The Retirement COLLAB Blog

There’s a ton of noise out there regarding the One Big Beautiful Bill. But how does it affect retirees? For many retirees, there won’t be any major game changers, but there are some key changes you need to know.

Fortunately, there are no significant changes to tax bracket structures. However, there were several changes to standard and itemized deductions, as well as increased gift and estate tax exemptions. We also get some new deductions, lose others, and see many modified credits, deductions, and phase-outs.

If you’re nearing retirement, you might have life insurance or an annuity you no longer need. If so, you should be aware of what’s called a 1035 exchange.

A 1035 exchange can help you if you’re unsure about what to do with an old life insurance policy or an annuity.

Annuities can be incredibly confusing, but they don’t have to be. Once you understand the most common annuity acronyms, it’s a lot less scary. Each annuity contract will be unique to your needs, the insurance company, and the optional riders available.

When buying an annuity, it’s best to zoom out and look at your entire financial picture first, and then decide if an annuity is right for you. We don’t want you to get excited about one particular type of annuity first, and then figure out how to make it fit your goals. Your life and retirement goals should drive all your retirement decisions.

If we're not careful, we can easily fall victim to pushy sales tactics to buy expensive annuities. Annuities and other life insurance products are often sold using your fears against you. There is a tendency for annuities to be oversold because of the handsome commissions paid to sell them.

To be clear, there are times when an annuity might make sense, but many retirees have other guaranteed income sources like Social Security. There are various annuities (fixed, single premium, deferred, etc.), so it can get confusing.

Most retirees don’t really understand how their Social Security benefits are calculated. The more we learn, the more surprised we are. Social Security has evolved over the years to become a major piece of the retirement puzzle for most Americans.

In short, those who understand Social Security can get the most out of the benefits they earned. On the other hand, if you start drawing Social Security without fully understanding the impact on your situation, it could cost you big time.

Receiving an inherited IRA is a significant and emotional event. Sadly, inheriting a retirement account means someone close to you has passed away. The last thing anyone wants to think about is having to avoid tax penalties on the account they inherited, but it’s a real concern.

Unfortunately, the IRS has created additional considerations you must navigate on top of grieving the loss of a loved one. If you ignore the rules for inherited IRAs, you could end up with a major tax issue. To complicate this further, the rules have been left to interpretation for some time.

Supplying the greater Kansas City area with the city’s energy needs is no easy feat. However, Evergy employees must take time off their demanding jobs and invest in their retirement planning.

Smart Evergy employees know how to maximize their benefits to make the most of their working years while building the retirement lifestyle of their dreams. Let's see how to make your retirement dreams a reality.

Choosing between a lump sum or annuity payout is one of the largest decisions an Evergy retiree will make. Evergy has many pension payout options, but which one is best for you? A lump sum payout is an option for all the different pension programs under the Evergy umbrella.

It’s important to know exactly what options you have and what you can or can’t control regarding a lump sum payout. Doing your research and really thinking through your options is absolutely necessary.

Pension plans are incredibly valuable retirement assets, but they can also be incredibly confusing. Cash balance plans are a fairly popular option for many modern-day pensions. We’d like to share the basics of what cash balance plans are and how to get the most out of them.

If your employer offers a cash balance plan, it’s important to know how these plans work so you can maximize your pension payout. We’ll discuss what a cash balance pension plan is and how it compares to other pension plans you may have heard about. We’ll also discuss how to integrate a pension with your other retirement assets and benefits.

Retirement isn’t an individual sport. It takes many key players and essential tools to make the most of your golden years. As the saying goes, “If you want to go fast, go alone. If you want to go far, go together.”

As we watch our beloved Kansas City Chiefs continue another great season, it’s important to understand what it really takes to make a great team. The Chiefs took a long-term approach to success when they signed a $503 Million, 10-year contract with Patrick Mahomes. They understood the value of keeping key teammates in place long-term.