Bella Mertz If you are 55 years old and have a personal or company pension that you are not currently receiving or paying into, you can cash in 10% of your pension as a lump sum to pay off your mortgage or reduce your expenses. This amount is equivalent to 2%80%93% up to 5% tax free. Many … Read more
I should preface this post by saying that I haven’t yet combined my finances with anyone, but since people frequently ask me this question—and since I plan to do so soon—I thought this was as good a time as any to start going over the possibilities. Key word? Options. I won’t try to provide every … Read more
Whenever a new installment of our Where to Invest series comes out, sign up to receive an email about it. This should happen once a month. Stated differently, do you commemorate the S Only one money manager out of the four that Bloomberg News questioned for the most recent Where to Invest $10,000 installment was … Read more
I’m so happy you came along for the ongoing series on how to purchase an annuity. I know this isn’t a sales pitch, bad dinner seminar, or an unveiling. We’re answering a lot of questions, so we’re doing a series on how to purchase an annuity. What age is too young or too old to … Read more
The timing of your Social Security benefits is largely dependent on your situation. You can begin taking it at age 62 (60 if you are a survivor of another Social Security claimant, or at any age if you are claiming a disability), or you can defer taking it until age 70, depending on your work … Read more
Benefits of Having Multiple Roth IRAs There are several benefits to having multiple Roth IRAs: Tax diversification: Different types of IRAs provide different tax breaks. A traditional IRA gives you an immediate tax deduction, allowing you to postpone what you owe the IRS until you start withdrawing your savings from the account in retirement. With … Read more
It’s likely that you should pay off any high-interest debt first. However, the choice to pay off other debts, like a mortgage, is dependent on your unique circumstances. Although it could seem like a good idea, cutting debt too quickly can occasionally put you in a worse financial position. Here are some things to think … Read more
Divorce is a complex and emotional process, and one of the many things that need to be considered is how to divide your assets. This includes your 401(k), which is likely one of your most valuable assets. The amount of your 401(k) that your wife will receive in a divorce will depend on several factors, … Read more
The Social Security Lump Sum Death Payment (LSDP) is a one-time payment of $255 available to eligible survivors of a deceased worker. This benefit can provide financial assistance during a difficult time and help cover funeral or other expenses. Eligibility Requirements for the LSDP To be eligible for the LSDP, you must meet the following … Read more
Navigating the complexities of retirement planning can be challenging, especially when it comes to understanding the various rules and regulations surrounding early withdrawals from retirement accounts. One such rule, the “age 55 exception,” offers a valuable opportunity for individuals to access their retirement funds without incurring a significant penalty. This comprehensive guide delves into the … Read more