Have you ever watched a movie where the family gathers in a dimly lit office after a funeral, and a lawyer dramatically reads the deceased’s will to gasps and surprised faces? Well, I hate to burst your bubble, but that’s pure Hollywood fiction! The reality of what happens to a will after someone dies is … Read more
Though pensions come in two types—defined-contribution and defined-benefit—the most common type of traditional pension is the defined-benefit plan. During an employees working years, the employer contributes to the plan. (With a defined-contribution plan, the employee does, too.) After the employee retires, they receive monthly benefits for the rest of their life from the plan. Their … Read more
Consider the benefits of investing in a Roth IRA, even if you are nearing retirement Part of the Series What 50-Year-Olds Need To Know About Roth IRAs A Roth IRA is a type of individual retirement account (IRA); contributions to one are made with after-tax dollars, and investment growth is tax-free. Since contributions are made … Read more
So you’ve put property in a trust, but now you’re wondering if you can take it back out. Maybe you need to sell it, refinance it, or your family situation has changed. Whatever the reason, removing property from a trust isn’t as straightforward as you might think – but it’s definitely possible in many cases. … Read more
So your parent passed away and left you their IRA. First, I’m sorry for your loss. Second, you’re probably wondering what the heck to do with this inherited account. The rules can be confusing (believe me, I’ve been there!), and one wrong move could cost you thousands in unnecessary taxes. In this guide, I’ll walk … Read more
Ever found yourself staring at your retirement accounts wondering, “How much money can I transfer to a Roth IRA without getting in trouble with the IRS?” If so, you’re not alone! This question confuses tons of people, and honestly, the answer isn’t as straightforward as we’d like I’ve spent hours researching this topic and want … Read more
After decades of stashing away money in your 401(k), you’ve finally reached the finish line – retirement! But now what? That account balance you’ve been building up for years suddenly needs to transform from a growing nest egg into actual income you can live on. If you’re scratching your head about what to do with … Read more
Have you ever worried about Social Security suddenly cutting off your payments? Maybe you’ve heard stories from friends or family members who experienced unexpected interruptions in their benefits I’ve been researching this topic extensively, and I want to share what I’ve learned about when and why Social Security might stop sending those critical monthly checks … Read more
Are you wondering if your income is too high for a Roth retirement account to be beneficial? You’re not alone. The conventional wisdom in financial planning suggests minimizing current tax liability whenever possible, but this approach isn’t always best for everyone – especially high earners. I’ve spent countless hours researching this topic, and I’m gonna … Read more
It’s not hard to understand why Roth IRAs are popular – who wouldn’t want to build up a savings account that can provide tax-free income during retirement? But contributing to a Roth can be difficult to do as it requires compensation income, and total income that falls under a certain threshold. Fortunately, there is a … Read more
