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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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Despite Concerns, Retirement Confidence Remains Steady

Jun 7, 2022 11:16:57 AM
written by The Retirement Group

Nearly three quarters of workers and 77% of retirees in a recent survey said they remain at least somewhat confident that they will experience a comfortable retirement, according to the Employee Benefit Research Institute. Nevertheless, a third of workers and a quarter of retirees felt less confident this year due to the economic effects of the COVID-19 pandemic, with many respondents citing inflation as the reason.

Not surprisingly, those feeling less confident were also more likely to report poor health, lower income and saving rates, and higher debt. Women were much more likely than men to report lower confidence levels.


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posted in Retirement, Economy

Retirement Plan Limits on the Rise in 2022

Jan 5, 2022 12:02:06 PM
written by The Retirement Group

Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase, including how much you can contribute to a work-based retirement plan and the phaseout thresholds for IRA deductibility and Roth contributions.

How Much Can You Save in an IRA?
The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2022 remains $6,000 (or 100% of your earned income, if less). The maximum catch-up contribution for those age 50 or older remains $1,000. You can contribute to both a traditional IRA and a Roth IRA in 2022, but your total contributions cannot exceed these annual limits.

Can You Deduct Your Traditional IRA Contributions?
If you (or if you're married, both you and your spouse) are not covered by a work-based retirement plan, your contributions to a traditional IRA are generally fully tax deductible.

If you're married, filing jointly, and you're not covered by an employer plan but your spouse is, your deduction is limited if your modified adjusted gross income (MAGI) is between $204,000 and $214,000 (up from $198,000 and $208,000 in 2021) and eliminated if your MAGI is $214,000 or more (up from $208,000 in 2021).

For those who are covered by an employer plan in San Francisco for example, deductibility depends on income and filing status. If your filing status is single or head of household, you can fully deduct your IRA contribution in 2022 if your MAGI is $68,000 or less (up from $66,000 in 2021). If you're married and filing a joint return, you can fully deduct your contribution if your MAGI is $109,000 or less (up from $105,000 in 2021). For taxpayers earning more than these thresholds, the following phaseout limits apply.


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posted in Retirement, 2022

8 Easy Ways NOT to Achieve a Comfortable Retirement

Sep 23, 2021 10:17:00 AM
written by The Retirement Group


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posted in Retirement

Mid-Year Is a Good Time for a Financial Checkup

Jul 29, 2021 1:59:31 PM
written by The Retirement Group

The first half of 2021 is behind us. As life emerges from the pandemic to a "new normal," a mid-year financial checkup may be more important than ever this year. Here are some ways to make sure that your financial situation is continuing on the right path.

Reassess your financial goals

At the beginning of the year, you may have set financial goals geared toward improving your financial situation. Perhaps you wanted to save more, spend less, or reduce your debt. How much progress have you made? If your income, expenses, and life circumstances have changed, you may need to rethink your priorities. Review your financial statements and account balances to determine whether you need to make any changes to keep your financial plan on track.


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posted in Financial Planning, Retirement, Mid-Year

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