Retirement planning often involves the goal of eliminating mortgage payments before leaving the workforce. This approach is based on the idea that it’s easier to make ends meet in retirement by reducing expenses and not having to deal with a mortgage while on a fixed income. However, is eliminating your mortgage always the best approach? … Read more
You will be asked to name beneficiaries when you enroll in a 401(k) plan at work. These are the individuals or other entities who will inherit the account in the event of your death. It’s possible that you disregarded the significance of designating the appropriate beneficiaries and maintaining that information current when you first opened … Read more
There’s a good answer to one of the most common questions I hear from colleagues: “Why are IRA limits so much lower than those for 401(k) plans?” It’s a question that never makes people feel good about our retirement system. To be clear, there is an unfair disparity in the contribution limits: individuals who are … Read more
Retirement planning is an essential aspect of financial security. Determining your retirement age is crucial for making informed decisions about your future. This guide will explore the concept of retirement age, how it is calculated, and the implications of starting retirement early. Understanding Retirement Age Retirement age refers to the age at which you become … Read more
All individual retirement accounts (IRAs) must eventually have their balances disbursed to the account owner or the beneficiary of the owner. This includes both Roth and traditional. One significant distinction between the two kinds of IRAs is that, if you are the original owner, you are exempt from having to take any withdrawals from a … Read more
If you imagine yourself spending your days gardening or playing golf while most people your age are still decades away from retirement, you’re not alone. Online forums and a lot of websites run by millennials are dominated by discussions about retiring far earlier than usual. However, achieving the goal of knowing how to retire at … Read more
How many years do you have to work for the federal government to get a pension? This is a common question among federal employees, and the answer depends on the specific retirement system you are enrolled in. For those covered by the Federal Employees Retirement System (FERS), the answer is at least 5 years. However, … Read more
The answer to the question “can a trust own a corporation?” is “yes,” but only certain kinds of trusts are eligible. 3 min read updated on February 01, 2023. The answer to the question “can a trust own a corporation?” is “yes,” but only certain kinds of trusts are eligible. A trust is a distinct … Read more
You probably already know: Retirement is expensive. Fortunately, there are retirement accounts that can help you save for retirement and receive a tax break at the same time, like the 401(k), which you may have access to as an employer benefit. However, if retirement is years or even decades away, it can be challenging to … Read more
If you’re wondering how to invest $200,000, that’s a positive indication. After all, you’re well on your way to accumulating long-term wealth if you have this much to invest. This is particularly true if you have $200,000 to invest and can leave it untouched for a year or two, allowing compound interest to work its … Read more