The Early Years The initial years of retirement are often [...]
Important Updates to Social Security in 2025
As we approach 2025, the Social Security Administration (SSA) has announced several important changes to the program that will affect millions of beneficiaries. These updates are designed to keep pace with the changing economic landscape and ensure that retirees and other recipients can maintain their quality of life. Here's a comprehensive look at the four major changes coming to Social [...]
Differences Between Traditional and Roth IRA
When it comes to planning for retirement, Individual Retirement Accounts (IRAs) are a popular investment option. There are two main types of IRAs: traditional and Roth. Both have their own unique features, advantages, and drawbacks. In this article, we will explore the key differences between a traditional and a Roth IRA. Tax Treatment One of the main differences between a [...]
Retirement Planning Refresher: What Retirees Need to Know About SECURE Act 2.0
The SECURE Act 2.0, signed into law in late 2022, brought significant changes to retirement savings and planning—namely, the rules around how retirement accounts work and can be used. As a retiree or someone approaching retirement, understanding these changes is crucial for optimizing your financial strategy. Let's explore some key aspects that may directly impact you. Required Minimum Distributions (RMDs) [...]
Back to the Basics of Retirement Accounts
Retirement accounts are a cornerstone of today’s retirement strategies. While everyone might recognize the terms “IRA” or “401(k),” it’s important to familiarize yourself with how they work so you can understand how they may play a role in your own retirement strategy and timeline. Once you approach retirement, there are so many ways you can use these types of accounts, [...]
7 Ways to Celebrate Financial Planning Month
October is recognized as Financial Planning Month, an annual event dedicated to planning for an independent financial future. Whether you're a novice or knowledgeable in finance, assessing your finances and goals is always beneficial. This yearly event provides the perfect opportunity to reflect on spending habits, saving, investment strategies, and overall financial health. It allows us to rethink our financial [...]
