North Shore Planning Group

North Shore Planning Group North Shore Planning Group provides retirement advice.

A nice, fat IRA, which certainly seemed like a worthwhile goal 30 or 40 years ago, today is doing many retirees and near...
12/07/2022

A nice, fat IRA, which certainly seemed like a worthwhile goal 30 or 40 years ago, today is doing many retirees and near-retirees no favors. All of this supports the idea that RMD planning should anticipate its necessity.

(The Wall Street Journal)

Wealth Wednesday Tip # 981: Max out your IRA before the end of the yearIRA contribution limits are not nearly as high a...
12/07/2022

Wealth Wednesday Tip # 981: Max out your IRA before the end of the year

IRA contribution limits are not nearly as high as 401(k) or 403(b) limits, which could make it feel a bit easier to max out. In 2022, the contribution limit for IRAs was $6,000 for people under age 50, or $7,000 for those aged 50 and older. This limit applies to both traditional and Roth IRAs. As a refresher, traditional IRAs are contributed with pretax dollars, while Roth accounts use after-tax dollars, and both require contributions to be made with earned dollars (such as from wages or self-employment income).

(Source: Market Watch)

Reasons to pump the brakes on retirement. If you've been dreaming of retirement since you entered the workforce, you mig...
12/05/2022

Reasons to pump the brakes on retirement. If you've been dreaming of retirement since you entered the workforce, you might have a certain idea of what it looks like when you're no longer working. But there's a chance you might not start retirement when you thought you would, perhaps due to circumstances beyond your control. According to a recent survey by the Nationwide Retirement Institute, approximately 40% of workers are planning to push retirement later in life due to inflation. While life doesn't always go according to plan, would-be retirees can make the best of a bad situation by delaying retirement. So, if you're on the fence, here's why you might want to consider retiring later than you originally thought.

(Source: Insurance WSMT)

Are you ready to plan for retirement? Call us today to give you an insight.
12/05/2022

Are you ready to plan for retirement? Call us today to give you an insight.

Financial Fact Friday: IRS announces retirement plan contribution limitsThe 403(b) and 457(b) contribution limits have i...
12/02/2022

Financial Fact Friday: IRS announces retirement plan contribution limits

The 403(b) and 457(b) contribution limits have increased from $20,500 to $22,500 and the age 50 catch-up contribution is up from $6,500 to $7,500 for the 2023 tax year.
Employees wanting to enroll in a Supplemental Retirement Account or to make changes to an existing account should complete the electronic Salary Reduction Agreement.
The deadline to submit SRA changes or new account enrollments is 5 p.m. on Dec. 14.
Changes will go into effect on Jan. 13, the first paycheck in 2023.

(Source: Mountaineer News)

FACT or FICTION: Full retirement age is either 66 or 67.FICTION: For most Americans, the full retirement age is either 6...
12/01/2022

FACT or FICTION: Full retirement age is either 66 or 67.

FICTION: For most Americans, the full retirement age is either 66 or 67, depending on when they were born. But you can claim your Social Security benefits four or five years early at 62. But just because you can file for benefits doesn’t mean you should.
Depending on your birthday, you’ll receive only 70%-75% of your full benefits if you claim at 62, which, as an example, would leave you with somewhere between $700-$750 per month out of what should have been a $1,000 check. Surviving spouses would have their benefits reduced by 30%-35%.

(Source: Yahoo Finance)

OPM Disability Retirement provides you with the option to retire early while receiving a secure monthly annuity, health ...
11/30/2022

OPM Disability Retirement provides you with the option to retire early while receiving a secure monthly annuity, health and life insurance, creditable years of service and the ability to work outside of the federal sector. This is a life-changing benefit, and it’s important to know whether or not you will be able to receive it based on your condition.

(Source: Fed Smith)

Wealth Wednesday Tip #451: Talking about money during the holidays? It’s not always a bad ideaWhen getting together wit...
11/30/2022

Wealth Wednesday Tip #451: Talking about money during the holidays? It’s not always a bad idea

When getting together with family during the holidays, talk about money – whether it be asset management, budgeting, expectations for the future or estate plans.
Talking about money isn’t always easy, especially with family members. Not everyone feels comfortable discussing finances or wants to divulge information about their current or expected situations.
But having conversations about family finances – if even just light discussions about hopes, wishes and expectations – can make a huge impact. Adult children may not know their parents expect them to take over caregiving responsibilities when they’re older, for example. Family members may also feel embarrassed to mention a money problem they’re facing and could miss out on helpful suggestions loved ones have to offer – such as resources to look into or a financial adviser to consult.

(Source: Market Watch)

Retirement savers, especially Gen Z, hold steady, even in a rough stock market. Despite market turbulence that ate into ...
11/28/2022

Retirement savers, especially Gen Z, hold steady, even in a rough stock market. Despite market turbulence that ate into retirement account balances and left workers feeling worse about their finances, the majority of retirement savers kept their contributions steady.

(Source: Market Watch)

Financial Fact Friday:The average joint life expectancy (men and women together) is approximately 88 years for over 49% ...
11/25/2022

Financial Fact Friday:

The average joint life expectancy (men and women together) is approximately 88 years for over 49% of the population. A full 20% of Americans live to age 95!

Depending on your unique perspective, that’s either good news or bad news. It is good because many people want to live for as long as possible, provided they are in decent physical and mental health. However, a long life can be bad news when it puts you at risk of outliving your money in retirement.

FACT or FICTION: “Retirement Cliff” In U.S. Workforce?FACT: Companies are warning of a “retirement cliff” over the next ...
11/24/2022

FACT or FICTION: “Retirement Cliff” In U.S. Workforce?

FACT: Companies are warning of a “retirement cliff” over the next 15 years that will leave over 400,000 open positions unfilled industrywide.

The National Association of Mutual Insurance Companies (NAMIC) says over the next 15 years, 50% of the current insurance workforce will retire. This will leave more than 400,000 open positions unfilled, while less than 25% of the industry is under the age of 35.

(Source: NPR from Illinois State University)

Before you make any serious financial decisions, like borrowing money from your retirement account, it's a smart idea to...
11/23/2022

Before you make any serious financial decisions, like borrowing money from your retirement account, it's a smart idea to consult with a financial planner. These experts can help you decide if this is the best option for your current situation, or if it is a better idea to take out a loan from another financial institution.

(Source: Forbes)

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444 Skokie Road #302
Wilmette, IL
60091

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