Example: Brian is a retired 401(k) participant who turned 76 on March 31. His daughter, Susan, is the beneficiary on his account. On December 31 of last year, the ending balance in his 401(k) was $262,000. To calculate his RMD for this year, he divides $262,000 by his life expectancy factor of 23.7 years. His … Read more
Protection for You and Your Loved OnesLearn how annuities can be effectively combined with trusts in an estate plan. These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times. Our expert reviewers review our articles and recommend changes to ensure … Read more
You can’t avoid required minimum distributions, but with smart strategies, you could potentially make them less painful. Are you trying to figure out if you can kill two birds with one stone by using a Roth conversion to satisfy your Required Minimum Distribution (RMD)? I’ve got the straightforward answer for you, plus some smart alternatives … Read more
Envision a retirement where the freedom to explore the country in a brand-new RV or traverse the globe is yours, unburdened by financial worries. Even with exclusive access to the same cheat sheets we use to help our clients retire, making your $2 million last in retirement is hard. This question is a common one … Read more
Saving for retirement at a typical retirement age, like 67, can be difficult. Saving for early retirement—with fewer years to earn and invest plus more years of retirement to fund—can be even more challenging. But life is all about choices. Once you’ve made the choice to prioritize early retirement, it all comes down to planning—and … Read more
Can You Actually Do a Backdoor Roth If You’re Married Filing Separately? Let’s cut to the chase No, you cannot do a backdoor Roth IRA if you’re married and filing your taxes separately I know this might be disappointing news for many couples who choose this filing status, but unfortunately, the IRS rules are pretty … Read more
Have you ever wondered if naming someone as a beneficiary means they automatically get all your stuff when you’re gone? Well, you’re not alone in this confusion. This is one of those questions that seems simple but actually has a pretty complicated answer. In my years of helping folks understand estate planning, I’ve seen this … Read more
Is $3 Million Really Enough for Two People to Retire Comfortably? Let’s cut straight to the chase – YES a couple can absolutely retire on $3 million! In fact, with proper planning you’re looking at a pretty darn comfortable retirement. As someone who’s been researching retirement strategies for years, I’ve seen that most American couples … Read more
The U.S. Office of Personnel Management (OPM) recently emailed over 2 million federal employees an offer to pay eight months of salary in exchange for resignation. Initiated by the newly launched “Department of Government Efficiency” (DOGE), roughly 75,000 employees accepted the deal. The change underscores a broader shift of large institutions curtailing their workforces. This … Read more
Family members who work with good estate planning attorneys often create trusts into which they transfer assets that they intend to pass on to beneficiaries. The trust allows them to minimize estate taxes, protect assets from creditors, and preserve their eligibility for public funded elder care, among other benefits. But trust documents are not public … Read more
