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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)

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)

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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)

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)