Inheriting an individual retirement account (IRA) could be a potential windfall, but Inherited IRAs also come with certain requirements to withdraw money that could impact your taxes or lead to potential penalties. Travis Huber, IRA product manager at Wells Fargo Wealth & Investment Management, Wells Fargo Clearing Services, LLC., answers questions we often hear from … Read more
Have you recently received a $200,000 inheritance and wondering if it’s enough to retire on? First off, congratulations on your windfall – though I know it likely comes with mixed emotions. When my uncle passed and left me some money, I felt both grateful and overwhelmed about making the right decisions. The big question is … Read more
Investing in a 401(k) plan may frustrate those who like to pick stocks. The available offerings through an employer can be limited and 401(k) accounts restrict most owners from withdrawals before age 59½ without penalty. Choosing stocks and controlling their portfolio allows individuals to avoid 401(k) restrictions but they miss out on tax benefits. According … Read more
Social security benefits are taxable, depending on the amount of additional income you have. You can begin collecting Social Security retirement benefits at age 62, although many wait so they can collect larger monthly benefits when they reach full retirement age. This is age 66 or 67 for most people. Age has nothing to do … Read more
If you have significant retirement savings to provide for a comfortable retirement, you may have an above-average budget and plenty of choices for where to spend your golden years. And if youre interested in finding the best places to retire at $8,000 per month, you have countless options from coast to coast. When you understand … Read more
Building a million-dollar retirement might not be easy, but more and more people are crossing the million-dollar mark every year, proving that its possible. In fact, Fidelity noted that as of the end of 2023, a record number of people — 391,562 — had balances of a million or more in their IRAs. This is … Read more
CFP® Professional Katelyn Murray breaks down which financial accounts are the best for inheritances… and which types aren’t. When it comes to financial planning for federal government employees and retirees, considering the types of accounts to inherit is a crucial aspect often overlooked. The impact of inheriting certain accounts can significantly affect the financial wellbeing … Read more
Are you struggling to understand tax terms that seem like they’re written in another language? You’re not alone! Today, I’m going to break down one of those confusing tax concepts that can actually save you money: for AGI deductions. As someone who’s spent countless hours trying to maximize tax savings for both myself and our … Read more
Your home is probably the most valuable asset you own, so its important that you have a say over what happens to it when you die. Heres everything you need to know about including property in your will. Buying a home is a huge financial commitment. Most people in the UK take between 25 and … Read more
Alright, fellow feds! Let me spill the beans on the million-dollar question that’s probably keeping you up at night as you approach your golden years – when exactly should you hang up your federal employee hat? As a financial advisor who’s helped hundreds of federal employees transition to retirement, I can tell you that timing … Read more
