As American seniors lead longer and healthier lives, the interest in maintaining independence, comfort, and communities is growing. Often this begins with the desire to remain in one’s home as one ages, commonly referred to as aging in place. While interest in aging in place has soared, it can present numerous concerns about safety, feasibility, and accessibility. Careful planning is important because it can significantly mitigate these concerns for individuals and their families and allow for a smoother transition as needs change and increase over time. One of the primary considerations for aging in place is home safety. Falls are a common concern for older adults and for those 65 years and older, studies show that falls account for approximately 60% of all injury-related emergency room visits and over 50% of injury-related deaths. Planning, budgeting for, and implementing strategic modifications to the home to reduce the risk of accidents is paramount.
Giving Retirement a Boost with Unused 529 Plan Funds
With the ever-increasing costs of higher education, state-sponsored 529 plans have quickly become a popular vehicle for saving and investing for these expenses. However, a drawback of these tax-advantaged plans has been what to do with leftover funds should the beneficiary not need them. In this month’s blog post, we will discuss what options are available to those with an unused 529 plan funds, including insight into the exciting new option introduced with the passage of the SECURE 2.0 Act in 2022.
Back-Door Roth vs. Roth Conversion
First available in 1998, Roth retirement accounts have quickly become a popular way to save for retirement by allowing participants’ after-tax contributions to grow tax-free and, unlike traditional IRA accounts, not be subject to taxes upon withdrawal. As their popularity increased, employer-sponsored 401(k) plans with a Roth option quickly followed, becoming available for employers to offer to their employees in 2006. According to CNBC, the number of employers offering a 401(k) with a Roth option has nearly doubled to 88% in the past decade.
Understanding the Secure Act 2.0
In 2023, the SECURE Act 2.0 for retirement savings becomes federal law, reshaping tax incentives for years to come by making numerous changes to existing retirement account rules and related tax breaks. Though there are many changes, below are some of the ones that will impact high wage earners, those still working, and those who have or are about to retire.
Should You Rent or Buy?
We’ve all heard the sentiment that you may as well be throwing money away if you’re renting a home, but is that really the case? The answer is that it depends on your specific situation: your needs, finances, and future plans! Home ownership can be beneficial under the right circumstances, but it’s not all sunshine and white-picket fences and while renting may be convenient, you are at the whim of a landlord. There are upsides and downsides to both options and you may find one appealing over the other at different stages in life. We’ll help you explore the factors to consider before deciding whether to rent or buy! 
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