The products listed here, many or all of them, are from our partners, who pay us. This affects the products we write about as well as the location and arrangement of the products on a page. However, this does not influence our evaluations. Our opinions are our own. This is our revenue model and a … Read more
You may be wondering how getting married this year will impact both your partner’s and your own Roth individual retirement accounts (Roth IRAs). The simple answer? It won’t. The slightly more nuanced response is that, unless your combined income exceeds the Internal Revenue Service (IRS) income limits for Roth IRAs, you will typically be able … Read more
When you reach retirement age, you start getting Social Security retirement benefits. For many, this is not the age at which they will give up their jobs. The amount of your Social Security retirement benefits may vary depending on when you retire from employment. Based on your highest 35 years of earnings and the age … Read more
It is possible to maintain a Roth IRA and a 401(k) simultaneously. In addition to being permitted, contributing to both can be a wise retirement savings plan. Nonetheless, there are certain income and contribution caps that govern your ability to make contributions to these kinds of accounts. If you are eligible, you can benefit from … Read more
Navigating tax debt can be a stressful and confusing experience. If you find yourself in this situation, understanding your options and exploring potential solutions is crucial. One option you may consider is a lump sum settlement with the IRS, also known as an Offer in Compromise (OIC). This article delves into the intricacies of OICs, … Read more
A pension from a previous employer is one source of retirement income. Notifying the former employer or the pension plan administrator as soon as possible of the retiree’s passing is important. Often, the most recent check stub, the most recent tax form (Form 1099-R), or a wallet-sized card proving that the spouse is a retiree … Read more
Should your employer offer a 401(k), you could be able to allocate your funds between a traditional and a Roth 401(k). You can use an individual retirement account (IRA) to save for retirement if you work for yourself or receive freelance work. You can choose between a traditional and a Roth IRA. The amount of … Read more
As you are undoubtedly aware, waiting pays off if you want to receive the largest Social Security benefit. Your first check can be received as early as age 62, but you must wait until full retirement age (FRA), or age 67 if you were born in 1960 or later, to be eligible for your full … Read more
Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are the two SSA disability programs. People often confuse them. The Social Security Administration oversees both federally funded programs. Navigating the complexities of government programs can be challenging, especially when it comes to understanding the nuances between different programs. This guide aims to demystify the … Read more
Thanks to recent IRS modifications, it is now simpler to avoid federal estate taxes if your family has substantial wealth. High-net-worth married couples who anticipated having to pay federal estate taxes upon the death of their second spouse employed a technique called “portability,” which the IRS enhanced. The way it works is that, although a … Read more