Category: General Retirement

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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…

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    Section 457(b) Plan

    Section 457(b) Plan  What is a Section 457(b) plan?  A Section 457(b) plan is a type of nonqualified deferred compensation plan that certain governmental and tax-exempt organizations can establish for their employees. Like other deferred compensation plans, the purpose of a Section 457(b) plan is to encourage employees to set aside funds for their retirement.…

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    Planning Lessons for Educators: Addressing Your Financial Issues

    Being an educator requires expertise and that you stay current on developments in your field. However, that level of ongoing attention can make it difficult to find the time to stay on top of issues that affect your finances, or to put together a comprehensive financial plan. Whether you work directly with students or focus…

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    The Roth 403(b)

    Some employers offer 403(b) plan participants the opportunity to make Roth 403(b) contributions. If you have access to this option, Roth contributions could play an important role in helping enhance your retirement income.  What is a Roth 403(b)?  A Roth 403(b) is a traditional 403(b) plan that accepts Roth 403(b) contributions. Roth 403(b) contributions are…

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    403(b) Plans: The Basics

    Retirement plans established under Section 403(b) of the Internal Revenue Code, commonly referred to as 403(b) plans or “tax-sheltered annuities,” have become a popular type of employer-sponsored retirement plan.  What is a 403(b) plan?  A 403(b) plan is a retirement savings plan, sponsored by a tax-exempt organization or public school, that offers significant tax benefits…

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    Can I still have a traditional IRA if I contribute to my 401(k) plan at work?

    Yes. Anyone with earned income can open and contribute to a traditional IRA. The contribution limit is $7,500 for 2026 (up from $7,000 in 2025), plus an additional “catch-up” contribution of $1,100 if you’re 50 or older in 2026 (up from $1,000 in 2025). However, you may not be able to deduct your IRA contributions…