Tips and Resources that Everyone Can Use
Knowledge Is Retirement Power
The longer you wait to start collecting money after you become eligible for Social Security, the more you will receive. As an example, assume you were born in 1960. If you claim Social Security upon turning 62, you’ll get 70% of the benefit amount calculated from your lifetime earnings. If you wait until full retirement age — in this case, 67 — you’ll get 100%. Delay past full retirement age and Social Security increases your benefit 8% a year until you hit 70. There’s no financial incentive to delay past age 70.
Q&A
Q: How much can I contribute to my Health Savings Account (HSA) next year?
A: For calendar year 2025, the annual HSA contribution limit for an individual with self-only coverage under a high-deductible health plan will be $4,300, up from $4,150 in 2024. For an individual with family coverage, the amount will be $8,550, up from $8,300. Those who are age 55 or older by the end of the year can contribute an additional $1,000 to their HSA.
Quarterly Reminder
When it comes to your retirement account, your recordkeeper likely prompts you to change your password every quarter. But is it as strong and unique as it should be? To make creating and managing passwords easier, many people subscribe to password manager services. Check out the U.S. Cybersecurity & Infrastructure Security Agency (cisa.gov) for tips on choosing a service provider, as well as more password tips: https://tinyurl.com/45aep4zn. In addition, you should use unique passwords for different accounts, never write them down and never type passwords on devices or networks that you do not control.
Tools and Techniques
As life expectancy continues to increase, so does the likelihood of your parents needing some kind of help as the years pass — whether that’s long-term care, transportation, paying bills or assistance with the daily activities of life. Consider discussing their wishes and plans early and often, while they’re in great health. This approach can avoid surprises and stress if help is needed after an unexpected health event or accident occurs. In addition, find out your loved one’s preference for long-term care and any plans they may have put in place ahead of time. Estimating costs and understanding your options can offer peace of mind and help you plan for any possibility.
Corner on the Market
Basic Financial Terms To Know
Macroeconomics. The study of large-scale economic issues, such as inflation, interest rates, gross domestic product (GDP) and unemployment. It helps form the basis of a large part of government economic policy.
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Empower Your Retirement Journey
Taking control of your financial future is about staying informed, making thoughtful decisions, and planning ahead. Whether you're navigating Social Security strategies, maximizing your HSA contributions, or preparing for long-term care needs, the tools and knowledge available today can help you stay on course. Remember, every small step you take now can lead to a more secure and fulfilling retirement later.
If you have any questions or need personalized guidance on these or other retirement-related topics, I'm here to help you make the most of your plan. Don’t hesitate to get in touch.
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Disclosure: This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. Investment Advice and 3(38) Investment Fiduciary services offered through Diversified Financial Advisors, LLC, a Registered Investment Advisor. 3(16) Administrative Fiduciary Services provided by PISTL Service Corporation. Discretionary Trustee services provided by Printing Industries 401k Trustees. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
RP-923-0824 Tracking #614343 (Exp. 08/25)