Morgia Wealth Management

Users of retirement plans from around 25 providers reveals that 43% are very likely to achieve their goals, up from 37% in 2023, says a Charles Schwab survey https://bit.ly/3zhjoTL

Conversation with Morgia Retirement can provide some clarity about which side of that divide expected finances fall. Contact us at https://bit.ly/4botRK4 to improve your perspective and your outlook!

A new Charles Schwab survey revealed that participants expect they will need $1.8 million in their fund in order to last 23 years of comfortable retirement. https://bit.ly/3YSQCTU

Of course what this really means to you depends upon your situation, especially your definition of “a comfortable retirement.” That’s why an open discussion with a fiduciary financial advisor like Morgia is so valuable: together we can align your hopes, expectations, plans, and strategies.

Reach out today!

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Target date funds are a favorite. Are they for you?

Learn a little about them in this short video from the Share the Wealth series https://bit.ly/4doAFc9, or make an appointment with us and we can discuss them at length.

Being open to new information is an invaluable first step. Schwab’s 2024 401(k) Participant Survey shows that as worker anxiety about retirement lessens, they grow hungrier for good advice, as reported by National Association of Plan Advisors https://bit.ly/3WRU7HJ

Those that are satisfied with what ChatGPT has to say on the subject are doing themselves a disservice. Self-guided explorations are a great way to start but professional help has the potential to further accelerate progress.

Reach out to start using all the tools we have at our disposal.

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Having a 401(k) and making the most of it are two different things. 💯 Charles Schwab points out a number of underappreciated facts about 401(k)s in this article https://bit.ly/3SiCkYM

A careful eye will spot ways for you to meet the optimal contribution levels, even when your career is just beginning. Wherever you are on your journey toward retirement, we hope you reach out!

https://bit.ly/3WcwCbN

Retirement budgeting requires some serious figuring. 🤔 Will your savings sustain you through your retirement? This video https://bit.ly/46tWUet from the Share the Wealth series will help you see how to find the answer.

Work with Morgia Wealth Management, we’ll help you with this question and many more.

There was a $500 increase allowed 401(k) deferral between 2023 and 2024. Some experts are expecting double that increase before 2025 https://bit.ly/4d9AO2V

Catch-up contribution limits will likewise likely increase. These changes would represent opportunities for many. But predictions are one thing and facts are another. Contact us at Morgia Wealth Management Retirement Services for a partner that will keep you on top of changes as they happen.

https://bit.ly/3WcwCbN

Sometimes, you change your mind. Even with big decisions like life insurance plans.

Make sure to know about any potential plans convertibility. When purchasing a term policy, consider what kind of permanent policies are offered by the insurance company you are considering in the event you seek to convert.

Contact us about the Insurance Checkup we describe on our blog https://bit.ly/3TAhKCV

Work with us, we’ll help you keep your eye on the important things.

The point of planning for retirement is to dispel anxiety, but don’t ignore it completely, especially in the planning stages. Those worries for the future are healthy while visualizing your retirement. One source of the jitters: 401(k) worth rises and falls with the market.

This article from The Street https://bit.ly/3Wsq9ep points out a few important strategies to convert your anxiety into wisdom.

Retirement visualization is something we’re adept at guiding you through. Reach out to Morgia Wealth Management Retirement Services to start the process.

https://bit.ly/3WcwCbN

Wouldn’t it be great to know you were setting aside as much as you could and doing everything possible to build your 401(k)? If you aim to contribute the full $23,000 allowed by law, these six tips published by USA Today https://bit.ly/3W8Ri4K will surely help.

Some of the tips, like “living below your means,” are easy to agree with but hard to achieve. Give us a call, Morgia Wealth Management can plot out the practical steps you’ll need to take to get there.
https://bit.ly/3WcwCbN

If you contribute to a health savings account (HSA), you need to stop contributing early enough to avoid tax penalties when you claim Social Security and are automatically enrolled in Medicare Part A.

Let’s talk about timing and optimization of your investments as they relate to health care and beyond.

https://bit.ly/3TYWbxr

A little reminder: Even the best computers and devices may become compromised or crash.

Regular backups to an external hard drive and/or secure cloud provider will help you recover your valuable work, music, photos and other digital information in the aftermath of these stressful situations.

While you are thinking of it, visit our article, 7 Practices to Protect Against Cyber Crime for some other helpful tips for the digital age. https://bit.ly/3X9JYb5

Did you know that required minimum distributions for Roth 401(k) accounts are a thing of the past? Kiplinger points this out along with some other important changes going into effect this year in their article https://www.kiplinger.com/taxes/roth-401k-changes-what-you-should-know.

Let’s discuss these changes and if they should affect how you invest.

https://bit.ly/4botRK4

There is a difference between retirement planning and retirement income planning. Retirement planning involves all your aspirations, while retirement income planning is more basic: how will the bills get paid once you’re no longer employed. https://finance.yahoo.com/news/average-americans-retirement-savings-401-203928783.html.

Plan ahead with a financial advisor who will help you calibrate according to the year you wish to retire.

https://bit.ly/4botRK4

Automation can be a great way to prevent employees from missing out. A new study from Principal shows that employers who utilize auto-enrollment, auto-escalation and auto-sweep see positive outcomes for their employees https://bit.ly/3KXANDq. Notably, retirement plans that use automatic enrollment are at least twice as likely to achieve 90% participation versus plans that do not automatically enroll participants.

Have questions about optimizing your company retirement plan? Let’s meet! (315) 222-7148

If you aren’t exactly sure, no judgement! 43% of Americans asked don’t know according to Investmant News https://bit.ly/4aKs5Tc

Thoroughly understanding terms involved with retirement planning is step one. Morgia Retirement works to bring our clients toward true financial literacy so they can be true participants in their retirement planning process.

We can get started on this process right way. Let’s talk!

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The Federal Reserve can surprise you, and expected interest rate cuts don’t always materialize. This situation led to the USA Today suggesting retirement portfolios would benefit from a tweak toward U.S. bonds and overseas diversification https://bit.ly/3KpMr9U

Discussing the ramifications of these kind of changes (or delayed changes) is something Morgia Retirement is especially good at. As fiduciaries, we’ll always provide advice that puts your interests first. Let’s get together and discuss the best way to react.

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Some changes are so gradual you might miss them unless you make a special effort to notice. And it is rewarding to notice them!

Property and casualty insurance can be like that. Failing to periodically updating your coverage to reflect changes in your net worth could be a costly oversight. If you can afford to save a bit more money, contributing to an Health Savings Account (HSA) has immediate tax advantages.

Contact us about the Insurance Checkup we describe on our blog https://bit.ly/3TAhKCV

Work with us, we’ll help you keep your eye on the important things.

There are many ways to save for retirement, and you don’t have to limit yourself to just one way. If you’re eligible to participate in both Roth IRA and employer 401(k) plans, it’s a great way to boost your savings and reduce your tax bill. https://bit.ly/4bEpT12

Give us a call to discuss the specific interplay between contribution limits and eligibility requirements. Even if it turns out you’re ineligible to participate in both at the same time, we’ll be able to present alternative strategies. Let’s talk!
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There are many types of investment accounts, but the best place to start is a 401(k), especially if your employer matches your investment. This Motley Fool article makes clear your first goal should be to maximize that employer match https://bit.ly/4501OiO. Get as much “free money” as you can!

Want a thorough and constructive discussion about your retirement plans? Let’s talk!
www.morgiaretirement.com

If you plan to retire before age 65, you should work carefully with your financial advisor to plan for insurance costs and to understand how Medicare works. For example, you may even be able to qualify for state subsidies by finding ways to reduce your income during the years after you retire and before you qualify for Medicare.

See more about this on our website https://bit.ly/3TYWbxr or reach out to talk more.

There are six questions you need to answer for yourself if you’re nearing 65. These questions will help you start the transition to Medicare.

See the six questions and get a head start on answering them on our website. https://bit.ly/42Ysijs

Market indicators like market breadth, market sentiment, and moving averages sometimes paint a complicated picture of current conditions. In times like that, be selective about who you listen to. Every story has two sides. We recognize this and for an example of our thinking about reconciling conflicting data points, see our blog post, The Tale of Two Charts https://bit.ly/3wlnadq

Morgia Wealth Management is available for in-depth discussion with you about what these signals indicate and what they should mean to you. The fact that we are fiduciaries ensures that we will keep your interests first where they belong.

The Ascent shares five little known perks of 401(k) plans in a March article https://bit.ly/4aBFo9w . I think my favorite on the list is the catch-up contribution.

Often people feel more secure in life as they get older, and are more able to set aside earnings for retirement. The catch-up contribution is a mechanism to make up for years of lower investment. Workers who are 50 or older have a catch-up contribution amount of $7,500, which means those workers can contribute up to $30,500 in 2024. That’s a lot of money, but it’s good to know about that allowance the closer you get to to retirement.

Set a meeting with Morgia Retirement to discuss these perks or any aspects of your retirement planning that you are curious about.

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How should I look at this data?

Perspective is important when Interpreting financial information, as we discuss in this blog article https://bit.ly/49n1OL6

Interpretation is not something you need to do alone! At Morgia, we have been patient and curious students of economic patterns for generations. We apply all we’ve learned to help you take advantage. Let’s work together!

Give us a call at (315) 222-7148.

According to T. Rowe Price’s report (as cited by NAPA, https://bit.ly/4aTuATO ), individuals with a formal financial plan were found to have two to four times more wealth when entering retirement compared to those without one.

Reach out to the Morgia Retirement team to create a formal retirement plan or review the plan that you currently have.

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What does Medicare cover? Will you need to supplement it with private insurance? How much should you save to cover out-of-pocket expenses?

Get a great start on answering these questions in this video https://bit.ly/3SZTUAn

When you’re ready to talk about how Medicare relates to your retirement plans and beyond, Morgia Wealth Management is here. We can help you navigate the decisions.

www.morgiawm.com

How common is early 401(k) withdrawl?

If you said, “Very common,” you would be absolutely right!

More and more common people are turning to their retirement savings when in a financial pinch. But just because everyone seems to be doing it doesn’t mean it’s a great choice. The Week has written a great concise article on some of the
downsides you should consider before making this move https://bit.ly/3xDFX3V

Reach out to the Morgia Retirement team to discuss tactics to avoid surprises
and deal with them when they inevitably arise.

www.morgiaretirement.com

The Automatic IRA Act of 2024 would require that employers with over 10 workers either set up a 401(k)-type plan or facilitate auto IRAs. https://bit.ly/4anAU68

“ACLI estimates that more than 31 million workers will gain access to employer-based retirement plans if the legislation is adopted,” Susan Neely, president and CEO of the American Council of Life Insurers, said in a Feb. 7 statement. “Representative Neal’s bill represents a bold approach to boosting workers’ retirement savings.”

Whether you are an employee or an employer, it is important to know about the latest turns in legislation. We can keep you up to date on the information you need to know, reach out.

www.morgiaretirement.com

With stocks rebounding as they did last year, it’s easy to start feeling confident, maybe even a little too confident. Be careful. Many costly mistakes are rooted in overconfidence, the five most common ones are listed in this article by GO Banking https://bit.ly/3TqC0XC

Main takeaway: Don’t start thinking you’re smarter than the market. Let us show you how to apply our careful, disciplined approach instead.

www.morgiaretirement.com