Good news! The IRS has increased the employee contribution limit for 401(k) and other retirement plans for 2025.
A new feature of the One Big Beautiful Bill Act.
A favorite part of my job is talking with newly retired clients about the travel dreams they have been planning and saving for.
2025 Retirement Savings Contributions
If you have changed employers over the course of your career, you probably know not all 401(k) plans are created equal. They contain different fees, investment options, contribution limits, etc.
Like every parent, you want your children to become happy, self-sufficient adults.
As financial planners we are often asked, “Will I be OK in retirement?” Before we even look at a client’s assets and expenses to answer that question, we ask them one ourselves, “What do you want your retirement to look like?”
The silver generation, as they’re often called, faces a unique set of challenges in today’s fast-paced, ever-changing, tech-driven world. With the sudden proliferation of Artificial Intelligence (AI), the challenges have become even greater.
“Turn! Turn! Turn!” written by Peter Seeger and made famous by The Byrds was released in 1965. If listening to this song on the AM station was part of your early memories, then you are probably thinking about downsizing or soon will be. Downsizing is a time to break things down and a time to cast things away. Hopefully there will be some laughter and dancing and not too much to mourn, but probably some tears are inevitable.
Earned income stops for everyone at some point, and people then need to navigate the transition from saving for retirement to spending from their investment portfolio. From a financial planning standpoint, we generally encourage clients to be debt-free in retirement so that when their earned income stops, so do their debt payments. Exceptions may be made for situations with reasonable levels of debt at extremely low interest rates or for loans with short remaining terms.
