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A 401(k) is a retirement savings plan sponsored by an employer that allows workers to save and invest a portion of their paycheck before taxes are taken out. While many individuals may be familiar with the basics of this popular retirement savings vehicle, some lesser-known features and details could significantly impact your long-term savings strategy. Here are some 401(k) facts you may not know.

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The landscape of retirement savings in the United States is experiencing crucial changes following newly enacted legislative changes for 2024. These updates and reforms seek to enhance the flexibility of retirement savings accounts. They also seek to transform how Americans save and prepare for retirement. Here are some of the more significant changes this year.

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To truly grasp how politics and elections may impact retirement savings, it’s necessary to consider multiple dimensions. Elections, policy changes, geopolitical events, and even political rhetoric can influence economic activities, indirectly affecting the financial markets. Therefore, understanding the correlation between these domains is critical. And necessary in making informed decisions regarding elections and your retirement savings. Here are the areas that may be impacted.

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Retirement is a stage in life that many look forward to. However, it comes with its own set of financial challenges, among them being the handling of taxes in retirement. Contrary to popular belief, tax responsibilities do not necessarily cease once you retire. Your tax liability may increase if your retirement income sources are not tax-efficient. Understanding how to manage taxes during this period can go a long way in helping you maintain a suitable standard of living.

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Legacy planning is a comprehensive process that covers traditional estate planning activities such as trusts and asset distribution and includes broader considerations, such as how a person wants to be remembered.

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Life insurance is a fundamental and essential component in any comprehensive financial plan. It instills a sense of security in the policyholder and their dependents.

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Long-term care is an essential component of healthcare that aids individuals who are physically or mentally incapable of independent living. While it may seem daunting, the benefits of long-term care can significantly enhance the quality of life for those in need. I can also help with overall well-being. These benefits include personalized care, safety, and social interaction, among several others.

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National Financial Freedom Day is an annual observance held on July 1st. It encourages and promotes financial responsibility among individuals, families, and businesses.

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The IRS regularly introduces modifications to tax laws, and understanding them and their potential aftermath is crucial. One of the critical IRS update for 2025 may impact estate planning, those who inherit, and the amount of taxes to be paid.

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An escapade to an exotic getaway or a relaxing vacation provides an opportunity for rejuvenation. However, these leisure vacations often come with a price tag.  Read more for how to take steps to begin building your vacation fund.

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