IRS Announces Increased Retirement Plan Contribution Limits for 2025
The IRS has increased retirement plan contribution limits for 2025, adjusted for inflation. The contribution limits for 2025 are: IRAs: Traditional and Roth: the 2025 annual contribution limits will remain unchanged from 2024’s $7,000 for those under 50, while those age 50+ can contribute an additional “catch-up” of $1,000 per year for a total contribution […]
IRS Announces 2025 Income Tax Bracket Limits
Inflation has eased a bit over the past year, the IRS’ adjustment to the income tax brackets for 2025 is lower than it has been the past couple of years, by ~2.8%, compared with 5.4% for 2024 and 6.6% for 2023, based on the consumer price index (CPI). Standard Deduction: The standard deduction is also […]
These Are a Few of My Thankfulness Things . . .
The year flies by, and here we are at Thanksgiving! Time to take stock of what we’re grateful for—in a world of turmoil. Wars seem to be everywhere—and the dangers of their escalating loom, even as we hope with all our hearts for peace. Hurricanes have devastated the South this season—just a couple of months […]
Don’t Put Your Dream Retirement at Risk! 6 Common Retirement Planning Mistakes – and How to Avoid Them
While making mistakes is inevitable – we’re all human, and that comes with the territory – in many cases mistakes can be at least mitigated by course correction. Retirement planning – and, indeed, all financial planning – is, thankfully, one of the areas where we can adjust. But it’s important to make that course correction […]
Take These Steps the Year Before You Retire
Retirement looms for an ever-increasing number of baby boomers (I suspect a lot of us qualify). Many of us may shy from what we perceive as an uncomfortable – but postponable – subject – but we shouldn’t. Rather, we should plan carefully for what is inevitable. Unless we “die in harness,” which God forbid, we […]
Retirement: Pros and Cons of Rolling Your 401(k) to Your IRA
As some of our clients near retirement, they often ask whether they should roll their 401(k) (or 401(k)s) into an existing or new IRA. The answer is (as it so often is) – maybe. There are pros and cons to such a rollover, which should be weighed in light of your individual circumstances and needs. […]
Have a Spooky – But Safe – Halloween!
Halloween has been celebrated in one form or another for over 2,000 years – it dates to the ancient Celtic festival of Samhain, which was celebrated on October 31 with bonfires outside and hearth fires in homes left to burn out as the harvest was gathered. That date was the official year-end, with the new […]
Do You Really Want Your Ex Inheriting Your Retirement Account(s)?
We’ve written more than once about the importance of keeping your beneficiary designations current. In fact, one of the first things we do at RFG with new clients is to ask to see beneficiary statements on all relevant accounts and insurance policies, both life and disability. We also ask to review these periodically, as life’s […]
Reporting Beneficial Ownership Information to FinCEN – the Clock is Ticking!
Most privately-held businesses created and registered before January 1, 2024 are required to file beneficial ownership information (BOI) with the Financial Crimes Enforcement Network (FinCEN), which is a part of the U.S, Department of the Treasury (DOT), by January 1, 2025. For businesses created or registered after January 1, 2024, but before January 1, 2025, […]
Non-Compete Agreements – Current Status of the New FTC Rule Explained
On April 23, 2024, the U.S. Federal Trade Commission (FTC) issued a new rule banning businesses from instituting non-compete agreements with any new hires and prohibiting enforcement of existing non-compete agreements with an exemption for in-force agreements concerning “senior executives,” defined narrowly to include those earning over $151,164 annually and having “final authority to make […]