Category: General

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    Social Security Retirement Income: a Primer | What role does Social Security play in your retirement income strategy? 

    As you near retirement, it’s likely you’ll have many questions about Social Security. How much will your retirement benefit be? When should you apply? Will earnings from a part-time job affect your benefit? Social Security has always been a major source of income for many retirees, but with fewer companies offering traditional pensions, Social Security…

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    Can you access your work-based retirement plan money in an emergency? 

    In most cases, taking money out of a 401(k) or similar retirement savings plan prior to age 59½ while you’re still working will result in income taxes and a 10% early-distribution penalty. However, you may be able to access your plan money in an emergency — in some cases, without paying the penalty — through…

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    Health Insurance in Retirement 

    At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever before. Staying healthy is your goal, and this can mean more visits to the doctor for preventive tests and routine checkups. There’s also a chance that your health will decline as you grow…

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    2026 IRA and Retirement Plan Limits 

    Many IRA and retirement plan limits are indexed for inflation each year. Several of these key numbers have increased once again for 2026.  How much can you save in an IRA?  The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2026 will be $7,500 (or 100% of your earned…

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    What are catch-up contributions?

    If you are 50 or older, or you will reach age 50 by the end of the year, you may be able to make contributions to your IRA or employer-sponsored retirement plan above the normal contribution limit. Catch-up contributions are designed to help you make up any retirement savings shortfall by bumping up the amount…

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    Key Retirement and Tax Numbers for 2026 

    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 some of the key adjustments for 2026.  Estate, gift, and generation-skipping transfer tax  Standard deduction  A taxpayer can generally choose to itemize certain deductions or claim a standard…

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    Can I convert my traditional IRA to a Roth IRA?

    Anyone can convert a traditional IRA to a Roth IRA. There are no income limits, or restrictions based on your tax filing status. You generally have to include the amount you convert in your gross income for the year of conversion, but any nondeductible contributions you’ve made to your traditional IRA won’t be taxed when…

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    Rollovers from Employer-Sponsored Retirement Plans

    If you withdraw cash or other assets from an employer-sponsored retirement plan (“employer plan”) in an “eligible rollover distribution,” (defined below) you can defer paying tax on the distribution by rolling all or part of it over to another employer plan or to a traditional IRA. You don’t include the amount rolled over in your…

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    How much money can I put into my IRA or employer-sponsored retirement plan?

    IRAs and employer-sponsored retirement plans are subject to annual contribution limits set by the federal government. The limits are adjusted periodically to compensate for inflation and increases in the cost of living.  IRAs  For the 2026 tax year, you can contribute up to $7,500 (up from $7,000 in 2025) to all IRAs combined (the limit…

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    Decisions, Decisions: Choosing Among Retirement Plan Contribution Types

    Decisions, Decisions: Choosing Among Retirement Plan Contribution Types  If your employer-sponsored 401(k) or 403(b) plan offers pre-tax, Roth, and/or non-Roth after-tax contributions, which should you choose? How do you know which one might be appropriate for your needs? Start by understanding the features of each.  Pre-tax: For those who want lower taxes now  With pre-tax…