As early as age 62, you are eligible to begin receiving Social Security retirement benefits. But once you reach full retirement age, you are eligible for full benefits. Your benefit amount will rise if you wait until you reach full retirement age—that is, until you are 70 years old. Your benefits are lowered by a … Read more
The majority of parents want to make sure their kids have a solid financial foundation when they grow up, but they aren’t always sure how to accomplish this. Here we look at the best ways to put money aside for your children and how you can maximize the benefits of compound interest to make them … Read more
Understanding Annuities and Their Longevity Annuities are financial products that offer guaranteed income streams for a specified period or for the lifetime of the annuitant. They are often considered a valuable tool for retirement planning, providing a reliable source of income to supplement Social Security and other retirement savings. However, one common concern among potential … Read more
When it comes to planning for your financial future and making your money work for you, you have a lot of options. One such way is through a financial advisor. These financial advisors guide you through the financial world and help you make prudent investments to prepare for retirement or just to accumulate a sizable … Read more
Your employer might let you leave your 401(k) account with them, depending on how much money is in it. But you won’t be able to make any more contributions to your previous account. It might not be a good idea to keep your account with your previous employer, especially now that you have access to … Read more
If you meet certain requirements and make pre-tax contributions to a Traditional, Rollover, SEP, or SIMPLE IRA, you won’t pay taxes on the money you withdraw until you take it out. IRA withdrawal guidelines and penalty information change based on your age Navigating the intricacies of Individual Retirement Accounts (IRAs) can be daunting, particularly when … Read more
Before the age of fifty-nine, you may withdraw funds from a 401(k) plan if your employer permits it. It is not always advisable to take that route, however, because early withdrawals permanently deplete retirement savings and, with a few exceptions, carry a 2010% penalty and a significant income tax bill. In the event that you … Read more
According to the Social Security Administration (SSA), an individual’s Social Security Disability benefits will convert to regular Social Security retirement benefits once they reach full retirement age. This rule is applicable to Supplemental Security Income (SSI) as well as Social Security Disability Insurance (SSDI) payments. Both the SSDI and SSI programs are administered by the … Read more
You might have to pay income tax and a penalty if you move your individual retirement account (IRA) to a savings account. Heres what you need to know. You may wonder about the money in your IRA when you have a large expense to pay. The answer is yes, but there is a cost involved. … Read more
Probate assets are property titled in the deceased person’s name. For instance, a house held solely in the decedent’s name would be a probate asset. Assets that transfer to beneficiaries under a contract are known as non-probate assets. One example of a non-probate asset is an insurance policy. The insurance policy’s proceeds will go to … Read more