Halloween is coming up very soon, and while things may seem spooky right now, retirement doesn’t have to be!
The more your clients understand about what it takes to retire, the more successful you and your practice can be. You’ve probably heard many overwhelming facts about retirement, but here are a few not-so-scary ones:
Social Security Provides More Than Just Retirement Benefits
The topic of Social Security can be a stressful one, with many people worrying whether they will have enough or when they should begin taking their benefits, but it covers more than just retirement earnings. Benefits are also made available to disabled workers and survivors of deceased workers, making up 14.5% and 12.3% respectively in total benefits paid. If a client is eligible for Social Security, it could form an important part of their retirement income and supplement an existing portfolio.
There’s No Age Limit for Roth IRA Contributions
One recent change made by the SECURE Act is the removal of the previous age restriction on Roth IRAs. While people could previously only contribute until age 70 ½, they can now contribute at any age. This is great news because it gives retirees more time to build their retirement savings.
Clients with a Roth IRA will need to learn about these changes to their account — consistent contributions can alter their retirement plans and even create new stretch goals for their retirement lifestyle.
Larger Tax Deduction for Individuals 65 and Older
Another nice perk your clients can have before retiring is an increased tax benefit once they reach age 65. The standard deduction for an individual increases by $1,300 and $2,600 for a couple. That’s a pretty sweet deal! No one wants to pay more than necessary in taxes, so you should definitely speak with a tax professional to create an efficient strategy for you!
The recent passing of the “One Big Beautiful Bill” Act also provides a new, additional deduction of $6,000 for individuals singles age 65 and older and $12,000 for married couples where both individuals qualify.
Turn Retirement Fears Into Retirement Confidence
With all that’s going on in the world, your clients are ready to welcome some good news. Impact can help you create a concise, vibrant handout separating the facts from the fears which you can give to new and existing clients. We can also help you host a fun, educational event for your clients where you can field questions and concerns while providing a great social experience. You can be there to let them know their retirement goals are within reach!
