Ever wondered if you could switch from your own Social Security benefit to your spouse’s? Maybe you started collecting early at 62 but now realize your spouse’s benefit might give you more money each month. Well I’ve done the research and lemme tell you – it’s not as straightforward as you might think! Can You … Read more
Suze Orman is right. In order to retire early, you need at least $5 million in investable assets. With interest rates so low, it takes a lot more capital to generate the same amount of risk-adjusted income. Before the coronavirus pandemic, there was maximum Fear Of Missing Out (FOMO) with the Financial Independence Retire Early … Read more
Have you ever wondered just how long Roth IRAs have been helping Americans save for retirement? Well I certainly have! As someone who’s obsessed with retirement planning strategies I find it kinda interesting that one of our most powerful tax-advantaged investment vehicles is actually relatively young compared to other retirement accounts. In fact, the Roth … Read more
Are you confused about how taxes work with your Traditional IRA? You’re not alone. Many retirement savers wonder if their Traditional IRA grows tax-free or what tax benefits they actually get. Let’s break it down in simple terms so you can understand exactly how your retirement savings are taxed. The Quick Answer: Tax-Deferred, Not Tax-Free … Read more
With a Roth IRA, contributions are not tax-deductible, but earnings can grow tax-free, and qualified withdrawals are tax- and penalty-free. Roth IRA withdrawal and penalty rules vary depending on your age, how long youve had the account, and other factors. Have you ever wondered why some people are so obsessed with Roth accounts? It’s not … Read more
Your comfort in retirement depends on your ability to satisfy wants and needs. With more financial resources, you’re better prepared. But you might not need as much as you think. Retirees often leave the workforce with about $300,000 in retirement assets. According to Federal Reserve data, the average household between the ages of 55 and … Read more
Are You Behind or Ahead in Your Financial Journey? Let’s be honest – turning 40 hits different. You’re likely juggling career demands, family responsibilities, and maybe even caring for aging parents. With all that going on, it’s no wonder if retirement savings has taken a backseat. But here’s the uncomfortable truth your 40s are critical … Read more
I hear the term “generational wealth” from time to time, and I have even written about just how difficult it is to maintain wealth in a family long-term. Yet I hear this frequently listed as a goal (not a SMART goal, but a goal nonetheless). The gist of it comes from ideas like this quote … Read more
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and … Read more
Receiving an inheritance can be exciting, but there are tax implications when you inherit money or property. Whether your inheritance is taxed depends on the amount youre inheriting and the state you live in. If you recently received an inheritance, heres what you need to know about inheritance tax and what you can do to … Read more
