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
Yes, millionaires do use annuities. While not all high-net-worth individuals purchase annuities, the number who do has been increasing. This is because they recognize that annuities are contracts that transfer risk and can protect them from creditors in many circumstances. Here’s why millionaires might consider annuities: Guaranteed income: Annuities provide a steady stream of income, … Read more
Understanding the Probate Process When a loved one passes away and leaves a will, the legal process of probate ensures that their wishes are followed and their assets are distributed to their beneficiaries. This process involves several steps, and the time it takes for a will to be probated can vary depending on several factors. … Read more
Yes, you can have both a Roth 403(b) and a traditional 403(b) account. In fact, many people choose to contribute to both types of accounts to diversify their retirement savings and maximize their tax benefits. Understanding Roth and Traditional 403(b) Accounts Traditional 403(b) accounts offer tax-deferred growth. This means that your contributions are made with … Read more
A significant component in determining how much of your benefit is determined by your earnings history Trending Videos Social Security benefits are often synonymous with retirement. As of September 2023, the Social Security Administration (SSA) estimated that over 70 million Americans were receiving a monthly benefit check. However, those who rely on this government program … Read more
Whatever the reason, failing to handle excess contributions could result in a tax penalty if you make them over the IRS cap. Contributing to a Roth IRA is a great way to save for retirement while enjoying tax-free withdrawals in the future. However, accidentally exceeding the annual contribution limit can lead to unexpected consequences. Don’t … Read more
It’s time to review your retirement strategy to see how your pensions and other investments are performing, and this Moneyfarm blog has been published to help you with that task. What is a good size pension pot on which to retire at 60? Analyzing Your Financial Situation Retiring at 60 with £500k in the UK … Read more
If you’re an adult like most people, you’ve undoubtedly considered retiring early at least once or twice. For the majority of us, it’s just not an option because of the unfavorable financial implications and the still-high anticipated costs (e g. , dependent children who want to go to college). However, occasionally we hear stories of … Read more
In today’s volatile market environment, investors are increasingly seeking safe and secure investment options. Fixed annuities have emerged as a popular choice, offering guaranteed returns and protection from market fluctuations. However, with various types of annuities available, understanding their risks and benefits is crucial before making an investment decision. This comprehensive guide will delve into … Read more
If your annual gross income exceeds your Personal Allowance, you are required to pay taxes. Find out about your Personal Allowance and Income Tax rates. If you take a significant payout from a private pension, you might be subject to higher income tax rates. At the end of the tax year, you can also owe … Read more