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3 Social Security Changes Retirees Need to Know About in 2025
Key Points A modest cost-of-living adjustment (COLA) will make benefit checks bigger. Note that higher earners will pay a bit more in Social Security taxes. Retirees still earning income may have some of their benefits temporarily withheld. The $22,924 Social Security...
If you’re nearing retirement, these 2025 changes could affect your finances. Here’s what to know
Key Points If you’re nearing retirement, key changes for 2025 could affect your finances, according to advisors. Starting in 2025, there’s a higher 401(k) plan catch-up contribution for workers ages 60 to 63. Plus, there are new rules for inherited individual...
A Checklist for Retiring in 2025
Our checklist for retiring next year includes everything you need to do before the retirement party. Only you can know if you're ready for a checklist for retiring in 2025. If you’re 60 or getting there, retirement is no longer a hazy concept in the distance. It’s a...
Social Security’s full retirement age is increasing in 2025. Here’s what to know.
Most Americans may consider the standard retirement age to be 65, but the so-called "full retirement age" for Social Security is already older than that — and it's about to hit an even higher age in 2025. Social Security's full retirement age (FRA) refers to when...
5 Key Changes to 401(k)s in 2025 and What They Mean for You
These new rules could make it easier for you to save more money for retirement Participating in a 401(k) plan where you work is a smart way to invest for retirement. Plus, your employer may match some or all of the money you contribute. In 2025 the rules for 401(k)s...
What’s Changing for Retirement in 2025?
How Secure 2.0 and inflation adjustments will affect retirement savers and spenders. For retirement savers, the ringing in of the new year will bring more than the usual inflation adjustments to retirement contributions. The retirement legislation known as Secure 2.0...
Most Americans Feel They’re Worse Off Now Than In 2020—Here’s What The Data Says
Key Takeaways A recent Gallup poll showed most Americans feel they are worse off today than four years ago. Data on household finances show that things have changed dramatically since September 2020, when the COVID-19 pandemic was affecting the economy. Americans have...
Retirees’ Credit Card Debt Levels Are Climbing
Key Takeaways An Employee Benefit Research Institute survey found that more than two-thirds of retirees had outstanding credit card debt in 2024, up from 40% in 2022. Even though inflation has cooled, high prices weigh on retirees. Almost a third of retirees said they...
Key Takeaways Some provisions related to the Secure 2.0, a federal retirement law, will go into effect in 2025. Workers ages 60, 61, 62, or 63 will be able to make catch-up contributions of up to $11,250 in 2025. Workplace retirement plans such as 401(k) and 403(b)...
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Non-Spouse Beneficiaries and Inherited IRAs: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF® IRA Analyst QUESTION: Am I correct that a non-spouse Roth IRA beneficiary does NOT have a yearly required minimum distribution (RMD) over the 10-year period? Ken ANSWER: Ken, You are correct. Non-spouse beneficiaries of Roth IRAs that are...
Why You Should Take Your 2025 RMD Now
By Sarah Brenner, JD Director of Retirement Education The deadline for most retirement account owners to take their 2025 required minimum distribution (RMD) is December 31, 2025. However, there are good reasons why you should take your RMD now instead of...
Inherited IRAs – Bankruptcy Protection?
By Andy Ives, CFP®, AIF® IRA Analyst Just over 10 years ago, in June 2014, the U.S. Supreme Court ruled unanimously, 9-0, that inherited IRAs are NOT protected in bankruptcy under federal law. The primary issue before the Court was whether an inherited IRA is a...
RMDS FOR ANNUITIES AND SPOUSAL BENEFICIARY RULES: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Question: I have an IRA holding an immediate annuity as well as other IRAs. With the passage of the SECURE 2.0 Act, l understand that I may be able to apply my monthly annuity payments against my RMD requirement for all of my IRAs....
What Are My Contribution Limits If I Participate in Two Company Savings Plans?
By Ian Berger, JD IRA Analyst You probably know there’s a limit on the amount of pre-tax and Roth contributions you can make to your company savings plan each year. The 2025 elective deferral limit is $23,500 for 401(k), 403(b) and 457(b) plans and is either...
Are HSAs Going Roth?
By Sarah Brenner, JD Director of Retirement Education Many of the provisions of the Tax Cuts and Jobs Act are scheduled to expire at the end of 2025. There are currently a number of proposals in the works in Congress to extend these tax cuts. A serious hurdle is how...
Rollovers and Inherited IRAs: Today’s Slott Report Mailbag
By Sarah Brenner, JD Director of Retirement Education Question: I have a large non-qualified 457 deferred compensation plan and I am required to take distributions. I am looking to minimize taxes. Can I roll over these funds to an IRA? Answer: Unfortunately,...
529-to-Roth IRA: False Alarm
By Andy Ives, CFP®, AIF® IRA Analyst When the “check engine” light comes on in a vehicle, most people are rightfully concerned that something is wrong. When a fire alarm blares through a building, it is wise to take stock of your surroundings. And when a member...
One Roth IRA Rule Congress Should Do Away with Now
By Sarah Brenner, JD Director of Retirement Education Today is Inauguration Day. A new administration has arrived. We also have a new Congress. With the arrival of newly elected officials, many will have hopes of legislative change. When it comes to retirement...