317-398-9753
[email protected]
Your Business. Your Family. Our Priority.
A company owners’ potential for personal financial security usually depends on the success of the business. Our commitment and responsibility is to help keep your business running smoothly and to help achieve your personal financial goals. Whether you are a business or an individual, our specialized staff will provide you with assistance in all your tax, reporting, financial and business affairs.
We're proud members of:
Brammer & Yeend is an independently owned and operated member firm of CPA Connect, a companion association to CPAmerica International
Financial information and reporting should not be a diversion for business owners, instead, financial information should be accurate, available, and insightful. We leverage experience and technology to provide business owners with dynamic resources and management tools.
Our personal services are designed to help busy, successful families manage their finances and grow their wealth with confidence and peace of mind. We do this by working together with our business solutions, allowing us to partner with clients and coordinate business and personal planning in order to meet their most important goals.
We strive to provide excellent service and solutions that fit our client’s specific needs and are industry appropriate. Our experienced CPAs have worked with clients in a variety of industries and understand the intricacies of each and apply the best solution possible. Over the years we have serviced clients in industries including agribusiness, retail, construction, manufacturing, food & beverage and many more. Below are some of our industries where we have specialized experience and expertise.
Key Takeaways:
Trump Accounts officially launched on July 4, 2026. Part of the One Big Beautiful Bill Act (OBBBA), these are long-term investment accounts created to help children build wealth from an early age. Here’s what parents should know.
A Trump Account is a new type of investment account for kids under the age of 18. It’s like a starter IRA. The child owns the account, but a parent or guardian manages it until that child turns 18. The money goes into low-cost index funds, where it is meant to sit and grow for years.
Any U.S. citizen under 18 with a Social Security number can have a Trump Account opened for them, but not every child gets government funding for their account.
Children born between January 1, 2025 and December 31, 2028, automatically get a one-time $1,000 seed deposit from the U.S. Treasury once the account is opened.
Parents or guardians can open a Trump Account by filing IRS Form 4547 or through the online portal at TrumpAccounts.gov. The deadline to open an account is one year before your child turns 18, but if your child was born in the eligible window to receive the $1,000 federal deposit, there’s no reason to wait.
Once the account is open, parents, grandparents, other family members, and even employers can chip in. Individuals can contribute up to $5,000 a year, and this is expected to adjust for inflation over time. Employers can contribute up to $2,500 a year on top of that, which won’t count toward the employee’s taxable income.
In addition to these deposits, three other types of deposits are also allowed:
Unlike a regular brokerage account, Trump accounts don’t allow you to choose individual stocks. Money is invested in low-cost mutual funds or ETFs that track a broad index of U.S. stocks, like the S&P 500. The law capped the fees at 0.10% to keep costs down. This approach is meant to be simple for long-term growth rather than short-term trading.
Family contributions are made with after-tax dollars, and the investments grow tax-deferred, meaning you typically won’t owe taxes while the money remains in the account. Taxes are usually due when the money is withdrawn.
The funds generally can’t be touched before January 1 of the year your child turns 18. There are some exceptions, like rolling over excess contributions or handling the account after a death. But for the most part, this is hands-off money until adulthood.
Once your child turns 18, the account converts to a traditional IRA, and normal IRA rules apply. That means withdrawals before age 59 ½ can trigger a 10% penalty on top of regular income tax, with the usual IRA exceptions.
Trump Accounts aren’t the only option for saving for a child’s future, and they’re not automatically the best one.
There is no right answer here, and many families can use more than one option. It’s best to treat Trump Accounts as one more tool available for planning your child’s financial future, but not the only tool.
Key Takeaways:
When planning for retirement, the focus is usually on how much to save, but many people overlook how much of that money could end up going to taxes. And then tax season rolls around, and they owe more than expected.
Retirement often brings several sources of income, which could mean a mixture of tax rules. Understanding those rules before retirement can help you avoid surprises and make your savings last longer.
Most pension income is fully taxable if your employer made contributions with pre-tax dollars.
Annuities can work differently. If you purchased an annuity with money you’d already paid taxes on, you usually won’t pay taxes on that same money again. But any growth your money earned inside the annuity is generally taxable when you receive your payments.
You may also be able to choose to have taxes withheld from these payments throughout the year, making it easier to dodge a large tax bill when you file your return.
Once you turn 73, the government requires you to withdraw a minimum amount from your traditional IRA or 401(k) each year. If you skip it or take out too little, you could end up owing a penalty worth 25% of the shortfall.
The smart move is to plan ahead. Some retirees start taking smaller withdrawals well before RMDs are required. This way, they’re not forced to take out a huge chunk in one year and land in a higher tax bracket.
Something that often catches people off guard is the fact that Social Security benefits can be taxed. Depending on your total income, up to 85% of your benefits may be subject to federal income tax. Income from retirement accounts, pensions, investments, and even part-time work can all affect how much of your benefit becomes taxable.
There’s a bit of good news for 2025 through 2028. The Trump tax bill created a federal deduction that gives taxpayers 65 and older an extra $6,000 off their taxable income ($12,000 for couples who both qualify). This is on top of the standard senior deduction already in place. It starts to phase out once your income passes $75,000 ($150,000 for joint filers). It won’t erase your tax bill, but it can reduce how much of your Social Security ends up getting taxed.
Retirees can continue to invest after they stop working, but income from those investments can create its own tax obligations. If you sell stocks, mutual funds, or other investments, you could be subject to capital gains taxes. Dividend payments may also be taxable, even if you leave the money invested instead of spending it.
Before selling investments, consider how the sale could affect your tax bill for the year. In some cases, spreading sales over multiple years may help reduce taxes.
State rules vary widely. Indian, for example, Social Security benefits or military retirement pay. However, withdrawals from traditional IRAs and 401(k)s, along with most private pension income, are generally subject to Indiana’s state income tax. Depending on where you live in the state, county income taxes may apply as well.
The tax rules above aren’t exactly hidden, but they’re easy to overlook until you get the tax bill. A little planning today can leave you with more income to enjoy in your golden years.
Social Security has a money problem that lawmakers can no longer ignore. According to current projections, Social Security’s trust funds are expected to run out of reserves within the next decade. That doesn’t mean Social Security is going bankrupt, but if nothing changes, benefits could be cut across the board.
The good news is that lawmakers are beginning to put forward solutions. The bad news is that none of them are painless. Here are three policy recommendations lawmakers are talking about.
One proposal comes from Senator Bill Cassidy, R-La.
Under Cassidy’s plan, the federal government would borrow 1.5 trillion and invest the money in a separate fund modeled after retirement savings plans such as 401(k)s. The fund would not be part of Social Security’s existing trust funds. Instead, it would be held in escrow for 75 years. Over time, the investment returns would build up a reserve that could offset future shortfalls and help pay scheduled Social Security benefits.
Supporters of this plan back the long-term investment growth approach. They say the math works if markets perform as expected. Critics, however, worry about the risks of tying Social Security’s future to market performance and adding $1.5 trillion to the national debt upfront.
In 2026, Social Security payroll taxes only apply to wages up to $184,500. Earnings above that are untaxed.
Enter Senator Sheldon Whitehouse, D-R.I.
His Medicare and Social Security Fair Share Act would apply Social Security taxes to earnings above $400,000. It would also apply the tax to investment income. And it would close a loophole that lets some wealthy owners of pass-through businesses avoid paying Medicare taxes.
Supporters of this bill say higher earners should shoulder more of the burden because income inequality has increased over time.
Critics argue that it could discourage investment and entrepreneurship while shifting more of the burden to successful business owners and professionals.
Some policymakers are focusing on benefits rather than taxes.
The Committee for a Responsible Federal Budget has proposed limiting Social Security benefits for high earners who consistently hit the taxable maximum earnings during their working years. Rather than increasing payroll taxes, the plan would cap annual Social Security benefits at $100,000 for married couples and $50,000 for individuals.
The plan is based on the idea that Social Security was designed as a safety net, not a retirement windfall for the wealthy.
Supporters of this plan say that targeting benefits for those with the greatest financial need could help preserve the program’s long-term stability.
Critics argue that workers who paid more into the system throughout their careers should receive the benefits they earned.
At this point, nothing is finalized. Lawmakers could choose one of these proposals, combine several approaches, or pursue an entirely different solution. But it seems increasingly likely that Congress will pass some combination of tax increases and benefit adjustments.
For workers, the best move is to keep building retirement savings outside of Social Security. For retirees, stay informed and let your representatives know where you stand.
For many Americans, retirement isn’t a sudden transition but a gradual one. Many Americans leave their full-time careers to take part-time jobs, freelance, consult in their fields, or pursue new opportunities that generate income. But if you’re also drawing Social Security at the same time, the federal government has rules about how much you can earn before your benefits take a hit.
If you’re collecting Social Security while still working, it’s important to understand how your earnings can affect your benefits.
Social Security allows you to work while receiving benefits. However, there are limits if you claim benefits before reaching your full retirement age (FRA).
This changes from year to year, but in 2026, individuals who are younger than full retirement age for the entire year can earn up to $24,480 without affecting their benefits. Once earnings exceed that amount, Social Security withholds $1 for every $2 earned above the limit.
The threshold is higher in the year you reach your full retirement age. If you hit full retirement age by December 31, 2026, you can earn up to $65,160 before any reduction kicks in. Beyond that threshold, Social Security withholds $1 in benefits for every $3 earned above the limit.
Once you actually reach full retirement age, the earnings limit goes away. You can earn as much as you want, and your monthly benefit won’t be touched.
Also note that any withheld benefits aren’t permanently lost. The Social Security Administration (SSA) recalculates your payment at full retirement age to account for the months when benefits were withheld, and your monthly check gets adjusted upward.
If you’re still working and don’t need Social Security income right away, think about holding off on claiming.
Benefits grow approximately 6-8% for each year you delay past 62. Delaying also means sidestepping the earnings limit entirely.
Many people spend decades saving for retirement but don’t fully consider how Social Security fits into their overall financial picture. The earlier you understand your options, the more flexibility you’ll have when deciding when to retire and when to claim benefits.
Here are a few planning tips that can make a real difference:
Retirement looks different for everyone, but if you plan to work while receiving Social Security, make sure you understand the earnings limits that apply before FRA.
Saving for the future has felt like an uphill battle for many Americans lately. Inflation is still up, gas prices aren’t budging, and many workers are cutting back on 401(k) contributions just to put more money in their pockets. But for roughly 56 million Americans, the problem isn’t just adjusting how much to save with each paycheck. It’s that they don’t have a retirement plan at work to begin with.
This “coverage gap” mostly affects small-business employees, part-time workers, and self-employed individuals. For these workers, there’s no easy set-it-and-forget-it way to save for retirement through a paycheck.
President Trump recently introduced a proposal to change this, and it could be pivotal for anyone who’s been left out of the traditional retirement savings system.
In a move that appears to be following through on a plan mentioned in his February State of the Union address, President Trump signed an executive order to launch a new website called TrumpIRA.gov. The site, which is scheduled to go live next year, is designed to be a one-stop shop for workers without access to a 401(k).
The idea behind TrumpIRA.gov is to give private-sector workers access to the same type of retirement accounts that federal workers use through the Thrift Savings Plan. The Thrift Savings Plan features low-cost, high-quality retirement accounts, so to keep in line with this, the government is setting strict rules for the companies listed on TrumpIRA.gov:
This removes two of the biggest hurdles for new savers: high fees that stall growth and the “minimums” that often discourage people with modest incomes from even starting.
One of the most compelling parts of the new plan is the Federal Saver’s Match. Starting next year, the government will actually help savers build their balance by matching what they put in.
Those who earn less than $35,500 (or $71,000 for married couples) can get an extra 50% match on what they save. If someone puts in $2,000 a year, the government will add another $1,000 ($2,000 for married couples). This is basically a federal version of the popular “employer match” that people with workplace 401(k)s can access.
A recent study by Northwestern Mutual revealed that the “magic number” Americans think they need to retire comfortably has jumped to $1.46 million. This is a $200,000 increase from just last year.
The Northwestern Mutual study also revealed that nearly half of Americans don’t think they’ll be financially ready to retire, and roughly 48% are worried they might outlive their savings.
This new proposal aims to bridge the gap. Lowering the fees and providing a direct match make it easier for millions of people to start small and actually see their money grow. For those without a workplace retirement plan, it’s a significant step toward financial security.
According to the 2026 Planning and Progress Study by Northwestern Mutual, the average American now believes they’ll need $1.46 million to retire comfortably. That’s a $200,000 jump from last year. For many Americans, this upward trend is unsettling.
But Americans aren’t without options, or even hope. The study showed some encouraging signs, too. We go through it all below and discuss what Americans can do to catch up.
We’ve heard a lot of talk about the high prices of eggs, but persistent inflation hasn’t just hit our grocery bills. It raised the cost of retirement. Healthcare, housing, and everyday costs are all more expensive. Add in the uncertainty surrounding the future of Social Security and Medicare programs, and it makes sense that people feel like they’re going to need more of a cushion in retirement.
High-interest credit card debt is a current problem across every generation, and nearly all Americans carry some form of debt. Whether it’s mortgages, car loans, student debt, or credit cards, it’s all competing with retirement savings goals.
Gen-X is carrying the heaviest burden right now. In 2025, Gen-Xers held $6.69 trillion in total debt. And though they’re the generation closest to retirement, they’re the least likely generation to have a solid plan for funding their retirement years. But in a show of optimism, 47% of Gen-Xers believe that Social Security will still be available when they retire.
Millennials, on the other hand, are leaning into the importance of retirement planning more than any other generation. And they generally feel confident they’ll be able to retire comfortably when the time comes.
Despite high debt, financial confidence appears to be improving. The same Northwestern Mutual study found that 50% of Americans now feel financially secure, up from 44% last year. And while 53% of respondents still worry their savings won’t be enough to last in retirement, it’s an improvement from 64% in 2025.
People are still worried, but progress is progress, even if it’s slow.
Here’s a trend worth watching. Retirement no longer necessarily means leaving the workforce completely. According to an AARP Foresight 50+ Survey from February, between 6% and 7% of retirees returned to work within the past six months. And 48% of them said financial necessity was the main reason.
AARP expects this trend to continue as long as living costs stay high. For the foreseeable future, retirement may be more of a transition than a finish line.
Navigating a path from here depends partly on where you’re at in life.
For younger workers, time is on your side, so start saving now. Save early and save often, even if it’s a small amount. Thanks to compound growth, a little saved in your 20s will be worth more than a lot saved in your 50s.
Fidelity recommends saving 10 times your annual income by the age of 67. To help get there, it’s commonly recommended to save around 15% of income each year, adjusting that figure for individual goals and circumstances.
If you’re older and need to catch up, you still have options:
Unless you come into a windfall, retirement savings is most likely to improve through small choices repeated over time. Every dollar you save matters. Start today and keep moving in the right direction.
Keeping an open line of communication is important to us. We invite you to reach out to us either by phone, email, or this form to ask questions, request an appointment or talk about any finance-related matter that comes to your mind.
317-398-9753
8 Public Square
Shelbyville, IN, 46176
Your Business. Your Family. Our Priority.
A company owners’ potential for personal financial security usually depends on the success of the business. Our commitment and responsibility is to help keep your business running smoothly and to help achieve your personal financial goals. Whether you are a business or an individual, our specialized staff will provide you with assistance in all your tax, reporting, financial and business affairs.
We're proud members of:
Brammer & Yeend is an independently owned and operated member firm of CPA Connect, a companion association to CPAmerica International
Financial information and reporting should not be a diversion for business owners, instead, financial information should be accurate, available, and insightful. We leverage experience and technology to provide business owners with dynamic resources and management tools.
Our personal services are designed to help busy, successful families manage their finances and grow their wealth with confidence and peace of mind. We do this by working together with our business solutions, allowing us to partner with clients and coordinate business and personal planning in order to meet their most important goals.
We strive to provide excellent service and solutions that fit our client’s specific needs and are industry appropriate. Our experienced CPAs have worked with clients in a variety of industries and understand the intricacies of each and apply the best solution possible. Over the years we have serviced clients in industries including agribusiness, retail, construction, manufacturing, food & beverage and many more. Below are some of our industries where we have specialized experience and expertise.
Key Takeaways:
Trump Accounts officially launched on July 4, 2026. Part of the One Big Beautiful Bill Act (OBBBA), these are long-term investment accounts created to help children build wealth from an early age. Here’s what parents should know.
A Trump Account is a new type of investment account for kids under the age of 18. It’s like a starter IRA. The child owns the account, but a parent or guardian manages it until that child turns 18. The money goes into low-cost index funds, where it is meant to sit and grow for years.
Any U.S. citizen under 18 with a Social Security number can have a Trump Account opened for them, but not every child gets government funding for their account.
Children born between January 1, 2025 and December 31, 2028, automatically get a one-time $1,000 seed deposit from the U.S. Treasury once the account is opened.
Parents or guardians can open a Trump Account by filing IRS Form 4547 or through the online portal at TrumpAccounts.gov. The deadline to open an account is one year before your child turns 18, but if your child was born in the eligible window to receive the $1,000 federal deposit, there’s no reason to wait.
Once the account is open, parents, grandparents, other family members, and even employers can chip in. Individuals can contribute up to $5,000 a year, and this is expected to adjust for inflation over time. Employers can contribute up to $2,500 a year on top of that, which won’t count toward the employee’s taxable income.
In addition to these deposits, three other types of deposits are also allowed:
Unlike a regular brokerage account, Trump accounts don’t allow you to choose individual stocks. Money is invested in low-cost mutual funds or ETFs that track a broad index of U.S. stocks, like the S&P 500. The law capped the fees at 0.10% to keep costs down. This approach is meant to be simple for long-term growth rather than short-term trading.
Family contributions are made with after-tax dollars, and the investments grow tax-deferred, meaning you typically won’t owe taxes while the money remains in the account. Taxes are usually due when the money is withdrawn.
The funds generally can’t be touched before January 1 of the year your child turns 18. There are some exceptions, like rolling over excess contributions or handling the account after a death. But for the most part, this is hands-off money until adulthood.
Once your child turns 18, the account converts to a traditional IRA, and normal IRA rules apply. That means withdrawals before age 59 ½ can trigger a 10% penalty on top of regular income tax, with the usual IRA exceptions.
Trump Accounts aren’t the only option for saving for a child’s future, and they’re not automatically the best one.
There is no right answer here, and many families can use more than one option. It’s best to treat Trump Accounts as one more tool available for planning your child’s financial future, but not the only tool.
Key Takeaways:
When planning for retirement, the focus is usually on how much to save, but many people overlook how much of that money could end up going to taxes. And then tax season rolls around, and they owe more than expected.
Retirement often brings several sources of income, which could mean a mixture of tax rules. Understanding those rules before retirement can help you avoid surprises and make your savings last longer.
Most pension income is fully taxable if your employer made contributions with pre-tax dollars.
Annuities can work differently. If you purchased an annuity with money you’d already paid taxes on, you usually won’t pay taxes on that same money again. But any growth your money earned inside the annuity is generally taxable when you receive your payments.
You may also be able to choose to have taxes withheld from these payments throughout the year, making it easier to dodge a large tax bill when you file your return.
Once you turn 73, the government requires you to withdraw a minimum amount from your traditional IRA or 401(k) each year. If you skip it or take out too little, you could end up owing a penalty worth 25% of the shortfall.
The smart move is to plan ahead. Some retirees start taking smaller withdrawals well before RMDs are required. This way, they’re not forced to take out a huge chunk in one year and land in a higher tax bracket.
Something that often catches people off guard is the fact that Social Security benefits can be taxed. Depending on your total income, up to 85% of your benefits may be subject to federal income tax. Income from retirement accounts, pensions, investments, and even part-time work can all affect how much of your benefit becomes taxable.
There’s a bit of good news for 2025 through 2028. The Trump tax bill created a federal deduction that gives taxpayers 65 and older an extra $6,000 off their taxable income ($12,000 for couples who both qualify). This is on top of the standard senior deduction already in place. It starts to phase out once your income passes $75,000 ($150,000 for joint filers). It won’t erase your tax bill, but it can reduce how much of your Social Security ends up getting taxed.
Retirees can continue to invest after they stop working, but income from those investments can create its own tax obligations. If you sell stocks, mutual funds, or other investments, you could be subject to capital gains taxes. Dividend payments may also be taxable, even if you leave the money invested instead of spending it.
Before selling investments, consider how the sale could affect your tax bill for the year. In some cases, spreading sales over multiple years may help reduce taxes.
State rules vary widely. Indian, for example, Social Security benefits or military retirement pay. However, withdrawals from traditional IRAs and 401(k)s, along with most private pension income, are generally subject to Indiana’s state income tax. Depending on where you live in the state, county income taxes may apply as well.
The tax rules above aren’t exactly hidden, but they’re easy to overlook until you get the tax bill. A little planning today can leave you with more income to enjoy in your golden years.
Social Security has a money problem that lawmakers can no longer ignore. According to current projections, Social Security’s trust funds are expected to run out of reserves within the next decade. That doesn’t mean Social Security is going bankrupt, but if nothing changes, benefits could be cut across the board.
The good news is that lawmakers are beginning to put forward solutions. The bad news is that none of them are painless. Here are three policy recommendations lawmakers are talking about.
One proposal comes from Senator Bill Cassidy, R-La.
Under Cassidy’s plan, the federal government would borrow 1.5 trillion and invest the money in a separate fund modeled after retirement savings plans such as 401(k)s. The fund would not be part of Social Security’s existing trust funds. Instead, it would be held in escrow for 75 years. Over time, the investment returns would build up a reserve that could offset future shortfalls and help pay scheduled Social Security benefits.
Supporters of this plan back the long-term investment growth approach. They say the math works if markets perform as expected. Critics, however, worry about the risks of tying Social Security’s future to market performance and adding $1.5 trillion to the national debt upfront.
In 2026, Social Security payroll taxes only apply to wages up to $184,500. Earnings above that are untaxed.
Enter Senator Sheldon Whitehouse, D-R.I.
His Medicare and Social Security Fair Share Act would apply Social Security taxes to earnings above $400,000. It would also apply the tax to investment income. And it would close a loophole that lets some wealthy owners of pass-through businesses avoid paying Medicare taxes.
Supporters of this bill say higher earners should shoulder more of the burden because income inequality has increased over time.
Critics argue that it could discourage investment and entrepreneurship while shifting more of the burden to successful business owners and professionals.
Some policymakers are focusing on benefits rather than taxes.
The Committee for a Responsible Federal Budget has proposed limiting Social Security benefits for high earners who consistently hit the taxable maximum earnings during their working years. Rather than increasing payroll taxes, the plan would cap annual Social Security benefits at $100,000 for married couples and $50,000 for individuals.
The plan is based on the idea that Social Security was designed as a safety net, not a retirement windfall for the wealthy.
Supporters of this plan say that targeting benefits for those with the greatest financial need could help preserve the program’s long-term stability.
Critics argue that workers who paid more into the system throughout their careers should receive the benefits they earned.
At this point, nothing is finalized. Lawmakers could choose one of these proposals, combine several approaches, or pursue an entirely different solution. But it seems increasingly likely that Congress will pass some combination of tax increases and benefit adjustments.
For workers, the best move is to keep building retirement savings outside of Social Security. For retirees, stay informed and let your representatives know where you stand.
For many Americans, retirement isn’t a sudden transition but a gradual one. Many Americans leave their full-time careers to take part-time jobs, freelance, consult in their fields, or pursue new opportunities that generate income. But if you’re also drawing Social Security at the same time, the federal government has rules about how much you can earn before your benefits take a hit.
If you’re collecting Social Security while still working, it’s important to understand how your earnings can affect your benefits.
Social Security allows you to work while receiving benefits. However, there are limits if you claim benefits before reaching your full retirement age (FRA).
This changes from year to year, but in 2026, individuals who are younger than full retirement age for the entire year can earn up to $24,480 without affecting their benefits. Once earnings exceed that amount, Social Security withholds $1 for every $2 earned above the limit.
The threshold is higher in the year you reach your full retirement age. If you hit full retirement age by December 31, 2026, you can earn up to $65,160 before any reduction kicks in. Beyond that threshold, Social Security withholds $1 in benefits for every $3 earned above the limit.
Once you actually reach full retirement age, the earnings limit goes away. You can earn as much as you want, and your monthly benefit won’t be touched.
Also note that any withheld benefits aren’t permanently lost. The Social Security Administration (SSA) recalculates your payment at full retirement age to account for the months when benefits were withheld, and your monthly check gets adjusted upward.
If you’re still working and don’t need Social Security income right away, think about holding off on claiming.
Benefits grow approximately 6-8% for each year you delay past 62. Delaying also means sidestepping the earnings limit entirely.
Many people spend decades saving for retirement but don’t fully consider how Social Security fits into their overall financial picture. The earlier you understand your options, the more flexibility you’ll have when deciding when to retire and when to claim benefits.
Here are a few planning tips that can make a real difference:
Retirement looks different for everyone, but if you plan to work while receiving Social Security, make sure you understand the earnings limits that apply before FRA.
Saving for the future has felt like an uphill battle for many Americans lately. Inflation is still up, gas prices aren’t budging, and many workers are cutting back on 401(k) contributions just to put more money in their pockets. But for roughly 56 million Americans, the problem isn’t just adjusting how much to save with each paycheck. It’s that they don’t have a retirement plan at work to begin with.
This “coverage gap” mostly affects small-business employees, part-time workers, and self-employed individuals. For these workers, there’s no easy set-it-and-forget-it way to save for retirement through a paycheck.
President Trump recently introduced a proposal to change this, and it could be pivotal for anyone who’s been left out of the traditional retirement savings system.
In a move that appears to be following through on a plan mentioned in his February State of the Union address, President Trump signed an executive order to launch a new website called TrumpIRA.gov. The site, which is scheduled to go live next year, is designed to be a one-stop shop for workers without access to a 401(k).
The idea behind TrumpIRA.gov is to give private-sector workers access to the same type of retirement accounts that federal workers use through the Thrift Savings Plan. The Thrift Savings Plan features low-cost, high-quality retirement accounts, so to keep in line with this, the government is setting strict rules for the companies listed on TrumpIRA.gov:
This removes two of the biggest hurdles for new savers: high fees that stall growth and the “minimums” that often discourage people with modest incomes from even starting.
One of the most compelling parts of the new plan is the Federal Saver’s Match. Starting next year, the government will actually help savers build their balance by matching what they put in.
Those who earn less than $35,500 (or $71,000 for married couples) can get an extra 50% match on what they save. If someone puts in $2,000 a year, the government will add another $1,000 ($2,000 for married couples). This is basically a federal version of the popular “employer match” that people with workplace 401(k)s can access.
A recent study by Northwestern Mutual revealed that the “magic number” Americans think they need to retire comfortably has jumped to $1.46 million. This is a $200,000 increase from just last year.
The Northwestern Mutual study also revealed that nearly half of Americans don’t think they’ll be financially ready to retire, and roughly 48% are worried they might outlive their savings.
This new proposal aims to bridge the gap. Lowering the fees and providing a direct match make it easier for millions of people to start small and actually see their money grow. For those without a workplace retirement plan, it’s a significant step toward financial security.
According to the 2026 Planning and Progress Study by Northwestern Mutual, the average American now believes they’ll need $1.46 million to retire comfortably. That’s a $200,000 jump from last year. For many Americans, this upward trend is unsettling.
But Americans aren’t without options, or even hope. The study showed some encouraging signs, too. We go through it all below and discuss what Americans can do to catch up.
We’ve heard a lot of talk about the high prices of eggs, but persistent inflation hasn’t just hit our grocery bills. It raised the cost of retirement. Healthcare, housing, and everyday costs are all more expensive. Add in the uncertainty surrounding the future of Social Security and Medicare programs, and it makes sense that people feel like they’re going to need more of a cushion in retirement.
High-interest credit card debt is a current problem across every generation, and nearly all Americans carry some form of debt. Whether it’s mortgages, car loans, student debt, or credit cards, it’s all competing with retirement savings goals.
Gen-X is carrying the heaviest burden right now. In 2025, Gen-Xers held $6.69 trillion in total debt. And though they’re the generation closest to retirement, they’re the least likely generation to have a solid plan for funding their retirement years. But in a show of optimism, 47% of Gen-Xers believe that Social Security will still be available when they retire.
Millennials, on the other hand, are leaning into the importance of retirement planning more than any other generation. And they generally feel confident they’ll be able to retire comfortably when the time comes.
Despite high debt, financial confidence appears to be improving. The same Northwestern Mutual study found that 50% of Americans now feel financially secure, up from 44% last year. And while 53% of respondents still worry their savings won’t be enough to last in retirement, it’s an improvement from 64% in 2025.
People are still worried, but progress is progress, even if it’s slow.
Here’s a trend worth watching. Retirement no longer necessarily means leaving the workforce completely. According to an AARP Foresight 50+ Survey from February, between 6% and 7% of retirees returned to work within the past six months. And 48% of them said financial necessity was the main reason.
AARP expects this trend to continue as long as living costs stay high. For the foreseeable future, retirement may be more of a transition than a finish line.
Navigating a path from here depends partly on where you’re at in life.
For younger workers, time is on your side, so start saving now. Save early and save often, even if it’s a small amount. Thanks to compound growth, a little saved in your 20s will be worth more than a lot saved in your 50s.
Fidelity recommends saving 10 times your annual income by the age of 67. To help get there, it’s commonly recommended to save around 15% of income each year, adjusting that figure for individual goals and circumstances.
If you’re older and need to catch up, you still have options:
Unless you come into a windfall, retirement savings is most likely to improve through small choices repeated over time. Every dollar you save matters. Start today and keep moving in the right direction.
Keeping an open line of communication is important to us. We invite you to reach out to us either by phone, email, or this form to ask questions, request an appointment or talk about any finance-related matter that comes to your mind.
317-398-9753
8 Public Square
Shelbyville, IN, 46176
