All articles tagged with #retirement contributions
The article provides a comprehensive month-by-month guide for financial tasks in 2026, including reviewing investments, adjusting contributions, organizing documents, estate planning, and year-end portfolio review, aimed at helping individuals optimize their financial health and plan for the future.
Year-end bonuses in 2023 were smaller than in previous years, averaging $2,145, down from $2,730 in 2022. The decrease is attributed to a relatively stable job market and employers feeling the pinch of inflation. Workers who received bonuses should consider the tax implications, as a large bonus could push them into a higher tax bracket. Strategies to reduce the tax burden include deferring the bonus to the following year, maximizing retirement contributions, and contributing to a Health Savings Account. Additionally, experts recommend paying off debts, building emergency savings, and investing cautiously if employees haven't already spent their bonuses.
Lawmakers have reintroduced a bill that would allow former temporary employees, known as ex-temps, to make catch-up retirement contributions. The legislation aims to address the retirement savings gap faced by ex-temps who were not eligible to contribute to retirement plans during their temporary employment. If passed, the bill would provide these individuals with the opportunity to make additional contributions to their retirement accounts, helping them to catch up on their savings and improve their financial security in retirement.
The Federal Retirement Fairness Act has been reintroduced in the House by a bipartisan group of representatives. The legislation aims to allow certain federal employees, including letter carriers, who were employed as non-career employees after 1988 to make catch-up retirement contributions, making it creditable service under the Federal Employees Retirement System. The bill seeks to provide greater retirement security for these employees and is supported by the National Association of Letter Carriers (NALC).