Wealth Management

What if you're saving as much as you can, but still feel that your retirement savings goal is out of reach? As with many of life's toughest challenges, it may help to focus less on the big picture and more on the details. Regularly review your assumptions Whether you use a simple online calculator or run a detailed analysis, your retirement savings goal is based on certain assumptions that will, in all likelihood, change. Inflation, rates of return, life expectancies, salary adjustments, retirement expenses, Social Security benefits — all of these factors are estimates...

The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a decade. While many of the provisions offer enhanced opportunities for individuals and small business owners, there is one notable drawback for investors with significant assets in traditional IRAs and retirement plans...

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 2020. Employer retirement plans Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $19,500 in compensation in 2020 (up from $19,000 in 2019); employees age 50 and older can defer up to an additional $6,500 in 2020 (up from $6,000 in 2019). Employees participating in a SIMPLE retirement plan can defer up to $13,500 in 2020 (up from $13,000 in 2019), and employees age 50 and older can defer up to an additional $3,000 in 2020 (the same as in 2019)...

According to a recent survey, 76 percent of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27 percent didn't start saving for retirement soon enough, 19 percent didn't contribute enough to an emergency fund, and 10 percent wish they had saved more for college. The saving conundrum What's preventing Americans from saving more? It's a confluence of factors: stagnant wages over many years; the high cost of housing and college; meeting everyday expenses for food, utilities, and child care; and squeezing in unpredictable expenses for things like health care, car maintenance, and home repairs...

Can you work and receive Social Security retirement benefits at the same time? Yes, but the Social Security Administration (SSA) will apply an earnings test. Part or all of your monthly benefit may be withheld if you earn too much. To help avoid surprises, take this quiz to find out what you know — and don't know — about Social Security earnings test rules...

Since Bill and Melinda Gates and Warren Buffett created the Giving Pledge in 2010, more than 200 of the world's wealthiest individuals and couples have committed to giving the majority of their wealth to philanthropic or charitable causes. Although the Giving Pledge only invites billionaires to join, "it is inspired by the example set by millions of people at all income levels who give generously — and often at great personal sacrifice — to make the world a better place."* You don't have to be a billionaire to embrace the spirit of the Giving Pledge: When people come together to give, regardless of wealth, they can improve the lives of others. Decide which causes matter most to you Giving Pledge billionaires are a diverse group, coming from 23 countries and ranging in age from their 30s to their 90s...

Many people dream of retiring early so they can pursue activities other than work, such as volunteering, traveling and pursuing their hobbies full-time. But making this dream a reality requires careful planning and diligent saving during the years leading up to the anticipated retirement date. It all starts with retirement savings accounts such as IRAs and 401(k)s. Among the best ways to retire early is to build up these accounts as quickly as possible by contributing the maximum amount allowed by law each year...

Economy In commentary provided by the Federal Reserve Bank of San Francisco, the continued above-trend growth (2.3 percent versus ~2.0 percent) was noted, albeit at a slowing rate. Growth is expected to moderate in the coming months...

Like almost everything else these days, the holidays have become a barrage of options and choices, with nearly limitless opportunities to overspend. Here are some tips to help you make sure your family's spending remains in check this holiday season. Develop a spending strategy First and foremost, develop a budget. Involving family members will help you establish and maintain realistic expectations at the outset...

A recent survey found that more than half of retirees have retirement planning regrets. Unfortunately, many of these retirees had to cut back on their lifestyles to compensate for financial shortfalls.1 Considering their most common regrets may help you avoid making the same mistakes. Not saving enough More than one-third of retirees wish they had saved more...