Keyword: 401k vs IRA As you approach retirement, choosing the right investment plan becomes crucial. Two popular options are 401(k)s and IRAs, each offering unique benefits and drawbacks. This comprehensive guide delves into the intricacies of both plans, helping you determine which aligns best with your financial goals and retirement aspirations. Understanding 401(k)s and IRAs … Read more
The Surviving Divorced Spouse Benefits of Social Security are funded and managed by the federal government. S. Social Security Administration (SSA). The divorced spouse of a deceased worker who had accrued enough work credits is entitled to these benefits. The Surviving Divorced Spouse Benefits of Social Security are funded and managed by the federal government. … Read more
Understanding the Debate on Raising the Social Security Retirement Age The Social Security retirement age is a critical topic that has sparked ongoing debate and uncertainty among Americans. While the current retirement age is gradually increasing to 67, some policymakers have proposed further increases, raising concerns about the potential impact on various groups, particularly those … Read more
If you’re like most people, you probably find it appealing to pay off your mortgage and go into retirement debt-free. It’s a noteworthy achievement that also signifies the end of a large monthly expense. On the other hand, some homeowners may need to prioritize other matters while making progress on their home loan due to … Read more
Unbelievably, $2 million may not be sufficient in retirement. Many things have changed for retirees and those who are getting close to retirement, with inflation at 40-year highs and the stock market significantly down. When individuals begin to consider retirement, they approach it from various perspectives. We’ve written about how to retire at 50 and … Read more
The house is typically the biggest asset in a homeowner’s estate when they pass away. Family members might require or desire to quickly sell the property. Naturally, a house’s significance extends beyond its monetary worth; it could contain priceless recollections of the departed and years spent there with family. Even if it makes the most … Read more
Verified Editorial Note: Partners’ links on Forbes Advisor bring in a commission for us. Commissions do not affect our editors opinions or evaluations. It’s likely that you have encountered situations or challenges in your life that qualify as emergencies. These are unexpected occurrences that typically have financial consequences. A health issue that completely upends your … Read more
Understanding Pension Plan Funding A pension plan is a retirement plan offered by employers to their employees, promising a fixed income upon retirement. These plans can be categorized into two types: defined-benefit and defined-contribution. In a defined-benefit plan, the employer guarantees a specific retirement benefit to the employee, typically based on their salary and years … Read more
Retirement is a significant milestone in life, and preparing for it well in advance is crucial for a smooth transition. While saving for retirement is essential, there are other crucial aspects to consider in the years leading up to your golden years. This guide will delve into the key things you should do three years … Read more
With an inherited IRA, you might be required to distribute all of the account’s assets within a given number of years, or you might be required to take annual distributions regardless of your age when you open the account. In certain situations, you might be required to do both. These guidelines are specific to inherited … Read more