Most of us would prefer not to think about an unexpected (and unwelcome) early retirement, but it does happen frequently. In fact, nearly half of current retirees retired earlier than planned, and of that group, more than 60% did so due to changes at their company or a hardship, such as disability.1 For that reason, it's a good idea to take certain steps now to help prepare for the unexpected. What you can do now Save as much as possible in tax-advantaged accounts. If you're forced … [Read more...]
Home Energy Rebates Could Save You Money
The Inflation Reduction Act of 2022 included two provisions allowing rebates for home energy efficiency retrofit projects and home electrification and appliance projects. These home energy rebate programs are to be administered by state energy offices, with the U.S. Department of Energy (DOE) providing guidance and oversight. Many states have applied for or have received optional early funding to jumpstart their home energy rebate programs. Rebates are available in some states starting in … [Read more...]
What is a self-employed retirement plan?
A self-employed retirement plan is a tax-deferred retirement savings program for self-employed individuals. In the past, the term "Keogh plan" or "H.R. 10 plan" was used to distinguish a retirement plan established by a self-employed individual from a plan established by a corporation or other entity. However, self-employed retirement plans are now generally referred to by the name that is used for the particular type of plan, such as SEP IRA, SIMPLE IRA, SIMPLE 401(k), or self-employed 401(k) … [Read more...]
What is a SIMPLE?
There are many types of employer-sponsored retirement plans. One that may appeal to small businesses and to self-employed individuals is the savings incentive match plan for employees (SIMPLE) because, as the name implies, it is easy to set up and administer, and employers are allowed to take a tax deduction for the contributions that are made. SIMPLEs can be established by small businesses that have 100 or fewer employees (who were paid at least $5,000 or more in compensation during the … [Read more...]
Retirement Planning – Employee/individual contribution limits
Retirement Planning Employee/individual contribution limits Elective deferral limits 2024 2025 401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs 1 [Includes Roth 401(k) and Roth 403(b) contributions] Lesser of $23,000 or 100% of participant's compensation Lesser of $23,500 or 100% of participant's compensation SIMPLE 401(k) plans and SIMPLE IRA plans1 Lesser of $16,000 or 100% of participant's compensation Lesser of $16,500 or 100% of participant's … [Read more...]
2025 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)
Single taxpayers If taxable income is: Your tax is: Not over $11,925 10% of taxable income Over $11,925 to $48,475 $1,192.50 + 12% of the excess over $11,925 Over $48,475 to $103,350 $5,578.50 + 22% of the excess over $48,475 Over $103,350 to $197,300 $17,651 + 24% of the excess over $103,350 Over $197,300 to $250,525 $40,199 + 32% of the excess over $197,300 Over $250,525 to $626,350 $57,231 + 35% of the excess over $250,525 Over … [Read more...]
Child Care Costs More Than Housing
For a family with two young children, the average annual cost for child care in 2023 was higher than the cost of mortgage payments in 45 states and higher than the cost of rent in every state. Here is a comparison of regional costs for housing and child care for two children — an infant and a four-year-old — in a child care center. Source: ChildCare Aware of America, 2024 Link to Printable PDF: 2024 11 November Newsletter IMPORTANT DISCLOSURES ERB … [Read more...]
Sources of Retirement Income: Worker Expectations vs. Retiree Realities
About 90% of retirees say they rely on Social Security, approximately the same as the percentage of workers who expect Social Security to help them meet their retirement income needs. Similarly, about 60% of workers expect a traditional pension plan to provide income, which is only slightly higher than the percentage of retirees who say a pension helps pay their bills. In other cases, worker expectations differ dramatically from retiree realities. Source: Employee Benefit Research Institute, … [Read more...]
If You Don’t Have a Will Yet, Why Not?
A will is a fundamental estate planning document. It outlines how you wish your property to be distributed, who should handle matters related to settling your estate, and who you want to care for your children after you pass, among other things. If you don't yet have a will, you're not alone. According to a recent survey by Caring.com, 64% of Americans think having a will is important, but only 32% have one.1 There are many reasons people put off drafting a will — here are four that you might … [Read more...]
FAFSA for 2025-2026 School Year Opens December 1
For the second year in a row, the Free Application for Federal Student Aid, commonly known as the FAFSA, will be delayed. The FAFSA for the 2025–2026 school year will open on December 1 instead of the typical October 1 date. Last year, despite a redesigned FAFSA that was supposed to be easier to complete, families faced a perfect storm — a delayed rollout, technical glitches, and processing delays, which led to confusion and late financial aid packages from colleges. By one estimate, as of March … [Read more...]
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