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2023 Plan Limits

December 13, 2022 by Lee Eudy

The IRS announced fairly large increases to the plan contribution limits for next year:   2023 2022 2021 2020 RETIREMENT PLANS   Elective Deferrals 401(k), 403(b), etc $22,500 $20,500 $19,500 $19,500 with over-50 catch-up $30,000 $27,000 $26,000 $26,000 Defined Contribution Limits $66,000 $61,000 $58,000 $57,000 with over-50 catch-up $73,500 $67,500 $64,500 $63,500 IRAs   IRA […]

Pleasant Surprise for MA Taxpayers

November 9, 2022 by Lee Eudy

Massachusetts law requires that when tax revenue collections in a given fiscal year exceed an annual tax revenue cap, the excess revenue is returned to taxpayers. The result: between early November and mid-December of this year, taxpayers will receive a refund check (or direct deposit) from the Massachusetts Department of Revenue labeled “MASTTAXRFD.” Your refund […]

I Bonds: Inflation’s Silver Lining

April 12, 2022 by Lee Eudy

What Are I Bonds I bonds are low-risk savings bonds issued by the U.S. Treasury that adjust for inflation. The “I” stands for “inflation.” I bonds earn interest for 30 years or until you cash them out. Like other Treasury bonds, they are tax-free at state and local levels. Unlike other bonds, there is no […]

Rebalancing your 401(k) can be Confusing

February 12, 2022 by Lee Eudy

The financial services industry loves confusing jargon. Workplace retirement plans, like 401(k)s, 403(b)s, and 457s are no exception.  At this point, you have a recommended allocation for your plan that looks something like this: Institutional 500 Index – 34%Extended Market Index – 7%Developed Markets Index -15%Emerging Markets Index – 4%Real Estate Index – 5%Total Bond […]

2022 Plan Limits

December 1, 2021 by Lee Eudy

See the below table to see the 2022 plan limits:   2022 2021 2020 2019 RETIREMENT PLANS     Elective Deferrals 401(k), 403(b), etc $20,500 $19,500 $19,500 $19,000 With Catch-Up Contributions $27,000 $26,000 $26,000 $25,000 Defined Contribution Limits $61,000 $58,000 $57,000 $56,000 IRAs     IRA & Roth Contribution Limit $6,000 $6,000 $6,000 $6,000 With […]

The Psychology of Money

October 8, 2021 by Lee Eudy

Morgan Housel is appointment reading. His blog posts, Twitter musing, and The Psychology of Money reveal simple but powerful truths about investing and personal finance. This book’s format, 20 short chapters full of accessible narrative, reflects his “simple, but powerful” perspective that success with money has as much to do with your behavior as it […]

Massachusetts Paid Family and Medical Leave

April 1, 2021 by Lee Eudy

Massachusetts is now operating an innovative paid family and medical leave (PFML) benefits system for employees and eligible self-employed individuals.  What is Massachusetts Paid Family and Medical Leave (PFML)?  The state of Massachusetts passed an Act providing paid family leave and medical leave to covered individuals. MA PFML is providing most benefits to employees and […]

Few Changes in the 2021 Plan Contribution Limits

January 3, 2021 by Lee Eudy

The IRS has updated contribution limits for pension plans and other retirement accounts for the 2021 tax year. As you’ll see in the chart below, most of these limits remain unchanged from last year.   2021 2020 2019 2018 RETIREMENT PLANS       Annual Compensation Limits 290,000 285,000 280,000 275,000 Elective Deferrals 401(k) & 403(b) […]

IRS Announces Tax Deadline Updates

March 10, 2020 by Lee Eudy

The Internal Revenue Service has delayed yet more tax filing deadlines via notice 2020-23 to provide additional short-term tax relief to American’s coping with the coronavirus pandemic. July 15, 2020 is now the new deadline for the following:    2019 tax filing 2019 IRA (Roth/Traditional/SEP/SIMPLE) contributions 2019 HSA contributions 2020 Q1 & Q2 estimated taxes […]

The AfterTax 401(k) & Roth Conversions

February 15, 2020 by Lee Eudy

Times were simpler when you retired and pension payments rolled in until the day you died. These days, most of us are responsible for our own saving, investing, and distribution planning. 401(k) plans are available to many but the rules, features, formulas, and options within each can vary widely from employer to employer. If you’re […]

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Recent Posts

  • 2023 Plan Limits
  • Pleasant Surprise for MA Taxpayers
  • I Bonds: Inflation’s Silver Lining
  • Rebalancing your 401(k) can be Confusing
  • 2022 Plan Limits
  • The Psychology of Money
  • Massachusetts Paid Family and Medical Leave
  • Few Changes in the 2021 Plan Contribution Limits
  • IRS Announces Tax Deadline Updates
  • The AfterTax 401(k) & Roth Conversions
  • TD Ameritrade January Mail-A-Thon
  • 2020 Plan Contribution Limits
  • The Per Stirpes Beneficiary Election
  • Safeguard Against Catastrophe with Umbrella Insurance
  • Giving Your Child an Allowance Can Really Pay Off
  • 401(k) limits are rising in 2019
  • Freezing your Credit Reports is now free. So what are you waiting for?
  • It’s FAFSA season!
  • State of Our Practice & Your Referrals
  • No Checks for Charity!
  • The Investor’s Manifesto
  • Charitable Giving in a High Standard Deduction World
  • Paying K-12 Tuition with a 529 Plan
  • 401(k) & Gifting Limits Set to Rise
  • Nudge
  • Equifax Breach & Identity Theft
  • Is The Tuition Bubble Starting to Leak?
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  • Investing in Stocks vs. Markets

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