PLANADVISER - November/December 2022 - 11

become longer, without more counseling
retirement investors have not proactively
adjusted their sights to recognize they
need that type of equity exposure over the
long run, " he says.
An accurate estimate also helps investors
clarify their retirement goals and
match their lifestyle to the goals more
appropriately. Wade Pfau, professor of
retirement income at The American College
of Financial Services and author of " Retirement
Planning
Guidebook: Navigating
the Important Decisions for Retirement
Success, " has been part of a research effort
to create a retirement style analysis. This
work has identified time-horizon lifestyle
preferences among retirees; he labels the
preferences front-loading and back-loading.
" An investor with a front-loading preference
will want to enjoy his retirement
while he's active and healthy, even if that
means making cuts later, " Pfau says.
Retirees with a back-loading preference
talking points
Maximum Benefit/Plan Contribution
Limits in 2023 vs. 2013
n 2023
n 2013
Elective deferrals - 401(k), 403(b)
Annual contribution limit
Annual compensation limit
Highly compensated threshold
$22,500 $17,500
$66,000 $51,000
$330,000 $255,000
$150,000 $115,000
Top-heavy plan - key-employee comp $215,000 $165,000
Catch-up contributions
$7,500
Source: Internal Revenue Service
will worry about outliving their money.
" 'I'm willing to make cuts today to make
sure I don't have to do anything drastic in
the future. And I'm really worried that if I
live to 95 I won't have money left,' " he says.
Using Life Expectancy Estimates
Beattie and Pfau suggest using online life
span calculators to get more accurate
projections. The Social Security Administration's
tool provides a point estimate
of additional life expectancy based on
attained age, but Beattie and Pfau prefer
the Society of Actuaries' and American
Academy of Actuaries' Actuaries Longevity
Illustrator. Besides considering age and
gender,
it lets the user or a couple enter
data about retirement age, smoking history
and a self-assessment of general health.
The output includes individual and joint
longevity percentile estimates for every
fifth year of age in retirement and a distribution
of life expectancies. -Ed McCarthy
$5,500
A Record
COLA
Adjustment
Social
Security and
Supplemental
Security Income
beneficiaries
will get an 8.7%
cost of living
increase to
their benefits
in 2023, the
greatest given in
40 years. These
changes affect
approximately
70 million
Americans.
On average,
Social Security
benefits will be
over $140 more
per month. This
jump follows the
5.9% increase
beneficiaries
saw this year.
Source: Social Security
Administration
planadviser.com November-December 2022 | 11

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PLANADVISER - November/December 2022

Table of Contents for the Digital Edition of PLANADVISER - November/December 2022

Built to Last
Cyber Ready
Measure Your Footprint
Determinants of Profitability
Keep a High Profile
Strategic Moves
The Value of a VCOC
Retroactive Compliance Reviews
Sheri Fitts
PLANADVISER - November/December 2022 - Cover1
PLANADVISER - November/December 2022 - Cover2
PLANADVISER - November/December 2022 - 1
PLANADVISER - November/December 2022 - 2
PLANADVISER - November/December 2022 - 3
PLANADVISER - November/December 2022 - 4
PLANADVISER - November/December 2022 - 5
PLANADVISER - November/December 2022 - 6
PLANADVISER - November/December 2022 - 7
PLANADVISER - November/December 2022 - 8
PLANADVISER - November/December 2022 - 9
PLANADVISER - November/December 2022 - 10
PLANADVISER - November/December 2022 - 11
PLANADVISER - November/December 2022 - 12
PLANADVISER - November/December 2022 - 13
PLANADVISER - November/December 2022 - 14
PLANADVISER - November/December 2022 - 15
PLANADVISER - November/December 2022 - Built to Last
PLANADVISER - November/December 2022 - 17
PLANADVISER - November/December 2022 - 18
PLANADVISER - November/December 2022 - 19
PLANADVISER - November/December 2022 - 20
PLANADVISER - November/December 2022 - 21
PLANADVISER - November/December 2022 - Cyber Ready
PLANADVISER - November/December 2022 - 23
PLANADVISER - November/December 2022 - 24
PLANADVISER - November/December 2022 - 25
PLANADVISER - November/December 2022 - Measure Your Footprint
PLANADVISER - November/December 2022 - 27
PLANADVISER - November/December 2022 - 28
PLANADVISER - November/December 2022 - 29
PLANADVISER - November/December 2022 - Determinants of Profitability
PLANADVISER - November/December 2022 - 31
PLANADVISER - November/December 2022 - 32
PLANADVISER - November/December 2022 - 33
PLANADVISER - November/December 2022 - Keep a High Profile
PLANADVISER - November/December 2022 - 35
PLANADVISER - November/December 2022 - Strategic Moves
PLANADVISER - November/December 2022 - 37
PLANADVISER - November/December 2022 - The Value of a VCOC
PLANADVISER - November/December 2022 - Retroactive Compliance Reviews
PLANADVISER - November/December 2022 - Sheri Fitts
PLANADVISER - November/December 2022 - Cover3
PLANADVISER - November/December 2022 - Cover4
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