Does your job offer workplace benefits? If so, are you aware of the benefits available to you and are you taking advantage of them all? We’ve been working with many individuals who are not only unaware of the extent of their benefits but are also not utilizing some great opportunities for them, especially their 401(k)…
The IRS released annual inflation adjustments to income tax brackets and many other adjustments for 2023 on Tuesday which are followed by today’s announcement of the 401(k) contribution limits for 2023. The contribution limit for retirement accounts such as 401(k)s, 403(b)s, most 457 plans and TSP accounts has increased to $22,500, up from $20,500, the…
On Tuesday March 29th, The House Of Representatives passed the Secure Act 2.0, a bill that is aimed to improve the retirement savings system for U.S workers. The legislation will now head to senate for its decision. According to the House Ways and Means Committee Chairman Richard Neal, D-Mass., “H.R. 2954 will help all Americans…
Spring has arrived which means it’s time to get out your spring cleaning checklist. That doesn’t just mean yard work and old clothes, but your finances too! A great place to start is to fund your Traditional and Roth IRA accounts for 2021. The deadline for these contributions is April 18, so make sure to…
We often get many questions around this time of year regarding the key differences between a Roth and Pre-Tax (Traditional) 401(k). This is such a great question and an important concept to understand so you can fully maximize your financial and retirement goals. And, there is no better time than the beginning of the year…
Happy November everyone! New retirement inflation-adjustments for 2022 have been released, and we want to provide you with a quick breakdown. Business owners and employees, this one applies to you, so don’t miss it. See Below For Retirement Inflation-Adjustments for 2022 IRA/Roth IRA contribution: $6,000 (no change) 401k/403(b)/457 deferral: $20,500 ($1,000 increase) 401k/403b/457 catch-up: $6,500…
After being waived for 2020, Required Minimum Distributions (RMDs), which are amounts you must take each year from most retirement accounts once you reach a certain age, are happening again in 2021. Make sure you don’t overlook taking these distributions from your retirement account. Last year, the RMD age changed to 72 from 70½ and…
Have you been hearing more about Roth 401(k)’s lately. There are more and more options in company 401(k)’s recently, including the Roth option, whereas before many companies only provided traditional 401(k) options. More employers are now offering this option to their employees so check out the rest of the blog and then see if it’s…
Combining asset allocation and early regular savings today helps to prevent playing the catch up game tomorrow. Contact Sherman Wealth Management for an investment strategy that, with periodic review, will potentially maximize your savings in the long-run with respect to your individual tolerance for risk. We can show you the benefit of saving early for…
Despite the financial toll of the coronavirus pandemic, few American households have raided their 401(k) retirement accounts to make ends meet. Faced with the prospect of surging unemployment and a declining economy, Congress in March passed a law that temporarily allows Americans to use their retirement money today. However, unlike expectations, so far, there hasn’t…