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How To Choose Between Different Pension Buyout Options
Many employers used to offer pension plans to their employees. Pensions are financial vehicles designed to replace a portion of the employee’s wages during their retirement years, providing them a reliable income for the rest of their life.
Nowadays, pensions have fallen out of favor among many employers due to the maintenance costs, increased longevity and compliance obligations. Because of this, many employers are seeking to buy people out of their pension benefits, either with a lump sum or different lifetime income benefits.
If you’re in a position where an employer is offering to buy you out of your pension, it’s critical to learn how to assess different options.
How High Earners Can Save Money After Maxing Employer Retirement Plans
Contribution limits on 401(k) and other retirement plans can be frustrating for people earning more than $250,000 per year who want to utilize tax-advantaged investments for their long-term financial goals.
As an employee at a company, you don’t have as much control over retirement vehicles as a business owner does. Your plan may limit you to $23,000 per year if you’re younger than age 50 in 2024. Here is where you can save money once you’ve maxed out your employer-sponsored retirement plan, along with some of the tax implications of each option.
How Inflation Impacts Your Financial Plan And What To Do About It
Before the 2020 Covid-19 pandemic, I noticed that not many of the investors I spoke with were very concerned about how the increase in the cost of goods and services impacted their daily lives. This increase is is known as inflation and since 2020, many investors have expressed concerns about it. Here is how inflation impacts your financial plan and some steps you can take to reduce its impact.
How To Figure Out What Retirement Might Look Like For You
When I speak with people about what they envision their retirement to look like, I often get answers along these lines, “I have no idea what I’d do with myself if I wasn’t working.” If you’re one of these people, I’ve found that hearing the stories of what other people do with their time in retirement may make the prospect seem less daunting.
When To Use Roth Or Pretax Retirement Accounts
You might have heard that retirement savings accounts come with tax benefits. However, you may not understand the specifics or what to expect many years down the road when you withdraw your funds. This is a discussion of Roth and pretax retirement savings, the impact of taxes, and when each type of account may be appropriate.
MY BOOK
I seek to make personal financial planning less scary.
This book provides a simple guide for working through life's biggest financial questions facing couples in their 20s, 30s, and early 40s today. It starts with goals-based planning around topics including retirement planning, education planning, and major purchase planning. It then walks through some basics of investment management, options for how to invest, behavioral finance, and pitfalls to avoid. Lastly, it discusses risk management and insurance.
If you are not sure where to start, this book may provide some clarity.