- What Is the Average Social Security Check at Age 70?
For many Americans, Social Security represents a significant part of their average retirement income. By age 70, most people have either already claimed their benefits or are about to. If you’ve waited until now to claim, you’ll receive the maximum possible monthly benefit thanks to delayed retirement credits. Regardless of when you claimed, knowing what… read more…
- What Is the Average Social Security Check at Age 67?
Planning for retirement means figuring out how much income you’ll have. And for many Americans, Social Security is a big part of that. Your monthly benefit at full retirement age (67) depends on your work and earnings history. A financial advisor help you determine when to start and build a retirement plan that fits your… read more…
- What Is the Average Social Security Check at Age 62?
Social Security benefits are a key part of retirement income for many people. You can start collecting as early as age 62, but doing so will lower your monthly payment for life. It’s important to know how early retirement affects your benefit and what the average payout is at 62 before deciding when to start.… read more…
- Is Your Pension Considered Earned Income? Tax Planning Rules
When it comes to tax planning rules, many retirees often ask one question in particular: is a pension considered earned income? The short answer is no—pension income is generally not classified as earned income for tax purposes. Unlike wages, salaries, tips and self-employment earnings, which qualify as earned income, pensions fall into the category of… read more…
- HSA vs. Roth IRA: Pros and Cons for Retirement
The comparison between HSA vs. Roth IRA for retirement planning isn’t about choosing one over the other. Rather, it’s about understanding how each might fit into your comprehensive financial plan. Your health needs, current tax situation and retirement timeline are all relevant in determining the optimal strategy. As healthcare costs continue to rise and represent… read more…
- What Is a Miller Trust and How Does It Work?
For individuals who require long-term care but earn too much income to qualify for Medicaid, a type of trust called a Miller Trust can help bridge the gap. Sometimes called a qualified income trust (QIT), this type of trust allows individuals to meet Medicaid’s income requirements while still using their funds to cover care-related expenses.… read more…
- Is Trump Going to Raise the Retirement Age?
While President Donald Trump has consistently pledged not to raise the retirement age, several influential Republican factions have promoted adjustments that would shift that timeline. And it’s not entirely up to the president. Even if Trump sticks by his prior commitments, a higher retirement age remains a possibility. Any change could have sizable effects on… read more…
- How to Convert a 529 Plan to a Roth IRA
A new opportunity has emerged for families with leftover college savings: converting 529 plan funds to a Roth IRA. Previously, withdrawing 529 funds for non-educational expenses meant facing income tax and a 10% penalty on earnings, creating a dilemma for families whose children received scholarships or chose not to attend college. But thanks to the… read more…
- Can You Stop Social Security Benefits and Restart Later?
Deciding whether to stop Social Security and restart it later depends on your age and how long you have been receiving benefits. If you have been on Social Security for less than 12 months, you can apply to withdraw your application. This will essentially erase the claim. For those who have reached full retirement age… read more…
- Cross-Border Retirement Planning: What You Need to Know
Cross-border retirement planning can introduce unique financial questions for those living, working or retiring across more than one country. Tax rules, pension portability, healthcare access and currency risk can all affect retirement income and expenses. Planning ahead can help you account for differences in tax treaties, investment regulations and residency requirements. Whether you are moving… read more…
- What’s the Ideal Age to Retire for Longevity?
Retirement is a major life decision and the timing can affect more than just your finances. While having enough money is important, other factors—like your health, mental well-being, social life and the type of work you do—also matter. Some research shows that when you retire may impact how long you live as well as your… read more…
- 401(k) Asset Allocation By Age: Examples and Charts
As you progress through your career, your income investment strategy should evolve to balance growth opportunities with risk management. In your 20s and 30s, you might embrace more aggressive allocations. This means a higher percentage of stocks to capitalize on long-term growth potential. By your 40s and 50s, there’s a gradual shift toward more conservative… read more…
- 401(k) Millionaires by Age Group
Becoming a 401(k) millionaire represents a significant milestone in retirement planning. According to recent data, the average age at which individuals attain this status is 59 years old, typically after 26 years of consistent contributions to their retirement plans. The length of time typically required to become a 401(k) millionaire underscores the importance of long-term… read more…
- What’s Considered an “Aggressive” 401(k) Strategy?
An aggressive 401(k) strategy typically involves allocating a larger share of retirement contributions to stocks, particularly those with higher growth potential. This approach aims to maximize long-term returns by accepting greater short-term volatility. It’s often favored by younger investors who have more time to recover from market downturns. Asset choices might include small-cap funds, emerging… read more…
- Can You Contribute to a Roth IRA Without Having Earned Income?
You generally need earned income—such as wages, tips, or self-employment income—to contribute to a Roth IRA, since these accounts are meant to support retirement savings from active work. If you don’t have earned income, you typically can’t contribute directly, though exceptions like spousal IRAs or indirect strategies may offer alternatives. A financial advisor can help… read more…
- Do You Pay Taxes on 457(b) Withdrawals After Age 70?
If you are approaching retirement and have savings in a 457(b) retirement plan, you might wonder which taxes you’ll pay on withdrawals after age 70. This is important when it comes to retirement planning. Otherwise, it could be hard to accurately estimate your future income and tax liabilities. While 457(b) plans offer unique benefits when… read more…
- Employee Deferral vs. Roth Deferral
If you have to choose between a traditional or Roth deferral, you will have to decide whether it’s better to get a tax break now or in retirement. A traditional deferral lowers your taxable income today, while a Roth deferral offers tax-free withdrawals later. A financial advisor can work with you to determine which is… read more…
- What Is the RMD for a 401(K) If You Still Work?
Retirement accounts like 401(k)s come with specific rules. One of the most important, required minimum distributions (RMDs), dictate when you must start withdrawing money. But when you reach the age typically associated with these mandatory withdrawals, what happens if you still work? The RMD for a 401(k) follows different guidelines for those who work than… read more…
- We Will Make $360k Combined This Year. Can We Use a Backdoor Roth Strategy to Reduce Our Taxes?
A backdoor Roth can sometimes be a good idea. The government puts income limits on who can contribute to a Roth IRA portfolio. In 2025, these limits are set at $165,000 for single filers, and $246,000 for joint filers. If you’re above this cap, you cannot contribute money to a Roth IRA. However, there is… read more…
- What Are the Distribution Rules for Inherited IRAs?
When you inherit an individual retirement account (IRA), it comes with a set of rules that dictate how and when you must take distributions. Knowing which rules apply to you can help you avoid unnecessary taxes or penalties. It can also help ensure that you make the most of your inheritance. The IRS has specific… read more…
- How to Build an Investment Plan for Retirement: Examples
Whether retirement is decades away or just around the corner, knowing how to build an investment plan for retirement is essential for financial security in your later years. A well-designed retirement plan considers your time horizon, risk tolerance and financial goals to create a roadmap for your future. It’s not just about saving money—it’s about… read more…
- Can You Roll Over a 401(k) Into a 403(b) Account?
The IRS does permit rollovers between these 401(k) and 403(b) plans, allowing you to consolidate retirement savings when appropriate. However, not all 403(b) plans accept rollovers from 401(k) accounts. This decision is up to the individual plan administrator. While both 401(k) and 403(b) accounts are tax-advantaged retirement plans, they serve different employer types. 401(k)s are typically… read more…
- When Does the RMD Age Go Up to 75 Years Old?
For retirement savers preparing for required minimum distributions (RMDs), recent legislation has brought significant changes to the timeline. The SECURE Act of 2019 initially raised the RMD age from 70½ to 72. This gave retirees more time before mandatory withdrawals begin. Then, the SECURE 2.0 Act of 2022 introduced further adjustments. It increased the age… read more…
- Can You Reinvest Your RMD into a Roth IRA?
Reinvesting a required minimum distribution (RMD) into a Roth IRA isn’t allowed directly, since RMDs are considered taxable income. However, if you have earned income and fall within the IRS income limits for Roth contributions, you can contribute to a Roth IRA using funds from any source—including money withdrawn to satisfy your RMD. RMDs can… read more…
- We’re in Our 70s With Our Home Paid Off and $350k in IRAs. Can a Nursing Home Take Any of It?
No, but also yes. A nursing home cannot unilaterally take your assets or property, even if you are staying there. Nursing homes have the same rights and limitations as any other business. If you sign a contract and don’t pay, then a nursing home can theoretically sue and collect assets for breach of contract. Even… read more…