- Should You Hire a Retirement Advisor?
Saving for your golden years may not seem like a priority compared to daily expenses, debt repayment and short-term savings goals. Yet the sooner you start, the better you can leverage compounding interest and the more your money will grow. Getting an early start on retirement planning also provides some flexibility if you decide to tweak… read more…
- How to Retire in Puerto Rico
Puerto Rico is famous for its tropical climate and sunny beaches, which make it a particularly attractive vacation destination. But the island, which has a population of about 3.2 million, also boasts a number of financial perks for retirees looking… read more…
- Supplemental Executive Retirement Plans (SERPs)
A supplemental retirement plan may be offered to a broad range of employees. But supplemental executive retirement plans (SERPs) are reserved for the company’s elite. A SERP is a non-qualified deferred compensation plan offered to a company’s key employees, including… read more…
- How to Name a Trust as Beneficiary of an IRA
Naming a trust as the beneficiary of your individual retirement account (IRA) is not terribly difficult – once you’ve established your trust, you simply list it as the beneficiary in the paperwork or online portal for your IRA. That said, it is a big decision, so you’ll want to make sure you know everything about… read more…
- What Does “Retirement” Really Mean?
Planning for retirement can be a lifelong process and the sooner you begin, the longer your savings and investments have to grow. But retirement is more than just a numbers game. While it’s important to have a clear financial goal… read more…
- 403(b) vs. Roth IRA: Which Retirement Plan Is Right for You?
There are many different ways to save for retirement. Roth IRAs and 403(b)s are among the more popular account types. The former has strong after-tax perks and is available to most savers below certain income limits, while the latter is… read more…
- Pros and Cons of Using a Roth IRA to Pay for College
When you need money to pay for college expenses, tapping your Roth IRA is one option you might consider. While a Roth IRA is designed to help you save for retirement on a tax-advantaged basis, it’s possible to use money… read more…
- What Does Medicare Cover?
Medicare is one of the most popular health care programs in America. Part of what sells the program is its simplicity: You turn 65, you get healthcare. But in reality, Medicare is a patchwork of several different programs, and figuring… read more…
- All About the Medicare Donut Hole
Medicare coverage, specifically Part D, is rather complex. For years, the potential benefits of this program were overshadowed by the “donut hole.” This refers to a large gap in Medicare drug coverage that would force enrollees to pay out-of-pocket for… read more…
- Annuities vs. Mutual Funds for Retirement
When choosing investments for your retirement plan, you’ll have a lot of options, including annuities and mutual funds. While both can play an important role in your retirement income plan, they are very different assets with unique characteristics. If you’re choosing… read more…
- IRA Contribution Deadlines and Thresholds for 2024 and 2025
As a general rule, you have until tax day to make IRA contributions for the prior year. In 2025, that means you can contribute toward your 2024 tax year limit of $7,000 until April 15. And as of Jan. 1, 2025, you can also make contributions toward your 2025 tax year limit of $7,000 until… read more…
- How to Make Penalty-Free IRA Withdrawals
Unexpected expenses may compel you to tap your individual retirement account ahead of schedule. And with most plans, the government will impose a 10% penalty if you withdraw funds before you reach age 59 1/2. Many people work with financial… read more…
- Lump Sum vs. Annuity: Which Should You Take?
If you’re lucky enough to win the lottery or you have a pension plan, you may need to decide whether you want to take your earnings as a lump sum or an annuity. If your goal is to maximize your… read more…
- What Are 414(h) Plans and How Do They Work?
A 401(k) is the most common type of employer-sponsored retirement plan, but certain employees may have access to a 414(h) plan instead. A 414(h) plan, also called a pick-up plan, offers people who hold government jobs a tax-advantaged way to… read more…
- What Is a Self-Directed Roth IRA?
A Roth IRA affords some key tax benefits for savers, chiefly the ability to make 100% tax-free withdrawals in retirement. Typically, the scope of investments available through an IRA is determined by the company that holds your accounts. A self-directed Roth… read more…
- A Guide to 401(k) Hardship Withdrawals
A 401(k) hardship withdrawal is the action of taking money out of your workplace retirement plan early to deal with a life event that requires some money. You typically can’t withdraw money from your account until you reach age 59.5 –… read more…
- What Is a Spousal IRA?
We all know that saving for retirement is a good thing. We often think of retirement savings in terms of a percentage of our paychecks, but what about when someone doesn’t work? The IRS has a solution that allows a… read more…
- Vested: What It Means for Your Retirement Plan
While your contributions to your retirement plan belong to you from the get-go, your employer’s contributions need to vest first. Employers may follow an immediate vesting schedule, a cliff vesting schedule (where you are vested after a set number of years… read more…
- Should You Take Money From Your 401(k) to Pay Debt?
If you’ve been using a workplace retirement plan like a 401(k) — and you should be, to take advantage of compound interest and any employer match available — you may at some point find yourself looking at the stores of… read more…
- How to Find a Custodian for a Self-Directed IRA
Want to invest the assets in your individual retirement account (IRA) in private placement securities, real estate or even crypto? You can, but you’ll need to find a custodian for what’s known as a self-directed IRA. These custodians, which tend… read more…
- Can Retired Veterans Get Military Housing?
For members of the U.S. military, housing assistance is one of the most significant benefits they can receive. For exmaple, when a base offers housing in remote stations military housing provides the kind of stable community that civilian housing may… read more…
- 10 Strategies to Maximize Social Security Benefits
Social Security benefits, when combined with savings from a 401(k) and individual retirement account (IRA), can help you retire the way you want. Of course, not everyone earns the same amount from Uncle Sam. Here are 10 strategies to maximize your… read more…
- SEP IRA vs. Solo 401(k): Which Is Better?
SEP IRAs and solo 401(k)s are tax-deferred retirement savings vehicles for small business owners. They’re similar to each other but with one big difference. With a solo 401(k), a self-employed business owner can make contributions as both the employee and… read more…
- How Direct IRA Transfers Work
If you want to move your individual retirement account (IRA) balance from one provider to another, simply call the current provider and request a “trustee-to-trustee” transfer. This moves money directly from one financial institution to another, and it won’t trigger… read more…
- Should You Use Your Roth IRA to Buy Your First Home?
The IRS allows you to withdraw contributions from your Roth IRA penalty-free to buy your first home, plus up to $10,000 of earnings. But most financial advisors would recommend tapping into your retirement savings only as a last resort. Luckily,… read more…