Can you retire with $600,000 saved for retirement? It might be possible. It really just comes down to your priorities for retirement and the amount of money you’ll need to live comfortably. To determine whether $600,000—or any amount—is sufficient for you to retire on, you’ll need to take into account various factors such as your … Read more
Find out if the income from a £1 million pension fund would be sufficient for a comfortable retirement. A £1 million pension will be more than sufficient for most people to retire on. But, in order to maintain your standard of living in retirement—which should include lavish vacations, high-end clothing, weekend getaways, and lengthy lunches … Read more
“Verified by an expert” indicates that this article has undergone a comprehensive review process to ensure its accuracy. Editor’s Note: By using affiliate partner links on this page, Blueprint may receive a commission. This commission does not influence our editors opinions or evaluations. Please view our full advertiser disclosure policy. The decision to marry a … Read more
A lack of communication and financial difficulties are common sources of issues in marriages and relationships in general. When those factors come together to produce “financial infidelity,” the relationship may suffer irreversibly. Financial infidelity typically entails one partner in a relationship hiding, withholding, borrowing, or spending money without disclosing it to the other. For instance, … Read more
Your IRA contributions are reported to the IRS on Form 5498: IRA Contributions Information. By May 31st, your IRA trustee or issuer—not you—must file this form with the IRS. If you use an individual retirement arrangement (IRA) to save for retirement, you most likely receive a Form 5498 annually. All contributions you make to your … Read more
Losing a spouse can be devastating, both emotionally and financially. The death of a loved one can leave you struggling to cope with grief while also facing the challenge of maintaining financial stability. Fortunately, the Social Security Administration (SSA) offers widow benefits, also known as survivor benefits, to help surviving spouses navigate this difficult time. … Read more
Keywords: Backdoor Roth IRA, double taxation, tax implications, tax-free growth, retirement savings, income limits, traditional IRA, Roth IRA, conversion, after-tax contributions, pro-rata rule, required minimum distributions (RMDs), tax brackets, penalty-free access. The backdoor Roth IRA is a popular strategy for high-income earners to gain access to the tax advantages of a Roth IRA despite exceeding … Read more
The allure of early retirement is undeniable, especially for those who dream of escaping the constraints of a traditional career and pursuing their passions. The FIRE movement (Financial Independence, Retire Early) has gained significant traction in recent years, with many individuals aiming to achieve financial freedom and leave the workforce at a younger age. However, … Read more
Navigating the Financial Landscape of Retirement at 70 Retirement planning is a crucial aspect of financial well-being, and for individuals approaching their 70s, it becomes even more critical. This comprehensive guide will delve into the financial needs of 70-year-olds in retirement, exploring key considerations and strategies to ensure a comfortable and secure post-work life. Understanding … Read more
Subject to income restrictions, you can contribute to a Roth IRA in addition to an employer-sponsored retirement plan like a 401(k), Simplified Employee Pension (SEP), or Savings Incentive Match Plan for Employees (SIMPLE) IRA. Nevertheless, the annual contribution caps for each kind of retirement account vary. The maximum yearly contribution for both traditional and Roth … Read more