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When it comes to managing your retirement, a small mistake can cause a major loss of capital. That is why it's important to speak with a financial advisor who is familiar with your Company's benefits. Schedule a call today..  
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U.S. Banking Crisis: Should You Be Worried?

Mar 27, 2023 12:45:00 PM
written by The Retirement Group

Unable to meet withdrawal requests triggered by depositor panic, Silicon Valley Bank (SVB) was placed into receivership by the Federal Deposit Insurance Corporation (FDIC) on March 10, 2023. SVB represents the second-largest bank collapse in U.S. history. 1 Two days later, the FDIC announced the closure of a second bank — Signature Bank — and that all depositors of both banks would be paid back in full. (The FDIC more recently announced that New York Community Bancorp's Flagstar Bank would take on nearly all of the former Signature Bank's deposits.) 2

With the media focused on these and other related stories, you might be concerned about your own deposit accounts. The good news is that most individuals don't need to worry. Here's why.

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posted in Financial Planning, Finances, 2023, Banking

IRS Issues Guidance on State Tax Payments

Mar 16, 2023 10:30:00 AM
written by The Retirement Group

The IRS has identified 21 states that made special payments to taxpayers in 2022. After a review of those special payments, the IRS has determined that taxpayers in many states will not need to report those payments on their 2022 federal income tax returns. Special payments in four of those states should be treated as refunds of state taxes paid, and taxation is determined under the general federal income tax rules for state tax refunds. Special payments in 17 states are treated as made for the promotion of the general welfare or as a disaster relief payment and are excluded from income for federal tax purposes. Illinois and New York are listed in this category but seem to have provided a mixture of payments that fell into multiple categories (see below).

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posted in Financial Planning, Tax, Retirement, IRS, 2023

What is a Mega Roth IRA?

Mar 14, 2023 12:15:00 PM
written by The Retirement Group

The mega backdoor Roth IRA is a strategy ‘highly compensated employees’ or HCEs at Fortune 500 can use to increase retirement savings and shelter investment growth from taxes in retirement.

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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, Retirement, ExxonMobil, Chevron, Verizon, Northrop Grumman

Watch Out for These Common Tax Scams

Mar 14, 2023 11:45:00 AM
written by The Retirement Group

According to the Internal Revenue Service (IRS), tax scams tend to increase during tax season and/or times of crisis.1 Now that tax season is in full swing, the IRS is reminding taxpayers to use caution and avoid becoming the victim of a fraudulent tax scheme. Here are some of the most common tax scams for Fortune 500 employees and retirees to watch out for.

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posted in Tax, Scams

Life Insurance and Terminal Illness

Mar 14, 2023 11:15:00 AM
written by The Retirement Group



If you are terminally ill, your life insurance policy is a valuable resource. Not only can you use life insurance to provide adequate income to your survivors for their short- and long-term needs, but you also may be able to receive a portion of the death proceeds from your life insurance before you die in order to pay necessary expenses or to fulfill a dream.

Guaranteed Insurability Rider

When you are terminally ill, you pose an obvious risk to an insurance company, and you will probably be unable to buy additional life insurance coverage. However, if you purchased a guaranteed insurability rider (additional purchase option) when you bought your policy, you may be able to buy additional life insurance without providing proof of medical insurability.

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posted in Financial Planning, Lump Sum, Pension, Retirement Planning

IRS Releases Standard Mileage Rates for 2023

Mar 14, 2023 10:30:00 AM
written by The Retirement Group

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates for medical and moving expense purposes remain the same for 2023. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and also remains unchanged.

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posted in Financial Planning, Mileage, IRS, 2023

Fortune 500 Employees: How 72(t) Avoids the 10% Penalty

Mar 14, 2023 10:04:39 AM
written by The Retirement Group

How Fortune 500 Employees Can Avoid Penalties?


72(t) payments, also known as “substantially equal periodic payments,” are advantageous because they are exempt from the 10% early distribution penalty that usually applies to withdrawals before age 59 ½. You can take them from an IRA at any time, but only from a workplace plan after leaving Fortune 500.

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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, Retirement, ExxonMobil, Chevron, Verizon, Northrop Grumman

Market Month: February 2023

Mar 7, 2023 10:30:00 AM
written by The Retirement Group

The Markets (as of market close February 28, 2023)

Before reviewing your company 401(k) plan, check out how the market can affect your retirement. February saw stocks slide lower after posting solid gains to begin the year. Each of the benchmark indexes listed here retreated from their January totals, with the Dow falling the furthest, followed by the Global Dow, the S&P 500, the Russell 2000, and the Nasdaq. Investors saw hope in January that inflation may be waning. However, February data showed inflationary pressures reversed course and expanded. The Federal Reserve has consistently maintained that it seeks to achieve maximum employment and hold inflation at the rate of 2.0%. So far in 2023, job growth has been solid, with more than 500,000 new hires, while the Consumer Price Index (+0.5%) and the Personal Consumption Expenditures Price Index (+0.6%) revealed increasing inflationary pressures over the previous month. Inflation has risen 5.4% since January 2022, according to the latest PCE price index. With evidence that the economy can withstand further tightening, the Federal Reserve is likely to continue to drive interest rates higher and for a longer period of time. This, coupled with lagging corporate earnings and the Russia/Ukraine war, which is entering its second year, has caused some investors to move from risk.

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posted in Financial Planning, Lump Sum, Pension

The Debt Ceiling and Deficit Spending

Mar 2, 2023 11:15:00 AM
written by The Retirement Group

On January 19, 2023, the outstanding debt of the U.S. government reached its statutory limit, commonly called the debt ceiling. The current limit was set by Congress at about $31.4 trillion in December 2021. 1

On the day the limit was reached, Treasury Secretary Janet Yellen instituted well-established "extraordinary measures" to allow necessary borrowing for a limited period of time. While Yellen projects the extension will last until early June, the Congressional Budget Office (CBO) estimates it may last until sometime between July and September. However, the CBO cautions that if April tax revenues fall short of its projections, the Treasury could run out of funds earlier. 2–3

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posted in Financial Planning, Retirement, 2023, Spending, Debt

REAL ID Deadline Extended Again

Mar 1, 2023 2:32:12 PM
written by The Retirement Group

After years of numerous delays, the U.S. Department of Homeland Security has once again extended the REAL ID enforcement deadline from May 3, 2023, until May 7, 2025. 1

What is a REAL ID?
A REAL ID is a type of enhanced identification card. The REAL ID Act, passed by Congress in 2005, set minimum security standards for state-issued driver's licenses and identification cards. Under the Act, residents of every state and territory are required to have a REAL ID-compliant license/identification card, or another acceptable form of identification (such as a passport), in order to:

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posted in Financial Planning, Retirement, Identification

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