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New Retirement Contribution Limits for 2023
The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels. Keep in mind that...
Conquering Retirement Challenges for Women
When it comes to retirement, women may face unique obstacles that can make saving for retirement more challenging. Given that women typically live longer than men, retirement money for women may need to stretch even further.1 Despite these challenges, a wise strategy...
Retirement Is a Beginning
How do you know you are psychologically ready to retire? As a start, ask yourself four questions. One, is your work meaningful? If it is emotionally and psychologically fulfilling, if it gives you a strong sense of purpose and identity, then there may be a voice...
What Can You Buy With 529 Distributions?
Some of the biggest challenges many face when it comes to education are financial. Luckily, a 529 college saving plan can help. And they're not just for college anymore - added to the tuition eligibility are K-12, private and religious schools. These funds can also be...
Understanding Extended Care
Addressing the potential risks of extended term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 70% of people over age 65 can expect...
Choices for Your 401(k) at a Former Employer
Have a 401K with a former employer? There are three choices you can make. One of the common threads of a mobile workforce is that many individuals who leave their job are faced with a decision about what to do with their 401(k) account.¹ Individuals have four choices...
Why Medicare Should Be Part of Your Retirement Strategy
Medicare takes a little time to understand. As you approach age 65, familiarize yourself with its coverage options, costs, and limitations. Certain features of Medicare can affect health care costs and coverage. Some retirees may do okay with original Medicare (Parts...
Succeeding at Business Succession
Are you a small business owner who is thinking about succession planning? Good for you, because many haven’t. Here are a few tips on how to succeed at succession planning. According to the Conway Center for Family Business, family businesses account for 64% of the...
What Is a Roth 401(k)?
What’s a Roth IRA? We get asked this a lot. This article answers that question in an easy-to-understand way. If you have more questions, we’re here to answer them. While many people are familiar with the benefits of traditional 401(k) plans, others are not as...
Five Most Overlooked Tax Deductions
Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Here is a quick look at the five most overlooked opportunities to manage...
What Do Your Taxes Pay For?
Income taxes are one of the biggest budget items for most taxpayers, yet many have no idea what they’re getting for their money. Here’s a brief breakdown that explains how the Federal Government spends our tax money. Taxes are one of the biggest budget items for most...
Does your financial portfolio meet your retirement lifestyle?
Does your financial portfolio meet your retirement lifestyle? As a retiree, how you choose to live in retirement may be an additional factor to consider when building your portfolio. If you have a portfolio that isn’t meeting your expectations, Harvest Moon is happy...
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