- What Is Social Security?
Social Security provides a progressive benefit. This means it’s weighted so that it replaces a larger percentage of earnings for workers who were on the low end of the income scale than on the high end. Still, how much you… read more…
- What Is a Roth 401(k)?
A Roth 401(k) brings many of the benefits of a traditional employer-sponsored 401(k) retirement savings vehicle. But with a traditional 401(k), you save for retirement with pre-tax dollars and write off your contributions from your taxes. With a Roth 401(k),… read more…
- What Is a Target-Date Fund and How Does It Work?
There’s about $1.8 trillion in client assets invested in target-date funds (TDFs), according to Morningstar. In fact, it’s likely your 401(k) or IRA offers a target-date fund as an investment option. This makes TDFs extremely accessible retirement savings options. The beauty… read more…
- What Is the Three-Legged Stool of Retirement?
Retirement is on many people’s minds, whether they are approaching it or still early in their careers and just hoping they won’t have to work until they’re nearly 100. Those contemplating retirement may envision a recliner or deck chair. A three-legged stool, though, is the preferred seat for retirement metaphors. The image of retirement finance as… read more…
- What to Do If You Miss Your RMD Deadline
If you miss the required minimum distribution (RMD) for your retirement account, you’ll essentially have two choices: pay a substantial fine or apply for a waiver. Either way, you’ll have a bit of paperwork to fill out, and of course… read more…
- 10 Ways to Live Frugally in Retirement
You may have visions of spending your retirement on a sun-soaked vineyard in wine country. But according to a 2022 report by the AARP, about 57 million working-age Americans (48%), ages 18-64, do not have retirement account assets. If you… read more…
- Social Security Tax Limit for 2025
The most you will have to pay in Social Security taxes for 2023 will be $9,932. That’s what you will pay if you earn $160,200 or more. As its name suggests, the Social Security tax goes to the Social Security program. For… read more…
- What Retiring Baby Boomers Mean for the Economy
Almost 10,000 baby boomers turn 65 every day. The famed generation, defined as those born between 1946 and 1964, is causing something of a stir as they reach retirement age in droves. The Census Bureau says that in 2020, the… read more…
- How to Retire in Panama
If you plan correctly, retirement can be one of the great adventures of your life. What is more adventurous than packing your bags, leaving America behind and spending your golden years immersed in a completely new culture? One option to consider is Panama, a central American country, popular with American, that offers a number of… read more…
- Are You Eligible For Social Security Benefits?
If you’ve worked in the U.S. for at least a decade, you can expect to receive some Social Security retirement benefits once you retire. The idea is that if you pay into the system throughout your career via FICA payroll taxes, then you… read more…
- The Basics of Self-Employed Retirement Plans
Saving for retirement is one of the most important financial decisions you can make. Proper planning can mean the difference between a retirement of travel and time with loved ones and one spent working a new job to make ends… read more…
- 10 Social Security Secrets You Should Know
Social Security benefits may be an integral part of your financial picture in retirement. In fact, 55% of retirees and pre-retirees aged 50 or older say Social Security will be their main source of retirement income, according to a 2018… read more…
- Will Social Security Run Out Before I Retire?
While there are a lot of questions about the future of Social Security, the fact is that it is highly unlikely the program will ever actually run out of money. The federal government founded the Social Security program during the… read more…
- A Guide to SIMPLE 401(k) Plans
A Savings Incentive Match Plan for Employees, or SIMPLE plan, can come in the form of an IRA or a 401(k). While both SIMPLE plans are a lot alike, the 401(k) plan is a little easier to understand and put… read more…
- How Much Are HOA Fees?
If you picture living in a planned community full of amenities and happy neighbors, you’re probably asking yourself: How much are homeowners association fee (HOA fee)? Some studies suggest that you can expect to pay HOA monthly fees between $200… read more…
- The Benefits of Traditional and Roth IRAs
If you’re thinking about opening a traditional individual retirement account (IRA) or Roth IRA, you have some major tax benefits to look forward too. However, these aren’t one-size-fits-all accounts. This article will explain the benefits and disadvantages of traditional IRAs… read more…
- SSI vs. SSDI: A Guide to Social Security Disability
Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) often get lumped together or confused with each other, despite being two distinct government programs. This is understandable: They are both government disability assistance programs with very similar acronyms. That… read more…
- How to File for Chapter 7 Bankruptcy
If you’re trapped under a pile of debt, bankruptcy may be your last resort. Chapter 7 bankruptcy is the most common form. It can wipe out your debt and give you a fresh start. This article will explain how to… read more…
- The Cheapest Countries Where You Can Retire Well
After working hard and saving diligently for retirement, you may find that your nest egg won’t take you far in the U.S., but there are other options. In fact, you may be able to stretch your dollar a lot further… read more…
- The Many Benefits of a 401(k) Plan
The main benefit of 401(k) plans is that they allow retirement savings to grow tax deferred. But there are more advantages, especially in comparison to individual retirement accounts (IRAs). Read on for these less-known 401(k) benefits – plus for info about… read more…
- 401(k) Withdrawal Age and Early Withdrawal Rules
Once you reach age 59.5, you may withdraw money from your 401(k) penalty-free. If you tap into it beforehand, you may face a 10% penalty tax on the withdrawal in addition to income tax that you’d owe on any type… read more…
- IRA Hardship Withdrawal: How to Avoid Penalties
Under normal circumstances, you cannot withdraw money from your traditional individual retirement account (IRA) without facing a penalty tax until you reach age 59.5. You can, however, avoid this sanction if you make an IRA hardship withdrawal. The IRS typically… read more…
- Medicare Part C: Medicare Advantage Plans
Medicare Part C, also known as Medicare Advantage, is one of four parts of the Medicare Program. While Part A covers in-hospital services, Part B covers outpatient and preventative services. Part D covers the cost of prescription drugs. Part C, meanwhile,… read more…
- 8 Steps to Building a Retirement Income Planning Strategy
When you first embarked on your retirement planning journey, your goal was probably to save as much as possible and generate the biggest returns you could through a diversified portfolio. But as you get closer to your golden years, you… read more…
- Documents You Need to Apply for Social Security
Applying for your Social Security benefits is less of a daunting process than it may seem, especially since the Social Security Administration (SSA) allows you to apply online. Once you’ve determined the best age to apply for your situation, the… read more…