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January 3, 2023 | Article | 5 min Personal insights

TIPS AND RESOURCES THAT EVERYONE CAN USE

Knowledge is Retirement Power

Looking to see more of the world during retirement? Some countries have created visa policies designed specifically for retirees. These retirement visa programs may also provide special benefits and incentives to retirees who relocate to the area. Retirement visas are offered by several countries in Latin America and a few Asian countries, all of which are experiencing a growing expatriate population. The countries include Belize, Panama, Indonesia, Colombia, Ecuador, Nicaragua, the Philippines and Thailand. For more information on each country’s visa and how to qualify, check out this article from U.S. News and World Report here.

Q&A

Q: What is the most I can save this year in my 401(k) plan?

A: 401(k) savers can contribute up to $22,500 in 2023. Savers age 50 and older can make an annual catch-up contribution up to $7,500 in 2023, for a total contribution of $30,000. These limits also apply to savers with a 403(b) plan and most 457 plans.

Quarterly Reminder

When was the last time you reviewed your beneficiary designations for your major assets — including your retirement plan? The start of each new year is a good time for some financial housekeeping. Make sure your current designations still match your wishes, especially if you have had any major life changes such as marriage, divorce or the birth or adoption of any children.

Tools & Techniques

Looking to incorporate some budgeting best practices in 2023? Having a good understanding of your expenses can help you prioritize how to spend your money. One way to chart your spending is to use a Pareto chart. A Pareto chart makes it easy to see which expense categories really matter. For example, if your dog groomer seems expensive, but the cost accounts for less than 1% of your budget, it’s probably not worth looking for a new groomer. Instead, you can use that time to hunt for a small percentage savings in one of your larger spending categories. Check out this YouTube video on how to create and use the Pareto chart to track your expenses: https://www.youtube.com/watch?v=xpWlpfN30DA.

Corner on the Market

Basic financial terms to know

Treasury note. A Treasury note is a marketable U.S. government debt security with a fixed interest rate and a maturity between 2 and 10 years. Treasury notes are available from the government with either a competitive or noncompetitive bid. With a competitive bid, investors specify the yield they want, at the risk that their bid may not be approved; with a noncompetitive bid, investors accept whatever yield is determined at auction.

Heartland Retirement Plan Services are offered through Dubuque Bank and Trust Company. The information provided herein is general in nature and is not intended to be nor should be construed as specific investment, legal or tax advice. The factual information has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness. Heartland Retirement Plan Services makes no warranties with regard to the information or results obtained by its use and disclaims any liability arising out of your use of, or reliance on, it. Products offered through Heartland Retirement Plan Services are not FDIC insured, are not bank guaranteed and may lose value, unless otherwise noted.