Bella Mertz Making the decision to leave your financial advisor can be a big one. After all, you’ve entrusted them with your financial well-being, and you may not be sure if it’s time to make a change. However, there are several signs that it might be time to move on. 4 Signs It’s Time to Fire Your … Read more
The Senior Citizens League (TSCL) recently issued a warning, saying that seniors may be in for a surprise next year when their Social Security benefits could increase by the lowest amount in four years. Social Security payment amounts are adjusted annually according to the cost of living adjustment (COLA), which provides seniors with a new … Read more
The terms of your employer’s plan will determine whether you are eligible to make regular withdrawals from your 401(k) plan after you retire. Retirement participants are permitted to withdraw funds in two-thirds of sizable 401(k) plans in regularly scheduled installments, such as monthly or quarterly. The Plan Sponsor Council of America (PSCA), a trade association … Read more
Is 62 too early to retire? It’s a question that many people ask themselves, especially as they approach their later years. While the traditional retirement age is 65, an increasing number of people are choosing to retire earlier. But is it the right decision for you? In this comprehensive guide, we’ll explore the pros and … Read more
As you approach retirement, one of the key concerns you might have is how to minimize the amount of tax you pay on your pension. While it’s true that most forms of retirement income are subject to taxation, there are strategies you can use to reduce your tax burden and maximize the value of your … Read more
Navigating the complexities of Social Security benefits can be challenging, especially when unexpected financial changes occur. This guide will explore how receiving a lump sum settlement, such as from a lawsuit or inheritance, affects your Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) benefits. Understanding SSI and SSDI SSI: A needs-based program for … Read more
Inheriting a substantial sum like $200,000 can feel like a golden ticket to early retirement, but the reality is more nuanced. While this windfall can certainly contribute to your retirement goals, achieving financial freedom solely on this amount requires careful planning and strategic investment. Investment Strategies: Stock Market Investing: Embrace the potential for high returns … Read more
In today’s volatile economic climate, having readily available cash is crucial for weathering financial storms and ensuring peace of mind. This guide delves into the intricacies of emergency funds and cash reserves, providing insights on how much cash you should keep on hand to navigate both working years and retirement. Emergency Fund Planning: A Safety … Read more
A 401(k) is a powerful tool for retirement savings, offering tax advantages and employer contributions. However, it’s not the only option. For those without access to a 401(k) or seeking more flexibility, several alternatives offer similar benefits and greater control over your investments. Top 8 Alternatives to a 401(k): Traditional IRA: Similar tax benefits to … Read more
When a person passes away, their assets are distributed according to their will or the laws of intestacy. However, before any beneficiaries receive their inheritance, several other parties may have claims on the estate. This article will explain who gets paid first from an estate and the order of priority for these payments. Order of … Read more