Although retirement savings are generally best saved for your later years, some 401(k) plans offer the flexibility to withdraw money early if you’re facing a qualified financial hardship. Here’s an overview of 401(k) hardship withdrawals, including how they work and what qualifies as a hardship. Understanding Hardship Withdrawals in 2025: Documentation Requirements Made Simple Let’s … Read more
When designating beneficiaries for a retirement account, one option is to leave the money to a trust. In the financial community, the advantages and disadvantages of this route have been a topic of ongoing debate between estate planning attorneys and financial advisors. Thinking about naming your revocable trust as the beneficiary of your IRA? You’re … Read more
The new state pension is set to rise by more than £500 a year in April 2026, as a result of the triple lock arrangement. This guarantees that the state pension goes up each year in line with either inflation, wage increases or 2.5% – whichever is the highest. September 2024s inflation data will not … Read more
Hey there, retirement savers! If you’re working for a nonprofit organization, university, or in the education sector, you’ve probably heard about 403(b) plans. But here’s a question I get asked all the time: can you have both a Roth 403(b) and a traditional 403(b) simultaneously? The short answer is YES – you definitely can! In … Read more
Should you really agree to give up control of your assets? There are some good reasons to get this type of trust, but there are some major drawbacks as well. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Despite what you may have heard, you … Read more
When it comes to saving for retirement, youâve got a lot of options to consider. Which savings options make the most sense for you will depend on your timeline, your goals and your risk tolerance. As you approach (or are in) retirement, you may be looking for more low-risk options, like an annuity or a … Read more
What do your financial goals look like for your 40s and 50s? Maybe youll be paying down your mortgage, covering a childs college tuition or looking ahead to retirement. Hopefully, youll have spent your 20s and 30s establishing your savings. But what can you do to save more money if you feel youre falling short? … Read more
If you were married to your former spouse for at least 10 full, consecutive years, you are eligible to draw your Social Security (and Medicare) Benefits off of him or her. For purposes of this article, I am the ex wife drawing benefits off my ex husband, although it is the same when the gender … Read more
Applying principles of tax avoidance to wealth transfer is an intelligent way to protect your legacy and heirs from excessive taxation. Still, it requires careful planning and oversight to ensure techniques don’t cross the line to tax evasion. What is the benefit of assessing your tax options? Determining the best way to conduct business or … Read more
Retirement is a big milestone, but getting there doesnât happen overnight. Financially preparing yourself to leave the workforce requires some forward thinkingâparticularly about your money. If youâre wondering whether youâre saving enough, youâre not alone. Here, youâll get an idea of how much youâll want to have in your 401(k) at different ages and how … Read more
