- Your Required Minimum Distributions (RMDs) Have Officially Been Pushed Back
The SECURE 2.0 Act, signed by President Biden in December 2022, includes dozens of changes to provisions related to tax-advantaged retirement accounts. Among the most important changes is a provision, which took effect Jan. 1 of this year, that delays… read more…
- How Long Will $400k Last in Retirement?
Data from the Federal Reserve shows that the average savings in the United States at retirement age is just $255,200. So if you find yourself with $400,000 in assets at retirement age, congratulations! You’re doing much better than average. But how… read more…
- Retirement Tax Strategies to Consider
Ideally, once you retire, you won’t have to work ever again. This is great, but for most people, it also means there’s no new money coming in the door. You have your savings and your investments and that’s often it.… read more…
- What Are Retirement Income Funds (RIFs)?
A retirement income fund (RIF) is a conservative investment that many people use to prepare for retirement. By investing in RIFs, retirees can earn regular income. However, that income isn’t always guaranteed. Here is how RIFs work and how their… read more…
- How Much Savings Should I Have at 40?
One way to evaluate how well you’re saving for retirement is based solely on your age. A common age-based estimate for retirement savings holds that a 40-year-old should have approximately three times their annual salary set aside for retirement. There… read more…
- How to Save $1 Million Dollars
If you’re looking to put away more money for retirement, you may have a goal in mind that you’re trying to reach, such as saving $1 million. You may want to earn and save more than that, of course, but… read more…
- What Happens to Your Pension When You Die?
If you worked in a job with a pension, this means you will receive ongoing benefits once you retire. A critical part of estate planning, then, will be figuring out what happens to that money when you die. The answer… read more…
- How to Save a Million Dollars in 20 Years
When it comes to retirement, perhaps the single biggest question is “how much do you need to save?” And the honest answer depends entirely on how you want to live, what responsibilities you have and where you want to be.… read more…
- Traditional vs. Roth TSP: Key Differences
If you’re a government worker with a Thrift Savings Plan (TSP) from your employer, congratulations! With low management fees to matching contributions, you have one of the best investing tools available. You can prepare well for a comfortable retirement by… read more…
- What Is a Roth Thrift Savings Plan (TSP)?
Government employees enjoy a multitude of benefits, such as special discounts and generous sick leave. These benefits also extend to retirement. Specifically, the Roth Thrift Savings Plan (TSP) offers a tax-advantaged retirement account with matching contributions. Employees of all income… read more…
- How to Find Old 401(k) Accounts
It is not uncommon to lose track of an old 401(k) account after you change jobs. It’s easy for people to assume their 401(k) contributions continue when they get a new job. Financial services company Capitalize estimated that 24.3 million… read more…
- Is $10 Million Enough to Retire?
A $10 million nest egg will pay for a comfortable retirement for the majority of retirement savers. However, whether that much is enough to fund any specific retiree’s golden years depends on a number of factors. This includes pre-retirement lifestyle… read more…
- Do Medicare Premiums Go Up Because of Inflation?
With inflation in 2022 reaching a 40-year high, many taxpayers might wonder if they will have to pay more in Medicare premiums for 2023. Your Medicare premium will not increase because of inflation. But it has been going up steadily… read more…
- The SECURE 2.0 Act and Your Retirement Savings: Expect to See These Big Changes
Congress passed the long-awaited SECURE 2.0 Act of 2022 that promises to restructure most Americans’ 401(k) plans and change retirement contribution and withdrawal rules to help Americans grow and preserve their nest eggs. The SECURE 2.0 Act came as part… read more…
- Women Lag in Retirement Savings: These Options Can Help Boost Nest Eggs
According to a new study from Goldman Sachs, half of all women say they’re behind in their retirement savings when compared with men. This shortfall adds to the financial double-whammy that women already face as a result of lower pay… read more…
- How Many Roth Conversions Can You Make Per Year?
A Roth Individual Retirement Account (IRA) can offer tax benefits in the form of tax-free withdrawals in retirement. If you have a traditional IRA or 401(k), you can use a Roth conversion to change the tax status of your retirement… read more…
- Can You Use Retirement Funds to Buy a Second Home?
Can you use retirement funds to buy a second home? Technically, yes. Retirement funds are funded with your money. But perhaps a better question might be: Can you withdraw money from your retirement funds early to buy a second home… read more…
- One-Year Checklist Before Retirement Overseas
Retiring abroad has become a popular trend for many Americans. There are many reasons to retire overseas, including a lower cost of living, a slower pace and sandy beaches. But before you move, there are some things to consider. Here’s… read more…
- How to Save a Million Dollars in 30 Years
Many people have the goal of saving a million dollars before they retire. They want to be able to enjoy their retirement without having to worry about money. The truth is, even with a million dollars, you’ll probably still need… read more…
- Can You Retire on $1.5 Million Comfortably?
To figure out if $1.5 million is enough for retirement, you’ll need to factor in Social Security, pension and other income, as well as fixed and variable costs. For instance, your lifestyle and how long you will live in retirement… read more…
- Should You Take Advantage of Robinhood’s 1% Match on IRAs and Roth IRAs?
After bursting on the financial scene during the meme-stock hoopla and attracting hordes of investors at the beginning of the pandemic lock-downs, trading platform Robinhood will start offering Individual Retirement Accounts – and offering investors a 1% “match” on their… read more…
- 4 Retirement Planning Moves That Can Save Big on Taxes, Including Capital Gains
When it comes to investing for retirement it’s not just a matter of how much you make – it’s also a matter of how much you keep. The surest way to boost the returns on your retirement money can come… read more…
- When to Pay Off Debt or Save for Retirement
For many people, debt is the biggest obstacle to saving for their retirement. In particular, millennials and Gen Z workers often have to choose between contributing to their 401(k)s or paying off tens of thousands in student loans. The time value… read more…
- How to Roll Over a 403(b) to an IRA
A 403(b) is a tax-advantaged retirement account built for employees of tax-exempt organizations and public school teachers. It works like other tax-advantaged retirement accounts, including 401(k)s offered by private employers and IRAs offered to individuals. In some cases, like when… read more…
- Could Working After Age 70 Increase Social Security?
Working after age 70 could increase your Social Security benefits, if you’re earning a high salary or didn’t have a robust earnings history in your younger years. Let’s break down how you can increase your benefits and how it can… read more…