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Retire On Purpose, With Purpose

 
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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Is the U.S. Economy in a Recession?

Aug 12, 2022 11:18:40 AM
written by The Retirement Group

In an early July poll, 58% of Americans said they thought the U.S. economy was in a recession, up from 53% in June and 48% in May. 1 Yet many economic indicators, notably employment, remain strong. The current situation is unusual, and there is little consensus among economists as to whether a recession has begun or may be coming soon. 2

Considering the high level of public concern, it may be helpful for Fortune 500 employees and retirees to look at how a recession is officially determined and some current indicators that suggest strength or weakness in the U.S. economy.

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posted in Financial Planning, Gas, Mileage, IRS

IRS Increases Standard Mileage Rates for Last Half of 2022

Aug 12, 2022 11:06:26 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, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

For July 1, 2022, to December 31, 2022, the standard mileage rates are as follows:

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posted in Financial Planning, Gas, Mileage, IRS

Now Might Be a Good Time for a Roth Conversion

Jul 13, 2022 3:05:26 PM
written by The Retirement Group

One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have lost value, you will pay taxes on a lower asset base when you convert. If all conditions are met, the Roth account will incur no further income tax liability for you or your designated beneficiaries, no matter how much growth the account experiences.


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posted in Financial Planning, Tax, Roth Conversion

The Health of Social Security: Some Good News and Some Bad News

Jul 5, 2022 3:15:00 PM
written by The Retirement Group

With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern. Social Security isn't in danger of going broke — it's financed primarily through payroll taxes — but its financial health is declining, and benefits may eventually be reduced unless Congress acts. As a Fortune 500 employee potentially qualified to receive these benefits, it is imperative to keep track of policy changes and reductions.


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posted in Financial Planning, Social Security, Health

Interest Rates Are Soaring in 2022, What Will this Mean for Future Lump Sums at Southern California Edison?

Jul 5, 2022 2:16:26 PM
written by Kevin Won of The Retirement Group

Could Lump-Sums for Grandfathered Southern California Edison employees be on the decline? The September interest rates, which Southern California Edison uses to determine lump sum values for everyone who retires in 2022 were released in October. We now have new monthly segment rates which show that interest rates are continuing to rise. Rates have been steadily increasing over the past year and with the recent announcement of next year's interest rates we are very likely to see a reduction in lump-sum values for Southern California Edison employees who retire in 2023. Southern California Edison interest rates decreased in 2020 causing 2021 lump sums to hit record highs. Based on the current trend of interest rates and monetary policy announcements it is likely that rates seen in 2020 will be the lowest for the foreseeable future - meaning that the Lump Sum Values for Southern California Edison employees who retired in 2021 will likely be the highest for the foreseeable future. When interest rates move up or down, your pension lump sum amount will move in an inverse relationship. 


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posted in Pension, Interest rates, SEC, Southern California Edison

Up-To-Date Market Week

Jun 28, 2022 2:43:54 PM
written by The Retirement Group

The Markets (as of market close November 25th, 2022)

Before reviewing your company 401(k) plan, check out how the market can affect your retirement. Wall Street ended the Thanksgiving week ahead of where it began, as each of the benchmark indexes listed here posted solid gains during a week of light trading. The Global Dow led the indexes, followed by the Dow, the S&P 500, the Russell 2000, and the Nasdaq. Stocks have been rallying since October and the holiday season tends to be strong for equities heading into the final month of the year. Crude oil prices fell for the third straight week, firmly settling below $80.00 per barrel. A cap on Russian oil prices, coupled with China's surging COVID cases, has kept oil prices muted.


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posted in Financial Planning, Lump Sum, Pension

Tech Sector Turmoil and the Bear Market

Jun 28, 2022 2:41:14 PM
written by The Retirement Group

During the intensely volatile first 100 trading days of 2022, the stocks of companies in the S&P 500 index delivered their worst performance since 1970.1 The S&P 500 continued to tumble, and the benchmark index descended into a bear market — typically defined as a sustained drop in stock prices of at least 20% — on June 13, 2022. When the market closed, the S&P 500 had dropped 21.8% from its January 3 peak, and the tech-heavy NASDAQ, already in bear territory, had plunged 32.7% from its November 19, 2021 peak.2


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posted in Financial Planning, Market Volatility, Bear Market

ExxonMobil Q4 Lump-Sum Payments Likely to Fall, Based on Rising Rates

Jun 23, 2022 11:50:45 AM
written by The Retirement Group

Interest rates are trending upward, and if this trend continues ExxonMobil lump-sum payments will drop again in the fourth quarter of this year. The IRS has recently released the Segment rates for the month of May, recorded at: 3.23% / 4.59% / 4.69%. May's segment rates saw an increase of about 0.3% (in the second segment), which is a substantial jump for a single month.  This ongoing trend upward looks to be an early indicator of bad news for ExxonMobil employees opting for a lump-sum in the future.


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

Q4 ConocoPhillips Lump Sum Payments Likely to Fall, With Interest Rates Continuing to Rise

Jun 23, 2022 11:46:12 AM
written by The Retirement Group

ConocoPhillips employees considering the lump sum option on their pension payment may have an opportunity to take advantage of lower interest rates in Q3 2022. With Q4 projecting to have higher rates, retiring during Q3 may be the last opportunity to avoid a reduced lump-sum. May's segment rates were just released and they are 3.23%/4.59%/4.69%. These rates increased by about 0.3% (in the second segment) since April, which is a very large increase for a single month. 

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posted in Pension, Interest rates, ConocoPhillips, Inflation

KP Lump Sum Payments Falling, With Interest Rates Continuing to Rise

Jun 23, 2022 10:55:42 AM
written by The Retirement Group

Many KP employees who are waiting to commence their pension lump-sums, are now seeing a significant decrease in their value. New segment rates have been released and there was a 0.3% increase in the second segment over the previous month. The second segment is the most impactful so if you have a pension of $1,000,000 you could see a reduction of about $30,000 simply by commencing your benefit in July as opposed to June. This is because when KP employees elect the month they would like to begin their pension, KP looks back two months to calculate the rates for the pension disbursement. When these interest rates move up or down, your lump sum amount will move in an inverse direction, so if interest rates increase, your lump sum amount will decrease and vice versa. Through the pandemic, interest rates dropped dramatically which greatly increased many lump sum payments. This trend culminated in record lows for individuals who commenced their benefits in December of 2020. However, since then this trend has shifted, as interest rates have been increasing rapidly, causing a large reduction in pension lump-sum values.


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posted in Pension, Interest rates, Inflation, KP

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Information regarding the lump-sum payout may or may not apply to specific employees based on factors such as mergers, acquisitions, years of service, age, or the date an employee was hired.

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