The opinions expressed in this free article may not align with those of The Motley Fool’s Premium Investing Services. Sign up for a Motley Fool membership now to gain immediate access to our best analyst picks, in-depth analysis, investing tools, and more. Learn More. Key Takeaways: Claiming Social Security at 62 results in a 30% … Read more
Understanding the Risks and Guarantees Annuities are popular retirement savings vehicles that offer a variety of benefits, including guaranteed income streams, tax-deferred growth, and principal protection. However, there are some potential risks associated with annuities, and it’s important to understand these risks before investing. Types of Annuities and Their Risk Profiles There are two main … Read more
According to a Schwab Retirement Plan Services survey, the average 401(k) participant believes they will need $1 million when they retire. 7 million to retire. Approximately 50% of respondents thought they could achieve their retirement objectives. Many people in the U. S. aren’t making enough investments to meet their savings target and the income it … Read more
For the 2024 tax year, the maximum contribution amount to individual retirement accounts (IRAs) is $7,000. You can add $1,000 more to your contribution if you are 50 years of age or older, for a total of $8,000 This includes contributions for both Roth IRAs and traditional IRAs. However, there are limitations that may have … Read more
One of the UK’s most generous pension plans is the LGPS. The LGPS is a defined benefit plan that is tied to salaries and is unaffected by changes in the stock market or the performance of investments. The Local Government Pension Scheme (LGPS) is one of the largest pension schemes in the UK, offering valuable … Read more
The amount you receive if you qualify for Social Security spousal benefits will depend on several factors, such as your age, your spouse’s benefit amount, and whether you are eligible for other retirement benefits. Who is eligible? After you reach the eligibility age, anyone whose spouse, ex-spouse, or deceased spouse was or is eligible for … Read more
The holiday season is a time for giving and receiving gifts, but it’s important to understand how gifts can affect your Social Security benefits. This guide will help you understand how gifts are treated by Social Security for the SSDI (Social Security Disability Insurance) and SSI (Supplemental Security Income) programs. SSDI and Gifts The good … Read more
Generally speaking, a large inheritance is an amount that is much greater than your average annual income. It varies from person to person. Inheriting $100,000 or more is often considered sizable. This is a substantial amount of money, so managing it carefully is crucial to achieving your financial objectives. A financial advisor or wealth manager … Read more
Imagine a retirement free from financial constraints, where you can travel the world or the country in a brand-new RV. Making your $2 million last in retirement is difficult, even with special access to the same cheat sheets we utilize to assist our clients in retiring. Investors who want to maintain their hard-earned lifestyle into … Read more
Organizing your finances after the death of a spouse takes precedence over many other new goals, such as paying tribute to their memory, locating resources for support, and concentrating on your own recovery. Figuring out benefits such as Social Security can feel overwhelming. Do you receive your spouse’s Social Security benefits upon their death? Depending … Read more