Retirement Planning

Retirement Planning

2025 Retirement Plan Contribution Limits

Retirement plan contribution limits are reviewed each year and are occasionally adjusted by the IRS. Table 1 below summarizes retirement plan contribution limits for 2025. Table 1: Retirement Plan Contribution Limits (2025) Retirement Plan Type 2025 Contribution Limit Catch-up Contribution Limit Individual Retirement Account (IRA) $7,000 Age 50+: $1,000 Simple IRA $16,500 Ages 50-59: $3,500

Posted By Alyssa Dalbey
January 20, 2025

Retirement Planning

Benefits of Employee Stock Ownership Plans (ESOP)

An Employee Stock Ownership Plan (ESOP) is a qualified retirement plan that allows employees to own shares in the company they work for. This article provides an overview of what an ESOP is, its benefits for both employers and employees, and its treatment upon an employee’s retirement. What is an ESOP? An ESOP is a

Posted By Alyssa Dalbey
October 2, 2024

Retirement Planning

Mega Backdoor Roth Conversions

Mega backdoor Roth conversions give high-income earners an opportunity to participate in after-tax savings and tax-free investing. This strategy is available to individuals that participate in a qualified retirement plan, such as a 401(k), that allows after-tax contributions to the plan. Who Should Consider a Mega Backdoor Roth Conversion A mega backdoor Roth conversion may

Posted By Alyssa Dalbey
April 22, 2024

Insurance & Risk Management

Medicare Part B and Part D Premium Adjustments for 2024

Medicare Part B premiums are automatically deducted from Social Security, Railroad Retirement Board, and Office of Personnel Management payments. The standard Medicare Part B premium is adjusted based on a taxpayer’s Modified Adjusted Gross Income (MAGI). MAGI for Medicare purposes is the taxpayer’s AGI plus any tax-exempt interest. Medicare uses a taxpayer’s MAGI from two

Posted By Alyssa Dalbey
January 15, 2024

Retirement Planning

Social Security Benefits Increasing in 2024

Each year, the Social Security Administration announces the annual cost-of-living adjustment (COLA). The Social Security Administration has announced that Social Security and Supplemental Security Income (SSI) benefits will increase for 2024.

Posted By Alyssa Dalbey
December 19, 2023

Retirement Planning

Understanding Required Minimum Distributions

Understanding Required Minimum Distributions (RMD) is imperative for effective retirement planning. RMD rules can be complicated and difficult to understand, so we’ve outlined common questions and explanations to help you.

Posted By Alyssa Dalbey
November 7, 2023