retirement

2021 Retirement Plan IRS Limits
Team SummitEmployee Financial Resource Center, Financial Planning, Retirement PlanningComments are off for this post
As January approaches and you begin your financial planning for the new year, keep in mind the recently released retirement contribution limits for 2021. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has remained unchanged at $19,500. The catch-up contribution limit for employees  Read More →
Budgeting for Retirement
Team SummitBudgeting & Debt, Employee Financial Resource Center, Retirement PlanningComments are off for this post
There are all kinds of “rule of thumb” numbers floating around for how much income you’ll need in retirement, but they are just that — guidelines, not hard and fast rules that will necessarily apply to your particular situation. Budgeting for your retirement is a bit of a guessing game however clarifying your goals and  Read More →
To Roth or Not to Roth
Team SummitEmployee Financial Resource Center, Financial Planning, Retirement PlanningComments are off for this post
Many 401(k) and 403(b) retirement plan participants are uncertain as to the benefits of saving their contributions on a Traditional (pre-tax) or Roth (after-tax) basis. As a reminder, although you get a current year tax deduction for pre-tax contributions, the principal and growth will be taxable in retirement.  In contrast, Roth contributions are made with  Read More →

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