- 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…
- If You Delay Retirement, You Should Also Delay This
For many reasons, including rising costs of living and longevity, Americans are delaying their retirement. While workers in the past would try to hang it up at around 62, workers now are frequently planning on working into their 70s. If… read more…
- What You Need to Know About Retirement Income Replacement Rate
Ensuring you have enough money socked away for retirement is a difficult task. Calculating exactly how much you’ll need in the future — with the moving target of unexpected healthcare costs and the uncertainty of your life expectancy — can… read more…
- The Secure 2.0 Act Was Signed into Law. Here’s What You Need to Know
The SECURE 2.0 Act was passed by Congress as part of a year-end spending bill. This retirement plan legislation is an expanded version of the SECURE Act of 2019, which aims to improve retirement laws on savings accounts. The bill was… read more…
- Alternatives to Annuities for Retirement Income
Annuities are a popular choice for retirees concerned they might outlive their retirement savings. These retirement savings vehicles work a bit differently than traditional or Roth retirement accounts. Instead, annuities are a type of contract you enter into with an… read more…
- Why Delaying Social Security Is More Lucrative Than Ever
Americans are contending with rampant, pandemic-ignited inflation, which is expected to clock in at 10.6% for November compared to a year ago. To counter this high-inflation environment, Social Security payments are set to have a massive hike next year. The… read more…
- Don’t Let Your Old 401(k) Become an Orphan: Here’s What to Do
U.S. workers have left more than $1 trillion in 401(k)s with former employers. That might not be all bad, especially if those plans are doing well. However, sometimes they aren’t, and these tax-advantaged accounts are neglected by their owners. Before… read more…