Key Takeaway: A good retirement gift for a teacher should be thoughtful and personalized: Teachers have dedicated their lives to educating and shaping young minds, so it’s important to choose a retirement gift that reflects their interests and personality. Consider thoughtful and personalized gifts, such as customized poetry or art pieces, that show their impact…
Key Takeaway: An Elective Deferral Retirement Plan is a type of retirement plan that allows employees to choose to set aside a portion of their salary on a pre-tax basis to save for retirement. This can be an effective way to save for retirement while reducing tax liability. Benefits of an Elective Deferral Retirement Plan…
Image credits: retiregenz.com by Harry Washington Retirement Savings Plan Planning for post-retirement finances is crucial for every employee, to create a stable and secure future. Companies typically offer a compelling retirement plan to their employees, such as Pension or 401(k), which can help in accumulating a substantial amount over time. An employee can contribute a…
Key Takeaway: A SRA Retirement Account is a type of retirement account that is specifically designed for federal employees who are part of the Civil Service Retirement System (CSRS) or the Federal Employees Retirement System (FERS). It allows federal employees to supplement their retirement benefits with tax-deferred contributions. To be eligible for a SRA Retirement…
Key Takeaway: Retirement income in NJ is subject to taxation: Social Security benefits, pensions and annuities, withdrawals from IRAs or 401(k)s, investment income, and other sources of retirement income are taxable. Some retirement income is non-taxable in NJ: Roth IRA and Roth 401(k) distributions, life insurance payouts, inheritances, disability benefits, veterans benefits, and military retirement…
Key Takeaway: Personalization is key when writing on a retirement cake: Consider the person’s personality, work history, and interests when crafting a message that will truly resonate with them. Highlight memorable moments from work: Including references to notable achievements, co-workers, or projects can make the retirement cake even more meaningful. Retirement wishes are a must:…
Key Takeaway: Financial stability should be the first factor to consider before starting a business after retirement. It is important to have a sufficient amount of savings and a well-planned budget to avoid any financial risks. Personal interests and abilities should also be considered when choosing a business after retirement. Starting a business in a…
Key Takeaway: Expected retirement age and duration, as well as current and projected expenses and healthcare costs, are important factors to consider when planning for retirement. Retirement savings calculators can help determine how much money is needed to retire comfortably, and consulting with a financial planner can provide personalized advice. To increase retirement savings, maximizing…
Key Takeaway: Tithe is a percentage of income that is given to the church or religious organization, and it is important to continue tithing even in retirement to fulfill spiritual commitments and give back to the community. When calculating tithe in retirement, it is crucial to consider factors such as retirement income, tithe percentage, and…
Key Takeaway: The asset allocation in a target date fund changes as retirement nears: As retirement approaches, target date funds shift towards fixed income investments, reducing exposure to equities and prioritizing capital preservation. This shift is influenced by factors such as time horizon, risk tolerance, market conditions, and fund provider philosophy. Time horizon influences asset…
Key Takeaway: The retirement age in NJ is determined by the individual’s retirement plan. For the NJ state pension system, the retirement age varies depending on the specific plan, with some plans allowing retirement as early as age 55. The NJ state pension system provides retirement benefits to eligible employees, including teachers, police officers, and…
Key Takeaways: There are different types of Voya Retirement Plan accounts, and eligibility for withdrawing from them may vary. It is important to understand the account specifics before making any decisions regarding withdrawals. Withdrawal options from Voya Retirement Plan include in-service withdrawals, rollovers to another qualified account, and required minimum distributions (RMDs). It is important…