The financial services industry loves confusing jargon. Workplace retirement plans, like 401(k)s, 403(b)s, and 457s are no exception. At this point, you have a recommended allocation for your plan that looks something like this: Institutional 500 Index – 34%Extended Market Index – 7%Developed Markets Index -15%Emerging Markets Index – 4%Real Estate Index – 5%Total Bond […]
2022 Plan Limits
See the below table to see the 2022 plan limits: 2022 2021 2020 2019 RETIREMENT PLANS Elective Deferrals 401(k), 403(b), etc $20,500 $19,500 $19,500 $19,000 With Catch-Up Contributions $27,000 $26,000 $26,000 $25,000 Defined Contribution Limits $61,000 $58,000 $57,000 $56,000 IRAs IRA & Roth Contribution Limit $6,000 $6,000 $6,000 $6,000 With […]
The Psychology of Money
Morgan Housel is appointment reading. His blog posts, Twitter musing, and The Psychology of Money reveal simple but powerful truths about investing and personal finance. This bookâs format, 20 short chapters full of accessible narrative, reflects his âsimple, but powerfulâ perspective that success with money has as much to do with your behavior as it […]
Massachusetts Paid Family and Medical Leave
Massachusetts is now operating an innovative paid family and medical leave (PFML) benefits system for employees and eligible self-employed individuals. What is Massachusetts Paid Family and Medical Leave (PFML)? The state of Massachusetts passed an Act providing paid family leave and medical leave to covered individuals. MA PFML is providing most benefits to employees and […]
Few Changes in the 2021 Plan Contribution Limits
The IRS has updated contribution limits for pension plans and other retirement accounts for the 2021 tax year. As you’ll see in the chart below, most of these limits remain unchanged from last year. 2021 2020 2019 2018 RETIREMENT PLANS Annual Compensation Limits 290,000 285,000 280,000 275,000 Elective Deferrals 401(k) & 403(b) […]
IRS Announces Tax Deadline Updates
The Internal Revenue Service has delayed yet more tax filing deadlines via notice 2020-23 to provide additional short-term tax relief to Americanâs coping with the coronavirus pandemic. July 15, 2020 is now the new deadline for the following: Â Â 2019 tax filing 2019 IRA (Roth/Traditional/SEP/SIMPLE) contributions 2019 HSA contributions 2020 Q1 & Q2 estimated taxes […]
The AfterTax 401(k) & Roth Conversions
Times were simpler when you retired and pension payments rolled in until the day you died. These days, most of us are responsible for our own saving, investing, and distribution planning. 401(k) plans are available to many but the rules, features, formulas, and options within each can vary widely from employer to employer. If youâre […]
TD Ameritrade January Mail-A-Thon
When opening your TD accounts, you signed applications authorizing an ACH link between each TD account and the checking/savings account of your choosing. If you have a taxable brokerage account(s), links were also created to/from this account. These permissions, called Standing Letters of Authorization (SLOA), allow us to transfer funds between accounts on your behalf, […]
2020 Plan Contribution Limits
The IRS has updated contribution limits for pension plans and other retirement accounts for the 2020 tax year. See the chart below for details on the new limits for 2020 and prior tax years. 2020 2019 2018 RETIREMENT PLANS Annual Compensation Limits 285,000 280,000 275,000 Elective Deferrals 401(k) & 403(b) 19,500 19,000 […]
The Per Stirpes Beneficiary Election
You can assign beneficiaries to practically any type of investment account. In fact, most account applications embed a section where beneficiaries can be named. You may also see âPer Stirpesâ checkboxes in this section. From the Latin meaning âby the branchâ a Per Stirpes election divides an estate among the branches of a family. These […]
