Dealing with an inheritance can be challenging, especially when it involves dividing financial assets among siblings. Understanding the Inherited IRA split between siblings is an important part of this process. An Inherited IRA, or Individual Retirement Account, allows beneficiaries to inherit funds from the original account holder while enjoying tax-deferred growth. When a parent passes … Read more
Is $1 Million Really Enough for Retirement in 2025? Let’s face it – we all dream of hitting that magical $1 million mark in our retirement accounts But the burning question remains exactly how much income will $1 million generate when you’re ready to kick back and enjoy your golden years? I’ve worked with countless … Read more
The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau’s median income for couples 65 and over: $76,490 annually or about $6,374 monthly. Would you and your partner enjoy a high-quality … Read more
A pension provides a reliable source of income in your retirement years, making it easier to manage your expenses and enjoy the life youve always dreamed of. For most retirees, receiving a pension wont affect the amount of your Social Security payouts. You can enjoy both. However, if your pension comes from a certain type … Read more
Are your retirement savings a little low? Youre not alone. In fact, about one in five (21%) of Baby Boomer workers has less than $50,000 saved for retirement, according to the Transamerica Center for Retirement Studies 2023 survey. If youre in that low-to-no camp, here are the things you can do to help shore up … Read more
Is Social Security taxed after age 70? Your need to pay taxes on Social Security benefits depends on your income and filing status rather than your age. The new Senior Deduction included in the One Big Beautiful Bill will lower taxes for many seniors and might make it so that you dont have to file. … Read more
Have you ever found yourself in a financial pinch and thought about borrowing from your retirement savings? You might be wondering: “Can I take money out of my 401(k) and put it back in 60 days without penalties?” The short answer is yes – but there’s a lot more you need to know before making … Read more
Life gets real when you hit 40. You’ve probably got a mortgage, maybe kids in school, and retirement suddenly doesn’t seem so far away. According to a 2024 Transamerica Retirement Survey, only 16% of Gen X workers feel very confident they’ll retire comfortably. If you’re part of that nervous majority, I’ve got good news – … Read more
Understanding the Tax Implications of Trust Distributions in 2025 If you’ve recently become a beneficiary of a family trust or are considering setting one up, you’re probably wondering about the tax consequences. The answer isn’t as straightforward as a simple yes or no – it depends on several factors including the type of trust, the … Read more
As a homeowner with a mortgage, you may wonder how to protect your property and your loved ones’ future. Putting a mortgaged house in a trust can offer many benefits, but the process can be complicated. In this blog post, we will explore the different types of trusts, the advantages and disadvantages of each, and … Read more
