Don’t Raid Your Retirement Savings!
Unfortunately, 401(k) hardship withdrawals are on the rise—here are 3 alternatives in order to avoid borrowing from your future self. Read more from Ivana Pino here.
Picture’s Worth A Thousand Words
Want a visceral illustration of the impact of compound interest? Check this out!
Set Up Your Clients’ Cross-Tested Plans Before Year-End
Help Your More Highly Compensated And/Or Older Clients Maximize Savings on Taxes AND For Retirement
Cross-tested plans offer the ability to create multiple benefit levels within a retirement plan to meet the overall needs of an organization. This can be an important consideration when a plan seeks to allow the business owner to allocate a higher contribution rate to the owner and other highly compensated employees, while still providing a benefit to the rest of the employees. Doing so enables older workers to stay on track for retirement by allowing higher contribution amounts for older/HCE without affecting rates contributed to other employees.
Here’s an example of how it works: Read More »
The Time Is Now!
Remind Your Clients To Defer The Maximum To Their 401(k) Plans
To help your clients realize their biggest possible tax savings (as well as to increase their retirement savings), there is no better time than the present to remind them that they should maximize their deferrals to their 401(k) plans. December 31, 2022 is the last day to do so for 2022, so there’s no time to delay! Deferral limits for 2022 are $20,500 with an additional $6,500 for those aged 50 or older.
Answer These Questions…
…To find out how much you REALLY know about Social Security benefits. To read more from Lorie Konish, and take this quiz before you think about claiming, click here.
No Time Like The Present!
Four ways to take advantage of your health-care expenses before the end of the year. Read more from Sarah O’Brien here.
