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My Take-Aways from Retirement Planning Guidebook

Money Talk

I recently read Retirement Planning Guidebook , a 453-page tome by retirement researcher and American College professor Dr. Wade Pfau, cover to cover. As an age 60+ adult and a CFP® professional, I consider myself fairly well informed about retirement planning topics. The goal of mountain climbing (i.e.,

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IRS Announces 2024 Retirement Plan Contribution, Benefit Limits

PayrollOrg

The IRS announced the changes to the dollar limits on benefits and contributions under qualified retirement plans for tax year 2024.

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Year-End Tax Moves to Save Money

Money Talk

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. Year-to-Year Comparison - Once a draft 2023 tax return is prepared, compare it to 2022.

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Tax-Deferred Retirement Savings Plans in Later Life

Money Talk

One of the niche audiences for my business, Money Talk , is older adults grappling with financial issues such as creation of a retirement “paycheck,” paying taxes on required minimum distributions (RMDs), and simplifying financial accounts. Taxable accounts outside of retirement savings plans, 2. Tax-free accounts (e.g.,

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Reminder: New Tax Forms for Retirement Plan Payment Withholding Effective January 1, 2023

McDermott Will & Emery Employee Benefits

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

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IRS Releases Annual Increases to Qualified Retirement Plan Limits for 2024

Proskauer's Employee Benefits & Executive Compensa

On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. The table below provides an overview of the key adjustments for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant increases.

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What's missing from retirement planning? Oftentimes, it's access

WEX Inc.

And baby boomers are actually the highest percentage of retirement-account holders among any group segmented in a 2021 survey by the U.S. This lack of retirement planning by large segments of employees is leading to more stress for them and less productivity at work. First, offer retirement plans. Census Bureau.