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Retirement plan limits for 2019-2020

 401(k) contributions The annual contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the Thrift Savings Plan used by federal government employees increased in 2019 to $19,000 (and those limits will be going up another $500 in 2020). If you’re 50 or older, you also can take advantage of a catch-up…

Understanding Medicare and Social Security

A great resource for understanding the basics of Social Security and Medicare Writing for USNWR, Rachel Hartman explains: How Social Security and Medicare Work Together  “Social Security and Medicare are social safety programs that Americans pay into during their working years through taxes. Both are designed to assist older Americans and distribute benefits to the…

How did you pick the funds in your retirement account? ABC…

A paper published in the Financial Review concluded that when selecting funds within their 401(k) plans, many people choose the options at or near the top of alphabetical lists. “It’s absolutely amazing how powerful this effect is and how much it is really distorting what’s being invested in,” said paper co-author Jesse Itzkowitz. As reported…