The IRS announced the new 2025 retirement contribution limits for 401(k) plans, IRAs and other accounts, increasing several of the contribution limits for savers. This is a great opportunity for retirement savers to increase their savings rate this year. So, let’s take a look. According to the IRS website, “The annual contribution limit for employees who…
Have you recently left a job, been laid off, or just started a new one? If so, you’re not alone in wondering what to do with your old retirement accounts. This is a crucial topic that often gets overlooked due to a lack of education about the available options, causing many people to lose track…
The recent announcement of Ascensus acquiring Vanguard’s individual 401(k) retirement plan business has sparked questions among plan participants and small business owners on the future of the retirement plans. At Sherman Wealth, we understand the importance of ensuring that your retirement savings are in the best possible hands, which is why we want to discuss…
The IRS announced the new 2024 retirement contribution limits for 401(k) plans, IRAs and other accounts last year, which include increases. This is a great opportunity for retirement savers to increase their savings rate this year. So, let’s take a look. The employee contribution limit for 401(k)s will be increasing this year by $500, to…
Now that we are in the last quarter of the year and approaching open enrollment season, we want to talk about an important topic that is oftentimes overlooked or misunderstood, retirement savings. If you were looking to increase your retirement savings last year, there is an opportunity for you in 2023. As we mentioned in…
If you or anyone you know withdrew funds from retirement accounts during the early stages of the COVID-19 pandemic, it’s important to be aware of a time-sensitive deadline to pay back those amounts and unlock significant tax advantages. In March 2020, Congress passed the CARES Act, which allowed individuals to withdraw up to $100,000 from…
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)…
Building your wealth and saving for retirement is such a prudent part of your life and career. Many individuals often times overlook the importance of starting early and learning ways to maximize their savings. While both men and women show a lack of financial literacy as it relates to their finances, we saw some research…
Given all the recent economic data and the current market downturn, you may be thinking about moves you should be making within your investment portfolio. While it’s important to revisit your asset allocation, risk tolerance, and time horizon during such a time, considering a Roth conversion is also a great idea. So let’s take a…
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…