The simple answer is no, a hardship withdrawal does not directly affect your credit score. However, there are some indirect ways in which it could impact your credit, depending on the specific circumstances. How Hardship Withdrawals Work A hardship withdrawal is an emergency withdrawal from a retirement account, such as a 401(k) or IRA, that … Read more
Before January 1, 1984, federal (and postal) employees had access to just one significant federal retirement system: the Civil Service Retirement System (CSRS). This system did not, and still does not, include Social Security coverage or taxes. In 1983, changes were made to the Social Security laws requiring Social Security coverage for the majority of … Read more
Attempting to decide which Individual Retirement Account (IRA) is best for you? 20%E2%80%93%20traditional%20or%20Roth? 20%E2%80%99%20it’s%20important%20to%20understand the rules regarding early withdrawal penalties (also known as the additional tax for 2010) and traditional and Roth IRA withdrawal policies. Continue reading to learn all you need to know to optimize your retirement savings, including when and how to withdraw … Read more
Dave Ramsey is one of the most well-liked financial pundits today. He has assisted many with different aspects of personal finance, including debt relief. Millions tune into his radio show. That being said, Ramsey has very strong opinions on annuities. Whether his anti-annuity views are valid is the question. Though opinions are subjective, Dave Ramsey … Read more
First and foremost, SoFi Learn wants to be a helpful tool for you as you travel through your financial journey. We’re here to help! See more We create content on a range of financial subjects. Occasionally, the content might contain details about goods, features, or services that SoFi doesn’t offer. Our goal is to simplify … Read more
Managing inheritances and estate planning are invariably emotional undertakings, particularly for those who have loved ones receiving Supplemental Security Income (SSI) benefits due to special needs or disabilities. When receiving an inheritance, SSI recipients shouldn’t have to worry about losing their benefits in addition to their grief over a loved one’s passing. In the event … Read more
Understanding the Probate Process and How Household Items Fit In When someone passes away, their assets must be distributed according to their wishes or, in the absence of a will, according to the laws of intestacy. This process is known as probate. During probate, the executor or administrator of the estate is responsible for identifying … Read more
Are you trying to figure out how much money you should save for retirement? While the average retirement savings by age can provide you with a useful benchmark to see how you stack up against the rest of the population, it’s not the only thing to take into account. Your lifestyle and income, in addition … Read more
Whether unexpected or not, losing a loved one is an emotional time for the bereaved and those closest to them. You have the responsibility of managing their finances and legal issues pertaining to their property as the person in charge of their affairs. Cary Estate Planning wants to make their estate settlement as simple as … Read more
There was a time when becoming 65 entailed receiving both Medicare and your entire Social Security retirement benefits at the same time. However, the Social Security Administration (SSA) has altered the full retirement age twice in recent years: first, for individuals born between 1948 and 1954, it was raised to 66, and then, for those … Read more