Retirement & Financial Planning Resources

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Financial and Retirement Planning

• IRS Releases 2023 Key Numbers for Health Savings Accounts

  The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that's paired with an HDHP. An HSA offers several valuable tax benefits ...

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• Despite Concerns, Retirement Confidence Remains Steady

  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.

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• Key Retirement and Tax Numbers for 2022

  Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2022.

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• What's the Difference Between Medicare and Medicaid?

  It's easy to confuse Medicare and Medicaid, because they have similar names and are both government programs that pay for health care. But there are important differences between the programs. Medicare is generally for older people, while Medicaid is for people with limited income and resources.

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• Women Face Challenges in a Post Pandemic World

  The COVID-19 economic crisis tested the mettle of all Americans, particularly working mothers. Research shows that the pandemic's impacts on women have been far-reaching and potentially long-lasting. Now that the U.S. economy is picking up steam, it may be more important than ever for women to re-examine their retirement planning strategies.

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• Retirement Plan Limits on the Rise in 2022

  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 phase-out thresholds for IRA deductibility and Roth contributions.

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• Retirement Investors: This Back Door May Be Closing for Good

  Among the many provisions in the multi-trillion-dollar legislative package being debated in Congress is a provision that would eliminate a strategy that allows high-income investors to pursue tax-free retirement income: the so-called back-door Roth IRA.

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• Estimating Your Future Income

  Estimating income is self-explanatory but seldom as easy to implement as it sounds. It is the process of combining everything you know or sense is likely to affect your income for a specific future period, then using it to forecast income.

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• 529 College Savings Plans

  529 plans can be powerful college savings tools, but you need to understand how your plan works before you can take full advantage of it. Among other things, this means becoming familiar with the finer points of contributions and withdrawals.

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• College Saving Options

  It is important for parents to start putting money aside for college as early as possible. But where should you put your money? There are many possibilities, each with varied features.

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• Mid-Year Is a Good Time for a Financial Checkup (Opens in a new Window)

  The first half of 2021 is behind us. A mid-year financial checkup may be more important than ever this year. Here are some actions to consider talking to your relationship manager about to make sure that you are continuing on the right path.

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• Retirement Confidence Remains Strong, Despite Pandemic (Opens in a new Window)

  Despite the economic shock of the coronavirus pandemic, American workers and retirees remain largely optimistic about their financial prospects for retirement.

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• Choosing a 529 Plan (Opens in a new Window)

  Choosing a 529 plan means first deciding whether a college savings plan or a prepaid tuition plan appeals to you. If you decide on a prepaid tuition plan, you're generally limited to the plan offered by your state.

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• Determining Eligibility for Social Security Benefits (Opens in a new Window)

  Before you receive any Social Security benefits, the Social Security Administration (SSA) will need to determine your eligibility. Remember that Social Security is an insurance system designed to pay you benefits during times of economic hardship.

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• Revisiting the 4% Rule (Opens in a new Window)

  Saving for retirement is not easy, but using your retirement savings wisely can be just as challenging. How much of your savings can you withdraw each year? Withdraw too much and you run the risk of running out of money. Withdraw too little and you may miss out on a more comfortable retirement lifestyle.

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• 401(k) In-Plan Roth Conversions (Opens in a new Window)

  A 401(k) in-plan Roth conversion (also called an "in-plan Roth rollover") allows you to transfer the non-Roth portion of your 401(k) account into a designated Roth account within the same plan.

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• Investment Planning throughout Retirement (Opens in a new Window)

  Investment planning during retirement is not the same as investing for retirement and, in many ways, is more complicated. Your working years are your saving years. With luck, your income increases from year to year as you receive promotions and/or pay raises; those increases offer some protection against rising costs caused by inflation.

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• Introduction to Retirement Planning (Opens in a new Window)

  Retirement planning involves an analysis of the various choices you can make today to help provide for your financial future. To make appropriate choices, you need to predict--as well as you can--your future economic circumstances.

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• Insurance Needs in Retirement (Opens in a new Window)

  Your goals and priorities will probably change as you plan to retire. Along with them, your insurance needs may change as well. Retirement is typically a good time to review the different parts of your insurance program and make any changes that might be needed.

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• Healthcare in Retirement (Opens in a new Window)

  Health care in retirement is available from many sources. Government programs (such as Medicaid and Medicare) offer numerous health care benefits. However, you may need to purchase supplemental health insurance or Medigap, as well.

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• Estimating Your Retirement Income Needs (Opens in a new Window)

  You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you'll need to fund your retirement. That's not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your goals and many other factors.

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• Setting a Retirement Savings Goal (Opens in a new Window)

  Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.

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• Financial Aid Changes on the Horizon (Opens in a new Window)

  The U.S. Department of Education has designated February as Financial Aid Awareness Month, and this year there's a lot to talk about. Learn more about what is included in the recently passed, Consolidated Appropriations Act, 2021.

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• The Transition into Retirement (Opens in a new Window)

  The transition into retirement is when you are changing from your full-time working years to your retirement years. If retirement is approaching, you may have to make numerous decisions.

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• Setting Financial and Investment Goals (Opens in a new Window)

  Setting goals is a very important part of life in general and in financial planning in particular. Before you actually invest your money, you should spend some time considering and setting your personal financial goals.

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• What Will You Pay for Medicare in 2021? (Opens in a new Window)

  Medicare premiums, deductibles, and coinsurance amounts change annually. Here's a look at some of the costs that will apply in 2021 if you're enrolled in Original Medicare Part A and Part B.

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• Annuities and Retirement Planning (Opens in a new Window)

  You may have heard that IRAs and employer-sponsored plans (e.g., 401(k)s) are the best ways to invest for retirement. That's true for many people, but what if you've maxed out your contributions to those accounts and want to save more?

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• FINANCIAL PLANNING: An outline of Required Minimum Distributions (RMD), tax implications to consider, and why the end of the year is a good time to review yours. (Opens in a new Window)

  Read the article to learn more.

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• RETIREMENT PLANNING: Washington’s push to help Americans save more for retirement (Opens in a new Window)

  Read the article to learn more.

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• FINANCIAL PLANNING: What you might not know about Social Security and working past age 65 (Opens in a new Window)

  The Full Retirement Age or “normal retirement age”, generally refers to the age you must reach to be eligible to receive full benefits from Social Security.

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• A Guide to Required Distributions (Opens in a new Window)

  Read the article to learn more.

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