Stock prices and the market have always been impacted by news and events – and 2020 has proved to be a year overflowing with both. The upcoming election, COVID-19, stimulus packages, unemployment and more have all had an impact on and are contributing to the fluctuations in the stock market that we saw earlier this year and again these past few weeks.
While this may be disconcerting, it's important to remember that stock market ups and downs are a natural part of the stock market cycle, and while volatility is always a factor when investing in the markets, these swings have the potential to continue until these significant events are concluded or resolved.
No matter where you are on your path to retirement, listen to this brief audiocast and get some tips from a financial professional.
The Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2021 tax year. Most of the key retirement plan limits remained unchanged for 2021 from 2020 levels, including deferral and catch-up contributions. For 2021, you can contribute up to $19,500 in qualified retirement plans. The catch-up contribution limit, impacting those over age 50, remained at $6,500.
How much should I be saving for college?
How will payroll adjustments affect my take-home pay?
Estimate the potential impact of pre-tax vs Roth (k) after-tax contributions.
How much will I need to save for retirement?
What is the value of compound interest?
I'm retired, how long will my savings last?