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Retirement Contribution Limit Changes for 2022

With inflation on the rise, the IRS increased the 2022 contribution limits for some retirement accounts. Although a 2021 Congressional report found that only about 8.5% of defined benefit plan participants and 4.7% of individual retirement account (IRA) holders max out their contributions each year, increasing the amount you put aside for retirement may help your financial independence.1 Here is what retirement savers need to know about the increases allowed in 2022. Changes to 401(k) Limits Fo
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Five Healthy Habits for Financial Wellness

Financial stress can have a direct negative impact on a person's health and happiness. Unfortunately, this may lead to a downward spiral. The more stress you're feeling, the larger your financial hurdles may seem, and the more you may rely on unhealthy stress-reducing habits. Fortunately, there are steps you may be able to take to improve your financial situation and help manage money-related stress. Below are five habits you may wish to adopt to work toward financial wellness. Set
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7 Health Appointments to Schedule in the New Year

Many people make resolutions to improve their health in the new year, but making healthy changes goes beyond exercise and diet; you should be staying on top of your medical visits too.Here are seven appointments that you should schedule now to stay ahead of chronic illnesses, disease risks, and general health complications.Colonoscopy Colorectal cancer is the third most common cancer diagnosed in both men and women in the United States. You can greatly reduce your risk of colorect
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Four New Year's Resolutions for Current Retirees

The New Year is the time to make resolutions, and for those who are retired, those resolutions may look a little different than they did in past years. Whether you are looking to improve your health, or your finances, below are a few resolutions to consider to help you get started. 1. Whip Your Finances into Shape Whether you are newly retired or have been for a while, it is always important to have a clear financial picture. Start with your monthly budget. If you don't have one, get one st
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Writing a Business Plan for a Small Business

Running a business without a written business plan is like heading out on a cross-country trip without a map or GPS. Although you may be able to make it to your destination, you may spend far more time and money navigating through unexpected complications than you would if you had a guide. Many lenders require a copy of your business plan as one of the key documents it needs when deciding whether to extend a loan or line of credit.But what should be included in your business plan? And how do you
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A “Recipe” for Retirement Savings

Do you ever dream of the day when you can retire and pursue your interests, travel, or simply relax from the pressure of the daily grind? In the past, retirement planning was a simpler process. Many retirees could count on employer-provided pension plans coupled with Social Security to furnish an adequate post-retirement income. Unfortunately, these two sources may no longer provide sufficient funds for most people to maintain their pre-retirement standard of living.What’s the best way to
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How to Make Savings Last Longer in Retirement

Whether you dream of a travel-filled retirement or would prefer to relax and enjoy spending more time at home, you're probably wondering what you can do to make your golden years as stress-free as possible. For many who have spent the last several decades in wealth-accumulation mode, withdrawing savings can trigger anxieties about the future. Some of the choices you make during the earliest years of retirement can significantly reduce—or accelerate—the speed with which you spend
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Is the Roth 401(k) an Option for You?

Since it first became available in 2006, many employers have added the Roth 401(k) to their benefit packages as a retirement savings option. A Roth option is available for Individual Retirement Accounts (IRAs) and 401(k) and 403(b) accounts. To see if a Roth 401(k) would be appropriate for your situation, let’s take a closer look. To Roth or Not to Roth To start, let’s consider the advantages and disadvantages of both types of 401(k)s. With a traditional 401(k), you make co
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