retirement plans

Shocking Revelation: High-Income Savers Must Pay Taxes NOW on Retirement Contributions

Tags: retirement savers, catch-up contributions, taxes, Congress, Secure Act 2.0, retirement accounts, Roth basis, after-tax money, tax deduction, retirement planning, contribution limits, 401(k), retirement plans, Vanguard report, legislative errors, operational challenges, retirement community, retirement savings, Roth accounts, required minimum distributions, IRS, U.S. Treasury, American Retirement Association,  Retirement savers with high incomes might soon face the prospect of paying taxes immediately on catch-up contributions rather than later. Congress passed Secure Act 2.0 last December, stipulating that …

Read more

Here Are The  Potential Consequences Of The Debt Ceiling Standoff For Your Retirement Plans

A meeting between President Biden and congressional leaders is scheduled to discuss the debt ceiling at a critical time when the country may be unable to meet its obligations. Economists and administration officials have warned that a potential default on the national debt, a first in U.S. history, could result in a financial disaster. This would severely affect the domestic economy and cause turbulence in global markets.

The Harsh Truth About What Role Social Security Will Play In Retirement

When preparing for retirement, it’s crucial to have realistic expectations regarding the amount of financial support you can expect from Social Security benefits. Many people consider Social Security a significant part of their retirement income. It’s important to remember that you can only access these benefits once you turn 62, and you must have contributed to the Social Security system for many years to earn them. However, once you start receiving benefits, they will last for the rest of your life.

Here Are The Different Stages Of Retirement

As with any significant life shift, adjusting to a new day-to-day reality will include a series of distinct phases. Here are five stages you might anticipate encountering, along with advice for how you should prepare.

Want to Move to Canada in Your Golden Years?

Is Canada on your list as one of the places you are considering moving to in retirement? It is essential to think about the various outcomes that can result from this choice if you spend your retirement up north.