“When do you want to retire?” is one of my favorite questions to ask clients, especially when I have a chance to ask it without much context or build up. I find that a lot of people romanticize the idea of retirement without giving much detail to the thought. Getting an understanding of when (and how) someone wants to retire...
Before claiming social security there are some things you should know. When do you meet your full retirement age because that impacts how much you collect. Take a look at your longevity, your Cost of Living Adjustments (COLA) and your spousal benefits. Lastly, keep in mind that there may be taxes and penalties that come with claiming too soon. We realize that this is a complex subject and encourage you to work with a financial planner, CFP® or ChFC® who is proficient in retirement planning.
Will Social Security benefits be lost? While the program has long been underfunded, those already receiving or nearing retirement benefits are unlikely to be affected. Several policy changes, such as raising the retirement age or increasing payroll taxes, could stabilize the system, but younger individuals should prepare for saving for retirement now.
Pre-tax retirement plans have been a favored vehicle of investors and financial advisors for many years. As a financial advisor, I have held the opinion that these plans are one of the, if not the, best way to save for retirement.
As of January 23, 2025 participants in the GM Retirement Savings Plan (RSP 401k) have a new and potentially game changing investment option. The plan now allows participants to open a self directed 401k account through Fidelity (BrokerageLink®). You might be asking what is a self directed 401k and why is this game changing?
Dart Container, a major employer in the Greater Lansing area, has announced plans to lay off 250 workers, 160 of which are from the Mason headquarters. Dart Container's recent announcement of layoffs has undoubtedly caused concern and uncertainty for many. These job losses will most certainly have a significant impact on the Mason community as a whole.
Two things in life are certain: death and taxes, but have you ever considered the impact your death has on the taxability of your things? Depending on how you are saving, you could potentially be passing a tax obligation onto your heirs.
The SECURE ACT was enacted on January 1, 2020. While it has been a few years since the act was passed, the effect of the largest retirement reform since 2006 is still being felt today. One of the major changes was the implementation of new required minimum distribution (commonly known as RMD) rules for Inherited IRAs. I like to call this the death of the Stretch IRA. First, let’s establish that an inherited IRA is when a loved one or family member dies with money left in their IRA, 401K, or even 403B, and you are named as a beneficiary. The funds are passed on to you through a vehicle called an Inherited IRA.