What financial, business, or life priorities do you need to address for the coming year? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes.
In his book Good to Great, Jim Collins wrote that successful organizations drive growth by first, “getting the right people on the bus and ensuring they are in the right seat.”
One person that has done this extremely well is Josh Schwartz, the Founding President of Retirement Plan Advisors (RPA) in Chicago.
The contribution limit for employees who participate in 457(b) and 403(b) plans, and the federal government’s Thrift Savings Plan, will increase from $19,500 to $20,500.
Retirement Plan Advisors is pleased to share that the November issue of Advisors Magazine features a profile of our firm.
On October 13, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 5.9% cost-of-living adjustment (COLA) for 2022.
Health care can be one of the priciest yet essential parts of life’s journey. And yet, many struggle to utilize the financial tools that may help. Take Health Saving Accounts (HSAs), for example.
As a parent or grandparent, you know firsthand the challenges of funding a child’s education. The Free Application for Federal Student Aid (FAFSA) Act was passed at the end of 2020 and has changed some of the qualifications for students to receive financial aid.
Did you know you may be able to take your 401(k), 403(b), or 457 plan and roll it into another type of retirement account while you are still working? Let’s look at how these rollovers can happen and the pros and cons of making them.
The National Association of Plan Advisors (NAPA) has announced their list of Top Defined Contribution (DC) Advisor Teams for 2020 – teams who improve the quality of DC retirement plan advice and build a more financially secure retirement for hardworking Americans. Retirement Plan Advisors (RPA) is proud to be recognized on this list.
What financial, business, or life priorities do you need to address in the coming year? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes.
On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3% cost-of-living adjustment (COLA) for 2021.
You may have seen this statistic before, or one resembling it: The average 65-year-old retiring couple can now expect to pay more than $250,000 in health care expenses throughout the rest of their lives.
During your accumulation years, you may have categorized your risk as “conservative,” “moderate,” or “aggressive,” and that guided how your portfolio was built. Maybe you concerned yourself with finding the “best-performing funds,” even though you knew past performance does not guarantee future results.
A new law in Pennsylvania will require school districts sponsoring certain retirement plans to use at least four service providers, which advisers say runs counter to best practices and will perpetuate an environment of higher record-keeping and investment-management fees.
Retirement Plan Advisors (RPA) has appointed Robert Mangano to the newly created position Director – Client Relations. Rob is responsible for client engagement and improving plan participants’ retirement outcomes through consultative plan design.
Social Security may be a critical component of your financial strategy in retirement, so before you begin taking it, you should consider three important questions.
Some retirees succeed at realizing the life they want; others don’t. Fate aside, it isn’t merely a matter of stock market performance or investment selection that makes the difference. There are certain dos and don’ts – some less apparent than others – that tend to encourage retirement happiness and comfort.
Financially speaking, retirement might differ from your expectations. Just as few weathercasters can accurately predict a month’s worth of temperatures and storms, few retirees find their financial futures playing out as precisely as they assumed. Because of this, some common financial assumptions (and anxieties) about retirement are worth examining.
Misconceptions about Medicare coverage abound. Our national health insurance program provides seniors with some great benefits. Even so, traditional Medicare does not pay for dental care, vision care, or any real degree of long-term care. How about medicines?
America is enduring a data breach epidemic. The latest annual study of the problem from Javelin Strategy & Research, a leading financial analytics research firm, says that 16.7 million people across the nation were impacted by identity theft in 2017 – an all-time high.1
If you were born during 1965-80, you belong to “Generation X.” Ten or 20 years ago, you may have thought of retirement as an event in the lives of your parents or grandparents. But within the next 10-15 years, you will probably be thinking about how your own retirement will unfold.
Paying off a major debt produces a sense of relief. You can celebrate a financial milestone; you can “pay yourself first” to a greater degree and direct more money toward your dreams and your financial future rather than your creditors.
How much have you saved for retirement? Are you on pace to amass a retirement fund of $1 million by age 65? More than a few retirement counselors urge pre-retirees to strive for that goal. If you have $1 million in invested assets when you retire, you can withdraw 4% a year from your retirement funds and receive $40,000 in annual income to go along with Social Security benefits (in ballpark terms, about $30,000 per year for someone retiring from a long career).
If you are in or near retirement, it is a safe bet that you would like more yield from your investments rather than less. That truth sometimes leads liars, scammers, and fraudsters to pitch any number of too-good-to-be-true “investment opportunities” to retirees.
National Retirement Security Week – October 21-27, 2018 – is a time to reflect on your financial future.
Retirement is undeniably a major life and financial transition. Even so, baby boomers can run the risk of growing nonchalant about some of the financial challenges that retirement poses – for not all are immediately obvious. In looking forward to their “second acts,” boomers may overlook a few matters that a thorough retirement strategy needs to address.
Being a parent means being responsible to a degree you never have been before. That elevated responsibility also impacts your financial decisions. You are now a provider and a protector, and that reality may make the following financial moves necessary.
There are a number of well-known retirement savings vehicles, used by millions. Are there other, relatively obscure retirement savings accounts worthy of attention? Are there prospective benefits for retirement savers that remain under the radar?
Have you been saving for retirement for a decade or more? In the foreseeable future, something terrific is likely to happen with your IRA or your workplace retirement plan account. At some point, its yearly earnings should begin to exceed your yearly contributions.
RPA President Joshua F. Schwartz and Vice President – Group Retirement Plans Kenneth Mergen recently participated as delegates to the National Association of Plan Advisors’ (NAPA) Annual DC Fly-In Forum, an exclusive gathering of the nation’s leading retirement plan advisors.
The median retirement age for an American woman is 62. The Federal Reserve says so in its most recent Survey of Household Economics and Decisionmaking (2017). The age when seniors first become eligible for Social Security retirement benefits is 62.
Institutional Investor has appointed Joshua F. Schwartz, President of Retirement Plan Advisors (RPA), as Chairperson of their inaugural Retirement Plan Advisor Summit. The event, attended by C-Suite executives from the most innovative and important retirement plan advisory firms, will take place July 17 and 18 at the Park Hyatt Chicago.
Goals give you focus. To find and establish your investing and saving goals, first ask yourself what you want to accomplish. Do you want to build an emergency fund? Build college savings for your child? Have a large retirement fund by age 60? Once you have a defined motivation, a monetary goal can arise.
Do you fear you are saving for retirement too late? Plan to address that anxiety with some positive financial moves. If you have little saved for retirement at age 50 or thereabouts, there is still much you can do to generate a fund for your future and to sustain your retirement prospects.
Retirement planning is not entirely financial. Your degree of happiness in your “second act” may depend on some factors you cannot quantify. Here are a few of those factors, as well as the questions they may arise.
By choice or by chance, some people wrap up their careers before turning 60. If you sense this will prove true for you, what could you do to potentially make your retirement transition easier? As a start, you may need to withdraw your retirement funds strategically.
What financial, business, or life priorities do you need to address for 2018? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to lowering your taxes. You have plenty of options. This article shares some that might prove convenient.
The key points of retirement planning are easily stated. Start saving and investing early in life. Save and invest consistently. Avoid drawing down your savings along the way. Another possible point for that list: pay off as much debt as you can before your ‘second act’ begins.
How could you retire in your fifties by choice? You will need abundant retirement savings and ways to access your retirement assets which lessen or avoid early withdrawal penalties. You may also need to have other, sometimes overlooked, components of retirement planning in place.
National Retirement Security Week, October 15-21, 2017, is a time to reflect on your financial future.
As you start a family, you start to think about certain financial matters. Before you became a mom or dad, you may not have thought about them frequently, but so much changes when you have kids.
A successful retirement is not measured merely in financial terms. Even those who retire with small fortunes can face boredom or depression and the fear of drawing down their savings too quickly. How can new retirees try to calm these worries?
When you see online ads or TV commercials about retirement planning, do they ever show baby boomer couples arguing? No. After all, retirement planning is about the pursuit of a happy outcome – a fun and emotionally rewarding “second act” that spouses and partners can share.
Saving for retirement may seem a thankless task. But you may be thanking yourself later.
Saving for retirement takes decades and demands the investment of significant amounts of your income. As this major effort unfolds, you should recognize that some subtle factors and seemingly minor decisions could end up making a sizable and positive impact on your financial future.
Women 35 and younger are often hard-pressed to save money. Student loans may be outstanding; young children may need to be clothed, fed and cared for; and rent or home loan payments may need to be made. With all of these very real concerns, are they saving for retirement?
Our relationship with money is complex and emotional. When we pay a bill, go to the mall, trade in a car for a new one, hunt for a home or apartment, or see others’ apparent wealth or lack thereof, we feel things and harbor certain perceptions.
Do you have a federal student loan that needs to be repaid? You may be surprised at what the government might do to collect that money someday, if it is not paid back soon enough.
It is agreed that the earlier you start saving for retirement, the better. The big question on the minds of many savers, however, is: “How am I doing?” This article will show you some estimated milestones to try and reach. (Keep in mind that you may need to save more or less than these amounts based on your objectives as well as lifestyle and income needs.
In life, there are times when simple decisions can have a profound impact. The same holds true when it comes to personal finance. Here are some simple choices you could make that may leave you better off financially – in the near term, the long term, or both.
Picture the women of the world growing wealthier.
It’s happening right now.
What financial, business, or life priorities do you need to address for 2017? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives. Some year-end financial moves may help you pursue those goals as well.
Are you worried about retiring? Many baby boomers are, and they have reason to be, given low interest rates, subpar returns on equities, increasing health care costs, and the issues facing Social Security.
October 16-22 marks National Retirement Security Week (NRSW) 2016.
Will you receive tax-free money in retirement? Some retirees do. You should know about your options for tax-free retirement distributions, some of which are less publicized than others.
The National Bureau of Economic Research (NBER), a respected non-profit think tank, says we are forfeiting $1.7 trillion in potential retirement savings. Why? Because of our biases.
A new study has raised eyebrows about the retirement prospects of women.
If you are younger than 35, saving for retirement may not feel like a priority. After all, retirement could be 30 years away. If your employer does not sponsor a retirement plan, there may be less incentive for you to start.
Will your heirs receive their fair share of your wealth? When you are no longer here to oversee your assets, will they be distributed to your intended beneficiaries?
Your significant other may retire later than you do. Sometimes that reality reflects an age difference; other times one person wants to keep working for income or health coverage reasons. If you retire years before your spouse or partner does, you may want to consider how your lifestyle and household finances might change.
Typically the IRS, unless an exception applies, imposes a 10% early distribution tax on retirement plans.
Gen X is the first generation that has had to save for retirement without traditional pension plans. In addition, most Gen Xers will probably retire after 2033 – the year in which Social Security predicts its trust funds will run dry, barring federal government intervention.
RPA Vice President Kenneth Mergen, Investment Advisor Representative, John McWatters, and MassMutual Retirement Education Specialist, Jane Burns, enjoy the shade of the RPA booth at The City of Trenton Employee Appreciation Day on July 24, 2015
Sixteen employees took to the streets of Montpelier for the 32nd Annual Vermont Corporate Cup Challenge and State Agency Race.
Motivational speaker Denis Waitley once remarked, “You must stick to your conviction, but be ready to abandon your assumptions.” That statement certainly applies to retirement planning. Your effort must not waver, yet you must also examine it from time to time.1
Is it okay to retire today? Many baby boomers shelved notions of retiring during the past few years. Layoffs, the decline in home values, the crushing bear market of 2007-09 – those memories were just too fresh, and their economic effects were still being felt by many households.
Saginaw Firefighter honored at annual event.
Beloit police officers Jeff Loveland and Todd Dever will be honored with the Life Saving Award on April 28th at The Beloit Police and Fire Commission meeting. Officers Loveland and Dever are receiving the awards for heroic incidents in 2013.