If you are looking into applying for disability benefits, you may have heard there is a limit on how much money you can have in the bank. It’s important to understand there are two types of disability benefits – SSDI and SSI. The amount of money you have only matters for one of these types. … Read more
Dreaming of Financial Independence? Here’s What $5M Can Do For You Ever stared at your bank account and wondered, “What if there were a few more zeroes there?” Well, if you’re one of the fortunate few eyeing retirement with $5 million in assets, you’re in an enviable position that most Americans can only dream about. … Read more
Are you putting off retirement planning because you think you need thousands to get started? I’ve got some good news that might surprise you! Starting a Roth IRA is way more accessible than most folks realize, and I’m gonna break down exactly how little you need to get your retirement savings rolling. The Surprising Minimum … Read more
Social Security’s full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 years and 2 … Read more
From a budget lifestyle to a comfortable retirement, learn how much super you need to retire your way. Thinking about retirement can be overwhelming As an Aussie planning to hang up the work boots at 65, I’ve spent countless hours trying to figure out exactly how much super I’ll need to live comfortably Let me … Read more
Yes, You Can Still Convert to a Roth IRA in 2021! Looking to make the jump to a Roth IRA before the year ends? Good news – you absolutely can do a Roth conversion in 2021! With just a couple months left in the year understanding the rules benefits, and potential tax implications has never … Read more
The Quick Answer: Generally No, With Rare Exceptions Wondering if a trustee can simply boot someone out of a trust? I’ve got the straight answer for you – and it might surprise you. In most cases, trustees cannot remove beneficiaries from a trust. This isn’t a power that comes standard with the trustee job description. … Read more
See how your savings stack up against the average Part of the Series Strategies to Maximize Your 401(k) Dreaming of saying goodbye to your desk job at 55? You’re not alone! Early retirement is the ultimate financial goal for many of us, but figuring out exactly how much you need saved in your 401(k) to … Read more
Saving for retirement takes time and discipline. You also need to make sure youre setting aside enough money to maintain your current lifestyle. But you need to strike the right balance so youre not saving too much. Any excess money could be better used elsewhere, like paying off your debts. In this article, weve highlighted … Read more
How IRAs are taxed depends on whether the IRA is a traditional or a Roth IRA. Traditional IRAs involve making tax-free contributions, meaning you contribute to your IRA before taxes are taken out. This may reduce your taxable income for the year in which you’ve contributed to your IRA, therefore reducing the amount of tax … Read more