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Annuities Vs. IRA Withdrawals at 4% Rule

Nov 30, 2022 3:53:48 PM
written by The Retirement Group

There are just a couple of things almost all Fortune 500 retirees need when they hit retirement: predictable income and protection against a cluster of risks, which include longevity risk, performance risk and sequence-of-returns risk.

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

College Cost Data for 2022-2023 School Year

Nov 30, 2022 1:53:52 PM
written by The Retirement Group

Every year, the College Board releases new college cost data and trends in its annual report. The figures published are average cost figures based on a survey of approximately 4,000 colleges across the country.

Over the past 20 years, the average price for tuition, fees, and room and board has increased 46% at public colleges and 30% at private colleges over and above increases in the Consumer Price Index, straining the budget of many families and leading to widespread student debt.

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posted in Financial Planning, Retirement, College, 2023

2022 Year-End Charitable Giving

Nov 23, 2022 2:21:46 PM
written by The Retirement Group

With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should be considered as part of your year-end tax planning.

Tax deduction for charitable gifts
If you itemize deductions on your federal income tax return, you can generally deduct your gifts to qualified charities. This may also help increase your gift.

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posted in Financial Planning, Retirement, 2022, Economy

AT&T? Retire with the Lump-Sum & Buy an Annuity!

Nov 14, 2022 3:31:16 PM
written by The Retirement Group

If you are planning on taking the AT&T annuity, you will love taking the lump-sum and buying an annuity. When evaluating the best options for retirement, it is beneficial to plan ahead in order to avoid being left shorthanded. In an online survey of 1,911 Americans aging 50 to 75, 34% of retirees who took a lump-sum buyout from their defined-contribution plan depleted that sum within five years [1]. With that taken into account, if you are an AT&T employee being offered a lump-sum buyout, it may be worth looking into a better alternative. The purchase of an annuity using your lump-sum pension may prove to be a better option.

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posted in Financial Planning, Pension, AT&T, Retirement, Annuity

What Does a Strong Dollar Mean for the U.S. Economy?

Nov 11, 2022 10:57:35 AM
written by The Retirement Group

In late September 2022, the U.S. dollar hit a 20-year high in an index that measures its value against six major currencies: the euro, the Japanese yen, the British pound, the Canadian dollar, the Swedish krona, and the Swiss franc. At the same time, a broader inflation-adjusted index that captures a basket of 26 foreign currencies reached its highest level since 1985. Both indexes eased slightly but remained near their highs in October.1–2

Intuitively, it might seem that a strong dollar is good for the U.S. economy, but the effects are mixed in the context of other domestic and global pressures.

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posted in Financial Planning, Retirement, 2022, Economy

What is a Mega Roth IRA?

Nov 9, 2022 11:44:21 AM
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

Medicare Open Enrollment Is Here: How Are Costs Changing for 2023 and How Will it Effect Fortune 500 Employees?

Nov 3, 2022 1:44:36 PM
written by The Retirement Group

As a Fortune 500 employee or retiree, it is vital that you fully understand Medicare's Open Enrollment Period, and how you can best utilize it. Medicare's Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. Just in time for Open Enrollment, 2023 Medicare premiums, deductibles, and other costs have been announced, and surprisingly, some of these costs are lower than they were last year.

What to consider
We urge all Fortune 500 employees and retirees to start by reviewing any materials your plan has sent you. Look at the coverage offered, the costs, and the network of providers, which may be different than last year. Maybe your health has changed, or you anticipate needing medical care, or new or pricier prescription drugs. If your current plan doesn't meet your health-care needs or fit your budget, you can make changes. But if you're satisfied with what you currently have, you don't need to do anything. The coverage you have will continue.

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posted in Financial Planning, Medicare, 2023

Market Month: October 2022

Nov 1, 2022 10:08:50 AM
written by The Retirement Group

The Markets (as of market close October 31, 2022)
October saw stocks close higher for the first monthly gain since July. Investors were uplifted by hopes that the Federal Reserve will pull back from its aggressive interest-rate hike policy. In addition, solid third-quarter earnings could be a sign that the economy can withstand the battle to lower inflation. Each of the benchmark indexes listed here posted notable gains led by the Dow, which rose nearly 14.0%. The Russell 2000 gained about 11.0%, followed by the Global Dow, the S&P 500, and the Nasdaq.

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posted in Financial Planning, Stock Market, Interest rates, Inflation, 2022

2022 Year-End Tax Tips

Oct 27, 2022 10:58:03 AM
written by The Retirement Group

Here are some things for Fortune 500 employees and retirees to consider as they weigh potential tax moves between now and the end of the year.

1. Defer income to next year
Fortune 500 employees must consider opportunities to defer income to 2023, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rent, and payments for services. As a Fortune 500 employee, doing so may enable you to postpone payment of tax on the income until next year. 

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posted in Financial Planning, Tax, Retirement, 2022

Retirement Legislation Awaits Further Action

Oct 21, 2022 3:05:03 PM
written by The Retirement Group

Legislation that could benefit Fortune 500 employees and retirees with individual retirement accounts (IRAs) and retirement plans such as employees in Fortune 500 companies, is currently moving through Congress. The Securing a Strong Retirement Act of 2022 has passed almost unanimously in the House. A similar bill (with some differences), the Enhancing American Retirement Now Act, has been drafted in the Senate but will have to wait until Congress is back in session in November for further consideration. If the Senate passes its bill, the House and the Senate would need to reconcile the two bills, and then each would vote on the reconciled bill.

Some significant provisions in the proposed legislation that may aid in your Fortune 500 retirement planning are summarized below.

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posted in Financial Planning, Retirement, 2023, Legislation

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