Retirement Planning

How to Plan for Medical Expenses in Retirement

Saving for retirement involves building a fund to cover your housing, food, transportation, and medical expenses. Recent recommendations suggest putting aside at least 20% of your salary and planning to stick to savings withdrawals of less than 4%. Still, your nest egg may not cover your most significant expense — health care. A typical 65-year-old retired couple[...] Continue reading

Retirement Basics for Small Business Owners

Small business owners face unique challenges when saving for retirement. Unlike employees who may have access to 401(k) plans or pension benefits, business owners are responsible for funding their own retirement accounts. Retirement Strategies for Small Business Owners Let's review some small business owner retirement strategies. How to Retire From[...] Continue reading

Qualified vs. Nonqualified Retirement Plans

When you read about different types of retirement plans, you are sure to run across the terms “nonqualified” and “qualified.” These words have numerous implications on the way that these plans are run and both current and future taxation. As an employee, it is crucial that you understand how your retirement plan’s structure will affect your investments in[...] Continue reading

Changes to 2023 Retirement Contributions

The new 2023 Retirement Plan Contribution Limits are official. Your Fort Pitt Capital team wants to ensure you use these Internal Revenue Service changes to your advantage. The following highlight some of the limits that have risen for 2023: Maximum contributions for 401(k), 403(b) and 457 increases to $22,500 Social Security Wage Base increases to $160,200[...] Continue reading

Do You Need Life Insurance After You Retire?

Many individuals have life insurance to provide for their families after their death. If you are retired or considering retirement, you may wonder whether you still need a life insurance policy. This guide covers the factors to consider and how you could benefit from life insurance after you retire. How Life Insurance Fits In Life insurance helps a household manage[...] Continue reading