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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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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.1 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.

Each year, the Trustees of the Social Security Trust Funds release a detailed report to Congress that assesses the financial health and outlook of this program. The most recent report, released on June 2, 2022, shows that the effects of the pandemic were not as significant as projected in last year's report — a bit of good news this year.


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posted in Financial Planning, Social Security, Health

Up-To-Date Market Week

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

The Markets (as of market close July 29, 2022)

Before reviewing your company 401(k) plan, check out how the market can affect your retirement. Positive economic news and corporate earnings data helped drive stocks higher last week. Although the Federal Reserve hiked interest rates another 75 basis points, investors may expect subsequent rate increases to be no more than 75 basis points, with the possibility of a slowdown in rate hikes in the not-too-distant future. Each of the benchmark indexes listed here gained at least 2.9%, with the Nasdaq, the S&P 500, and the Russell 2000 climbing more than 4.0%. Ten-year Treasury yields fell for the third consecutive week. Crude oil prices increased for the first time in four weeks. Gold prices jumped nearly $57.00 per ounce, while the dollar dipped lower.
 

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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

Handling Market Volatility with Confidence

Jun 4, 2022 11:45:00 AM
written by The Retirement Group

Investing in 2019 was fairly easy. The Standard & Poor’s 500 Index (S&P) returned nearly 28% for the year with only a few bumps along the way. Today, however, we're faced with a very different market. More and more uncertainties are seemingly hitting the headlines every day, from the global spread of COVID-19 and its potentially wide-spread economic impact, to a historically low Treasury note, and plummeting oil demand, resulting in a 13% drop in the S&P year-to-date, substantially wiping out gains from the past 12 months.


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

ExxonMobil Lump-Sum Payments Likely to Decline in Q4 Based on Current Trajectory

May 25, 2022 9:56:18 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 April, recorded at: 3.00% / 4.22% / 4.17%. April's segment rates saw an increase of about 0.5% (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

PGE and Getting a Retirement VSP?  Should You Take It?

May 7, 2022 1:26:52 PM
written by The Retirement Group

What is it? 

In today's corporate environment, cost cutting, restructuring, and downsizing are the norm.  We have found many employers are offering their employees early retirement packages. As you near retirement age, you may find yourself confronted with an early retirement offer from PG&E. PG&E may refer to the offer as an early out package or retirement offer or golden handshake or a golden parachute. While many early retirement offers seem attractive at first, it is important for you to review an offer carefully before accepting it to ensure that it is indeed a "golden" opportunity.

 

Details of the PG&E 2022 VSP:

Participation in the VSP is voluntary and offers the following benefits:

  • Lump sum payment equal to 52 weeks of your base salary.
  • $10,000 transitional lump sum payment.
  • $50,000 retiree medical subsidy to your Retiree Health Account (RHA).
  • Prorated 2022 STIP (Short Term Incentive Plan), consistent with Company’s overall STIP program. Participants understand STIP is a discretionary at-risk compensation program.

 

Typical elements of an early retirement offer
I
An early retirement offer usually consists of severance payments and post-retirement medical coverage coupled with already existing retirement benefits.  These may be in the form of healthcare financial incentives or a severance tied to years of service. 


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posted in Financial Planning, PG&E

ExxonMobil's 3rd Quarter Interest Rates Released, Pension Lump Sum Payments Likely to Decrease

Apr 20, 2022 4:43:54 PM
written by The Retirement Group

Want to see our most updated article on ExxonMobil interest rates, click here.

Interest rates are tending upward, if this trend continues it will decrease the value of ExxonMobil employees' pension lump-sums. The IRS has recently released the Segment rates for the month of March, recorded at: 2.44% / 3.71% / 3.94%. Over the course of 2021 and now into 2022, interest rates at ExxonMobil increased significantly, which greatly reduced many lump sum payments. With record low rates culminating in the first quarter of 2021, ExxonMobil employees have since seen a significant increase in interest rates. We saw rates rise consistently in 2021 and with the announcement of March segment rates those waiting until the third quarter will likely see an even further reduction in lump sums. This ongoing trend upward looks 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

Interest Rates Jump, Indicating ExxonMobil's Pension Lump Sum Payments May Have Peaked

Mar 25, 2022 11:15:13 AM
written by The Retirement Group

Interest rates are tending upward, if this trend continues it will decrease the value of ExxonMobil employees' pension lump-sums. The IRS has recently released the Segment rates for the month of February, recorded at: 1.88% / 3.35% / 3.70%. Over the course of 2021 and now into 2022, interest rates at ExxonMobil increased significantly, which greatly reduced many lump sum payments. With record low rates culminating in the first quarter of 2021, ExxonMobil employees have since seen a significant increase in interest rates. We saw rates rise consistently in 2021 and with the announcement of February segment rates those waiting until the third quarter will likely see an even further reduction in lump sums. This recent trend upward looks 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

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