For many Americans approaching retirement, the 401(k) catch-up provision was one of the most practical and meaningful planning tools available. It was designed to help workers age 50 and older who, due to family obligations, housing costs, healthcare expenses, or career disruptions, were unable to fully maximize retirement savings earlier in life. By allowing additional contributions on a pre-tax basis, the rule helped late-career earners save more and reduce taxable income during what are often their highest earning years. With a new portion of the SECURE 2.0 Act taking effect this year, that lifeline was just ripped away.
By Michael Russo Early retirement plans involve navigating the individual complexities of retirement account rules to pursue a seamless transition into your golden years. The allure of early retirement is undeniable. It offers the opportunity to live a flexible, independent, and personally fulfilling life. Imagine not having to worry about an alarm clock when you […]
By Donald Albach Choosing the right financial plan to reach a comfortable retirement can be challenging since there are a multitude of options to choose from. Since all retirement plans have their own features and benefits, it’s not always easy to know which one is which. Two popular options are pension plans and 401(k)s, but […]
By Donald Albach Planning for retirement can be a daunting task, but taking control of your 401(k) is an important step toward experiencing financial freedom in your golden years. In this article, we’ll explore some key steps you can take both before and during retirement to maximize your 401(k) savings and feel confident in your […]
Taxes don’t stop when you stop receiving a paycheck. If you have multiple sources of income in retirement, your tax burden could be substantial. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. Start with these 4 types of retirement income […]
