This year has already brought significant changes to Social Security, especially for public service employees like teachers, firefighters, police officers, and other government workers. The most notable development is the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which have long affected the Social Security benefits of these dedicated … [Read more...]
The 7 Biggest Money Mistakes Lawyers Can Make
The 7 Biggest Money Mistakes Lawyers Can Make
Finances are a fraught area for many attorneys. Lawyers often find themselves having to operate as entrepreneurs to launch a small firm or solo practice. This episode of the ABA Journal's Modern Law Library features Darren Wurz, a financial planner who specializes in working with law firm owners and author of The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, … [Read more...]
Is a Roth or Traditional IRA Better?
Is a Roth or Traditional IRA Better?
By Darren Wurz Investing in an individual retirement account (IRA) is a great way to save for your retirement, especially as an add-on to other tax-advantaged retirement plans like 401(k)s. There are two main types of IRAs: traditional IRA and Roth IRA. While both have their advantages and disadvantages, choosing between them is a decision that should be made in the context of your personal … [Read more...]
Don’t Let Inflation Ruin Your Retirement
Don’t Let Inflation Ruin Your Retirement
By Darren Wurz Two of the prevailing themes of 2022 were the rampant levels of inflation and a looming recession. The year may be in the rearview, but concerns over inflation certainly are not. Everything from filling up your gas tank to purchasing everyday necessities has become significantly more expensive, creating major stress for those who are nearing retirement, even if they have been in … [Read more...]
Where Does Social Security Fit in Your Retirement Plan?
Where Does Social Security Fit in Your Retirement Plan?
By Darren Wurz Retirement is just a few years away, so Social Security is on your mind. With all the information out there about how and when to retire, and what to do with your benefits, it’s a challenge to keep it all straight. You know that you have paid into the Social Security system and that you’ll be able to claim benefits at some point, but do you know the ins and outs of your … [Read more...]
Should You Do a 401(k) Rollover?
Should You Do a 401(k) Rollover?
When it comes to ensuring a comfortable retirement, your 401(k) is one of the best weapons in your arsenal. Year after year, you’ve been diligently socking away your hard-earned dollars into this savings vehicle…but what happens to this money if you switch to a new job? The average working adult changes jobs 12 times during their career. (1) This means the days of sticking with one company for an … [Read more...]