Financial Education Center

Key Takeaways from the SECURE 2.0 Act of 2022

As Americans, we’re simply not saving enough for retirement. As a result of this lack of appropriate saving and planning, policymakers deemed it necessary to step in and take action. As a result, the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act of 2022 became law and, as a result, has implemented changes to the retirement system. How does this impact you?

A Look at Savings: How Does Yours Stack Up?

Inflation and the prices of goods and services are still higher than average, coupled with the lingering effects of the pandemic, Americans are turning to what’s left in their savings account to help cover expenses. How does your savings stack up to other Americans?

Can I Roll a Retirement Plan Distribution Into an IRA?

If you're asking this question, you probably have a 401(k) or other retirement plan through a former employer. The short answer is yes — most retirement plans allow you to roll your plan funds over into an IRA after you've left your employer's service. However, there is more than one way to do a rollover, and how you do it can be critical.

Five Savings Tips for Purchasing a New Home

Are you dreaming of homeownership? Purchasing a new home takes a lot of financial preparation and will likely be one of your most expensive investments. You’ll want to ensure you have enough saved for the down payment, closing costs, and inspection fees, and you’ll want to make sure that your credit score is where you want it to be before you apply. Now is an ideal time to look at your financial situation and to start preparing accordingly.

I Forgot to Contribute to My IRA Last Year. Is It Too Late?

Maybe, maybe not. Generally speaking, the Internal Revenue Service (IRS) allows you to make your Individual Retirement Account (IRA) contribution for a particular tax year up until April 15 of the following year.

As a Servicemember, Can I Contribute to an IRA?

You may contribute to an Individual Retirement Account (IRA) if you're a member of the armed forces. The rules that apply to servicemembers regarding IRA contributions and distributions generally are the same rules that apply to civilians.