Considerations for a Safe Bicycle Ride

A financial services professional since the early 1980s, Kirby Spencer McDonald heads the Omaha, Nebraska-based wealth-management firm Illuminate Financial Group as president and OSJ compliance officer. A staunch supporter of community-oriented activities and charities, he most enjoys spending time with his family. Kirby McDonald keeps fit by playing golf, running, and bicycling.

Bicycling is a fun way to get outside, get some exercise, and enjoy the neighborhood and surrounding regions, whether for pleasure or business. Riding a bicycle does have its challenges and hazards, and riders need to make safety their first consideration whenever they take to the road.

For bicyclists, one of the most important elements of a safe ride is a well-fitting helmet that meets the Consumer Product Safety Commission (CPSC) standards. Many jurisdictions require that children wear helmets while bicycling, but children aren’t the ones at most risk: in 2018, the average age of bicyclists killed in traffic accidents was 47. Other important personal protective equipment, especially when riding at dusk or night, is light-colored clothing or reflective tape or devices on clothing, helmet, and the bike itself.

After a well-fitting helmet, the next safety consideration is a well-fitting and properly-maintained bicycle. A bike that’s too big or too small for its rider is inherently unsafe. Smaller bicycles are available for children, and while adult bicycles are standard-sized, their seats and handlebars are adjustable so riders of all sizes can ride them safely and comfortably. Before getting underway, riders should also check that the tires are properly inflated and that the brakes work.

Bike riders and vehicle drivers alike can reduce traffic accidents by knowing the rules of the road. Bicyclists should ride predictably and look before they turn or change lanes and then signal their intentions when it’s safe to do so. Likewise, vehicle drivers should be aware of bicyclists sharing the road and yield to them as appropriate. Riding a bicycle is no time for texting, using headphones, or drinking – anything that distracts or impairs a rider can carry unwanted consequences.

Financial Professional Background Check

An accomplished financial and investment business executive with nearly three decades of experience, Kirby Spencer McDonald serves as the compliance officer and managing partner of Omaha, Nebraska-based Illuminate Financial. In this capacity, Kirby McDonald works closely with clients in creating innovative financial management objectives.

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Catch-Up Contributions for Retirement

Since establishing Illuminate Financial Group in Omaha, Nebraska, financial planner Kirby Spencer McDonald has completed credentials in wealth strategy and investing. As the managing partner of his company, Kirby McDonald guides his clients on retirement planning strategies, including contribution catch-up options.

Many tax-deferred retirement accounts place limits on the amount individuals can contribute every year. However, the IRS increases these limits for individuals aged 50 and over. This helps people build their retirement savings if they do not have the time to grow their accounts through compound interest.

Older individuals with employer-sponsored traditional or Roth IRAs can contribute $1,000 more per year than younger account holders. However, some filing statuses reduce the catch-up contribution.

For example, some married couples and people who make between $125,000 and $140,000 a year must use a formula to determine their contribution limit. While the IRS increases contribution limits yearly, catch-up contribution limits stay in place for five years.

Employers may approve catch-up contributions to other retirement accounts, such as the Savings Incentive Match Plan for Employees and 401(k)s. Pension plans for the public sector, such as the 403(b), often use a formula or guidelines to determine catch-up allowances.