Vera Capital Management

Now that you have settled into the new year, it's time to review your overall financial plan. Let's talk about it!

If You Delay Retirement, You Should Also Delay This

Americans are delaying their retirement for many reasons, including rising costs of living and longevity. Workers now typically plan to work into their 70s, as opposed to the past when they would try to hang it up around age 62.
If you're one of those people considering delaying your retirement, there's another thing you should make sure you do: Delay taking Social Security.
For more help figuring out your personal retirement plans, consider matching with a vetted financial advisor for free.

(Source: Yahoo Finance)

Wealth Wednesday Tip 730: Should You Make a Retirement Contribution Now or Save It for 2023?

Making a retirement contribution on Dec. 31, 2022 vs. Jan. 1, 2023 probably doesn't seem like a big deal to you, but it makes an enormous difference to the government. And since no one wants to give the IRS a reason to knock at their door, it's important to understand the implications of your decision.
In a perfect world, you'd be able to make a 2022 contribution now and set aside money in 2023. But when spare cash is in short supply, you have to weigh your options. Consider the information above and time your contributions based on what you think is best for you.

(Source: Buffalo News)

Inflation and other economic woes are forcing people to save less money and rack up credit card balances.

Now, another worrying sign the finance trackers are noticing is that an unusually large share of retirement savers are taking money from their 401(k) plans to cover a hardship.

Nearly 0.5% of workers in a 401(k) plan took a “hardship distribution” in October, according to CNBC. It is the largest share since Vanguard started tracking the issue in 2004.

(Source: Washington Times)