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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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IRS Releases Standard Mileage Rates for 2023

Jan 20, 2023 8:45:00 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

Is the Yield Curve Signaling a Recession?

Jan 12, 2023 8:45:00 AM
written by The Retirement Group

Long-term bonds generally provide higher yields than short-term bonds, because investors demand higher returns to compensate for the risk of lending money over a longer period. Occasionally, however, this relationship flips, and investors are willing to accept lower yields in return for the relative safety of longer-term bonds. This is called a yield curve inversion, because a graph showing bond yields in relation to maturity is essentially turned upside down (see chart).


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posted in Financial Planning, 2023, Recession

Retirement Investors Get Another Boost from Washington

Dec 29, 2022 3:36:23 PM
written by The Retirement Group

Amid the 1,650-page, $1.7 trillion omnibus spending legislation passed by Congress last week and expected to be signed by President Biden were several provisions affecting work-sponsored retirement plans and, to a lesser degree, IRAs. Dubbed the SECURE 2.0 Act of 2022 after the similarly sweeping Setting Every Community Up for Retirement Enhancement Act passed in 2019, the legislation is designed to improve the current and future state of retiree income in the United States.


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posted in Financial Planning, 2022, SECURE Act

2022 Year End Tax Planning Guide

Dec 29, 2022 8:36:10 AM
written by The Retirement Group

We suggest our clients consider preparing for the upcoming 2023 tax season by taking advantage of a few important end-of-year tax strategies.

It's important that our clients take action on these tips by December 31, 2022 and find out if they can potentially minimize your tax burden in the spring.


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posted in Financial Planning, Tax, Year-End, 2022, Strategies

SIMPLE 401(k) Plan

Dec 20, 2022 12:23:31 PM
written by The Retirement Group

What Is It?

In General


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

Annual Market Review 2022

Dec 16, 2022 8:18:00 AM
written by The Retirement Group

Overview
The year 2021 was one of extreme change. January saw the inauguration of President Joe Biden, but not before protesters sieged the United States Capitol. Despite the initial tumult, the year began with hope that increased availability of coronavirus vaccinations would lead to the end of the pandemic. Unfortunately, throughout the year, the emergence of virus mutations, coupled with the uneven distribution of vaccines, saw millions more people become ill or perish after contracting the virus.


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posted in Financial Planning, Market, 2022

Tis the Season for Tax-Friendly Giving Strategies

Dec 15, 2022 11:30:00 AM
written by The Retirement Group

You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give. You might consider a more strategic approach to charitable giving, possibly as part of your year-end tax planning.


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posted in Financial Planning, Tax, Year-End, 2022, Strategies

Student Loan Repayment Delayed Again to Future Date in 2023

Dec 14, 2022 2:33:38 PM
written by The Retirement Group

The Biden administration has announced another extension for repayment of federal student loans to an unspecified date in 2023 due to legal challenges that have blocked implementation of the student loan debt relief program. The previous payment moratorium was set to expire on December 31, 2022.

Under the new extension, student loan payments will resume 60 days after the student loan debt relief program is implemented or the lawsuits are resolved. If the courts have not resolved the issue by June 30, 2023, payments will start 60 days after that.1


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posted in Financial Planning, Student Loans, 2023

Market Month: November 2022

Dec 7, 2022 4:18:05 PM
written by The Retirement Group

The Markets (as of market close November 30, 2022)
A late rally at the end of the month helped push stocks higher in November, marking the second monthly advance in a row. Each of the benchmark indexes posted solid monthly gains, led by the Global Dow, which advanced nearly 11.0%. The large caps of the S&P 500 and the Dow rose more than 5.0%. The Nasdaq climbed 4.4%, while the Russell 2000 added 2.2%.

Investors welcomed news from Federal Reserve Chair Jerome Powell, who announced that the pace of interest-rate hikes can slow as soon as December, which likely means a 50-basis point increase, ending the string of 75-basis point rate hikes. The Fed may be taking note of the fact that the labor market has begun to cool (see the employment report below), while consumer price increases are showing signs of moderation. Nevertheless, prices remain elevated entering the holiday shopping season. However, business conditions remained generally positive, and consumers continued to spend, despite rising interest rates and decreasing levels of confidence (see report below).


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posted in Financial Planning, Retirement, 2022, Economy

Lump-Sum Payouts and Annuity Purchase

Dec 3, 2022 10:46:35 AM
written by The Retirement Group

When considering retirement or a job change from Fortune 500, it is imperative to learn about your eligibility for a lump-sum payment offered by your retirement plan.


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

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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.