Oakwood Wealth Advisors

01/05/2023

FACT or FICTION: New survey results suggest that investors grappling with today's economic environment are feeling increased pressure on their retirement plans and are facing more uncertainty about when they will be able to retire.

FACT: According to the Nationwide Retirement Institute’s eighth annual Advisor Authority survey, inflation has led both women (38%) and men (26%) to rethink when they can retire. The number of men and women with near-term retirement plans is extremely low. Just 2% of men and 1% of women plan to retire within the next five years. Women (44%) are more likely than men (28%) to agree that signs of inflation and recession have made them rethink where they can retire.

(Source: ASPA)

12/12/2022

For many Americans, the idea of "retirement" still includes some type of work. More and more Americans are extending their careers into their late-60s. Some are taking part-time jobs to supplement their retirement savings and Social Security, and some see it as a way to stay active and keep their minds sharp.
Earning income from a job in retirement certainly has its benefits, but there are also some drawbacks to be aware of.

(Source: Buffalo News)

12/12/2022

Thinking retirement? We are too. Let’s come up with a plan!

12/09/2022

Financial Fact Friday: Your Retirement Is on Track?

Nearly three-quarters — 73% — of American workers surveyed say they’re “somewhat confident” they’ll have enough money to live comfortably in retirement. That includes 28% who are “very confident” they’re on the right track for retirement, according to the 2022 Retirement Confidence Survey conducted by Employee Benefit Research Institute (EBRI) and Greenwald Research.

(Source: MSN)

12/08/2022

We can help you plan for your retirement dreams.

Live Your Ideal Life!

12/08/2022

FACT or FICTION: Are Their Retirement Funding Goals Ought to Hit by Age 50?

FACT: The approach of a milestone birthday is a reminder that, as life changes, so do your needs and circumstances.
The question is settled: You’re no longer a kid. And that’s a great thing because maturity is much better than it’s cracked up to be.
So, instead of dreading it, use this birthday to update your financial life by hitting the following targets.

(Source: MNS)

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)

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)

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)

12/05/2022

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

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)

12/01/2022

Are you in a position for retirement? Learn More.

Live Your Ideal Life!