You’re not alone if you were unaware that you could make contributions to both an IRA and a 401(k) in the same year. Based on a survey that we carried out, 272 % of respondents said they were either unsure or thought they couldn’t ¹ You can make contributions to an IRA and a 401(k) … Read more
An annuity can be a valuable tool for retirement planning, providing a guaranteed stream of income that can last for life. However, it’s not the right choice for everyone. Here are some situations where buying an annuity might not be the best decision: 1. You Already Have Sufficient Retirement Income: If you’re confident that your … Read more
When your gross income surpasses the Standard Deduction for your filing status, the IRS usually requires you to file a tax return. Senior citizens receiving Social Security benefits are still subject to these filing requirements. You do not, however, need to file a tax return if your only source of income is Social Security. Navigating … Read more
Facing retirement with little to no savings can be a daunting prospect. However, it’s important to remember that you’re not alone. Many Americans find themselves in this situation, and there are strategies you can employ to secure a comfortable retirement even without a substantial nest egg. Understanding Your Financial Landscape: The first step towards a … Read more
Understanding Superannuation and Divorce in Australia Superannuation, often referred to as “super,” is a mandatory retirement savings scheme in Australia. It is a complex area of law, especially when it comes to divorce and property settlements. This guide will help you understand how superannuation is treated during divorce proceedings and answer the question: “Is my … Read more
How can you choose the best trust type for you when there are so many options available? We have the answers you need to make the right decision. Would you consider including a trust in your estate plan? That would be a wise decision. Even if you’ve already begun planning or have a Will in … Read more
Keywords: Preservation Age, Age Pension Age, Superannuation, Retirement, Accessing Super Planning for retirement is crucial, and understanding when you can access your superannuation is an essential part of the process. This article delves into the key differences between Preservation Age and Age Pension Age, helping you determine when you can tap into your super savings. … Read more
Simply said, a pension scheme is a kind of savings plan that aids in building money for retirement. Additionally, there are tax benefits in comparison to other forms of savings. Understanding the Roles and Responsibilities in Pension Management Pension schemes play a crucial role in securing financial stability during retirement. However, navigating the complexities of … Read more
Understanding Ownership and Management in Irrevocable Trusts An irrevocable trust is a powerful estate planning tool that can offer significant tax benefits and asset protection. However, understanding who owns property in an irrevocable trust is crucial for ensuring its effectiveness and avoiding potential legal challenges. Key Takeaways: The trust owns the property, not the grantor … Read more
Reaching your 40s is a significant milestone in life, often marked by growing families, mortgage payments, and a multitude of monthly bills. While juggling these responsibilities, it’s crucial to keep your retirement in mind and ensure you’re on track to achieve your financial goals. This guide will delve into the question of how much a … Read more