Key Takeaways: Simplified Employee Pension (SEP) Plan, Simple IRA Plan, and 401(k) Plan are three types of retirement plans available for small businesses. Eligibility criteria for retirement plans include employee eligibility and employer requirements. Choosing the right retirement plan involves considering plan selection and consulting with a financial advisor. Implementation of the retirement plan includes…

Key takeaways: A tax-free retirement account is a type of investment account where contributions and earnings are not subject to taxes, offering significant long-term benefits for retirement savings. There are different types of tax-free retirement accounts, including Roth IRA, Roth 401(k), and Health Savings Accounts (HSAs), each with unique eligibility criteria and contribution limits. The…

Key Takeaway: Deferred annuities provide a guaranteed stream of income in retirement: By deferring payments until a future date, retirees can ensure a steady stream of income in their golden years. Deferred annuities offer tax-deferred growth: Because taxes on the investment growth are deferred until the time of payout, investors can potentially save more money…

Key Takeaway: Financial planning is crucial for a successful retirement. Start planning early, create a budget, and consider factors like healthcare expenses and long-term care options. Minimizing expenses is an effective strategy to make your money last in retirement. Consider downsizing, reducing debt, and adjusting your lifestyle to fit your budget. Maximizing Social Security benefits…

Key Takeaway: Investing in tax-free municipal bonds, utilizing Roth IRAs and Roth 401(k)s, and structuring retirement account withdrawals are some of the effective ways to avoid retirement income taxes. Adjusting provisional income, timing social security benefits, maximizing exclusions and credits, and coordinating with spouse’s benefits are some of the useful strategies to reduce social security…

Key Takeaway: Less than half of Americans have retirement savings: According to a 2021 survey, only 42% of Americans have saved money specifically for retirement. This underscores the importance of taking action early to improve financial health in old age. Your retirement savings can be affected by various factors: These include your income, expenses, level…

Key Takeaway: Legal Retirement Age: The legal retirement age in Virginia is 65. Individuals may begin receiving Social Security benefits at 62, but there may be reduced benefits. Retirement Planning in Virginia: To plan for retirement, individuals can consider savings and investments, employer-sponsored plans, and individual retirement accounts (IRAs). It is important to start planning…

Key Takeaway: The Florida Retirement System is a retirement plan that covers state and local government employees in Florida. The system is funded through contributions from employees and employers, as well as investment income. While the Florida Retirement System is currently well-funded, future projections are uncertain due to factors such as investment performance and economic…

Key Takeaway: A retirement annuity is a financial product that provides a regular income in retirement, with costs that are influenced by several factors including age, retirement age, and gender. Costs associated with retirement annuities include premiums, fees and charges, and investment options. It is important to carefully compare costs across different providers and types…

Key Takeaway: $25 retirement notes are a type of debt security that allow individuals to invest in retirement accounts. These notes are offered by companies to raise capital for retirement benefits for their employees. Investing in $25 retirement notes provides investors with a stable source of income and the potential for long-term capital appreciation. Are…

Key Takeaways: It is crucial to save for retirement as early as possible to avoid having inadequate funds in retirement. Having less money saved for retirement can lead to reduced quality of life, increased financial stress, and limited options during retirement. To increase retirement savings, consider retirement planning, investing in retirement accounts, and reducing expenses…

Key Takeaway: FEGLI Death Benefits after Retirement are determined by several factors like age at retirement, length of service, and type of retirement. FEGLI Death Benefits after retirement come in different options, such as Basic Option, Option A, Option B, and Option C, and calculating the amount can be complex, so it is important to…