At the end of 2022, the landscape of retirement planning saw a major update with the introduction of the SECURE 2.0 Act. Its provisions build upon the earlier SECURE Act of 2019, bringing critical changes that aim to make saving for retirement easier and more advantageous for Americans.

Indeed, the SECURE 2.0 Act stands out as a transformative piece of legislation for both current retirees and those approaching retirement. In many cases, it offers greater control over retirement funds and opens up new avenues for saving.

In this article, we'll delve into these important changes and how they might influence your retirement planning approach.

The new 529-to-Roth IRA transfer rule may help parents maximize the next generation's educational savings and avoid unwanted taxes.

For years, the 529 plan has stood out as a favored method to set aside funds for college. Yet many parents have approached these plans with caution, wary of the financial penalties they might face if the beneficiary either chose not to pursue higher education or didn't utilize the entire balance.

The introduction of a potentially game-changing rule intends to make the prospect of contributing to a 529 plan more appealing. Beginning next year, beneficiaries can transfer unused 529 funds to a Roth IRA, allowing parents to sidestep unwanted tax penalties and redirect their contributions toward the beneficiary’s retirement savings.  

Ultimately, the new 529-to-Roth IRA transfer rule may make it easier to fund the next generation’s education by eliminating some of the previous risks involved with overfunding a 529 plan. However, it’s important to understand how this rule works, as well as its limitations, to maximize the potential benefits.

Setting financial boundaries isn’t easy, but doing so is essential for financial stability and peace of mind.  

For many of us, the festive spirit of the holiday season brings with it a surge in shopping, travel, and social gatherings. The holidays can also mean more time with family and friends, some of whom may ask for financial support or persuade us to spend money in ways that don’t serve us.

While this time of year is synonymous with joy and giving, the pressure to meet expectations can lead to financial stress and instability. Indeed, about 25% of Americans are still paying off holiday debt from last year, according to WalletHub’s November 2023 holiday shopping survey.

Without clear limits in place, it can be easy to make decisions that don’t align with your values and financial goals. To prevent holiday spending from derailing your financial plans and set yourself up for long-term success, it’s essential to establish healthy financial boundaries.  

As you approach your golden years, healthcare planning becomes increasingly important—and often more financially challenging. While traditional Medicare offers a basic level of coverage starting at age 65, it doesn't cover everything. This leads many people to consider options such as Medicare Advantage or supplemental health insurance (known as Medigap) to reduce their out-of-pocket expenses.

But if you're new to Medicare, how do you determine which option is best for you?

In most cases, your choice between Medicare Advantage and Medigap will largely depend on your lifestyle, budget, and healthcare needs. In this blog article, we’ll explore the key information you need to know to help you make an informed decision about your healthcare coverage in retirement.

As the holiday season draws near, financial planning may be the last thing on your mind. However, year-end is often a crucial period for proactively lowering your tax bill and taking steps to set yourself up for financial success in the year ahead. Use this year-end financial planning checklist to end 2023 on a high note and start the new year with confidence.

In this blog article, we'll explore the key considerations involved with combining or separating finances in a legal union or divorce.

Merging lives with a partner or spouse can be both challenging and rewarding. Yet few aspects of this process are as complex as deciding whether to combine finances—and if so, how.

Indeed, sharing a financial life with another person offers a variety of joys and benefits, such as collaboration, mutual support, and shared financial goals. But it can also lead to misunderstandings, resentment, and in extreme cases, divorce.

In fact, numerous studies show that money is the number one source of contention among married couples. Furthermore, arguments about money are a top predictor of divorce in countries like the United States, according to data from the National Survey of Families and Households.

How you navigate the journey of combining finances as a couple, or the potentially tumultuous task of separating finances during a divorce, can have a substantial impact on your financial health and overall well-being. Whether you’re taking the next step in your relationship or unwinding one, the following considerations can help you maintain your financial stability and avoid potentially costly missteps.