Episode 109: The Procrastination Problem

We are back with another new episode of Our 2 Cents! Today we are discussing the rate increase for Social Security that might be coming your way, the dangers of procrastinating on your retirement planning and answering a question from one of our loyal listeners. Click below to listen in now!Social Security Raise Ahead in 2023 :Current assumptions show a huge jump in 2023 due to inflation.Just how much of an impact could that make for retirees?What else should you be aware of with a Social Security raise like this?The Procrastination Problem:Reasons procrastination might be stalling your retirement planning.Have you been "hitting the snooze button" on important planning decisions?How to overcome procrastination challenges.The importance of thinking longer-term and not only the immediate consequences.Listener Question:"You often talk about having retirement funds in different tax buckets. Do you recommend residents of Illinois contribute to Roth 401(k)s? I ask because I believe contributions to a Roth would be taxed as ordinary income, however contributions to a traditional 401(k) would not be taxed by Illinois now or at the time of withdrawal. Seems like you are incurring the 5% (roughly) tax unnecessarily?" - Jeff P.