An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
The Setting Every Community Up for Retirement Enhancement (Secure) Act upended inherited IRAs for most non-spousal beneficiaries. The 10-year rule for withdrawing from inherited IRAs eliminated the ability to stretch inherited IRAs for these beneficiaries.
Roth individual retirement accounts allow you to pay income tax on your retirement savings upfront, so you won’t be stuck with a tax bill in retirement when you can least afford to pay it.
Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.
Reaching age 50 is a milestone that most of us celebrate. Still, after you’ve blown out the candles and bid farewell to your guests, you may have a headache from too much champagne, but otherwise feel the same as before.
Although the Roth IRA is often touted for the unique combination of benefits it offers to retirement savers, some of its perks often go overlooked. Here are four that you should know about.
So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.
Retirement is an exciting milestone. Planning becomes even more crucial, once you get within a few years of saying goodbye to your career. As we turn 60 and inch closer to retirement, there are important questions to answer.
On its surface, Social Security seems like a fairly straightforward program. You and your employer pay a tax based on your earnings, while you work. When you retire, you get a lifelong income stream that’s somewhat tied to how much you paid into the system.
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
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