Baby Step 4 Savings Explained
Baby Step 4 of the Ramsey Plan recommends saving 15% of your gross income for retirement. This guide explains how to structure those savings using a 401(k), Roth IRA, or taxable brokerage depending on your income, filing status, and employer plan access. Key rule: “Match beats Roth, Roth beats Pre-Tax.” Whether you're single or married, with or without a plan, there’s a strategy to fit your situation. Consult a financial advisor to create a plan that works for you.
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What is a CERTIFIED FINANCIAL PLANNER® (CFP®) Professional?
Not all financial advisors are created equal. A CERTIFIED FINANCIAL PLANNER® (CFP®) stands out for their fiduciary duty, rigorous training, and ethical standards. CFP® professionals offer holistic planning, objective advice, and a commitment to your best interests. With trusted credentials and dedication, they provide peace of mind in your financial journey. Choose wisely—your financial future depends on it.
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STRS Early Retirement Option Announced
STRS is offering an early retirement incentive for defined benefit plan members with 33 years of service or age 60 with 5 years of service between June 2025 and July 2027. Deciding whether to accept depends on your full financial picture. Run benefit estimates for different retirement points and factor in any salary increases. Then, meet with an STRS counselor and your Whitaker-Myers advisor to determine the best option for your goals.
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Don’t Play ‘Retirement Roulette’
Sequence of return risk—the timing of investment returns near retirement—can significantly impact portfolio longevity. Losses early in retirement are far more damaging than losses later. Investors approaching the “Retirement Red Zone” should reduce risk exposure and consider tools like income annuities, buffer assets, and diversified portfolios. A trusted financial advisor can help build a plan to retire with confidence and stability.
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SEP IRA vs. Solo 401(k)
For self-employed individuals and small business owners, SEP IRAs and Solo 401(k)s offer powerful, tax-advantaged retirement savings beyond traditional IRAs. SEP IRAs are simpler to set up and ideal for businesses with employees, while Solo 401(k)s allow higher contributions and catch-up options for owners with no employees. Each has unique rules and benefits—consult a Whitaker-Myers advisor to choose the best fit for your retirement goals.
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The Repeal of WEP and GPO: A Victory for Social Security Beneficiaries
The Social Security Fairness Act was approved in the House in November and in the Senate early Saturday morning.
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Planning Ahead – 2025 Retirement Contribution Limit Changes
The IRS recently announced the changes to the retirement contribution limits for 2025 for the various retirement account types. To...
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Why Make Backdoor Roth IRA Contributions?
So many terms in the financial industry seem mysterious and confusing, and some even sound completely made up. The Backdoor Roth IRA...
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Options for Retiring Before 59 ½
Although retiring early, let alone before the penalty-free distribution age of 59 ½, seems like an impossible dream for some, it is...
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Are you 59 ½ or Older and Still Working?
An In-Service Rollover Might Be Right for You Suppose you ever left an employer with a retirement plan you contributed to. In that case,...
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Planning Ahead – 2024 Retirement Contribution Limit Changes
The IRS recently announced the changes to the retirement contribution limits for 2024 for the various retirement account types. To make...
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What successful retirees do
Being in the industry of helping everyday people save and plan for retirement has provided insight into what it takes to be successful...
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