As you are undoubtedly aware, waiting pays off if you want to receive the largest Social Security benefit. Your first check can be received as early as age 62, but you must wait until full retirement age (FRA), or age 67 if you were born in 1960 or later, to be eligible for your full … Read more
Executors’ main responsibility is to the beneficiaries, as stated in the will of the deceased, by carrying out their wishes. Executors may act jointly or singly, but they may not violate the terms of the will, neglect the estate, violate their fiduciary duty, act incompetently, engage in self-dealing, embezzlement, or any other misconduct. Keywords: executor, … Read more
You should handle the transition carefully if you’re leaving a position where you’ve accrued a pension so you can preserve as much of your savings as you can. There are a few options available to you, such as taking the money out of the pension and transferring it to a new employer-sponsored retirement plan. Putting … Read more
Individual retirement accounts (IRAs) are supposed to be long-term investments. The Internal Revenue Service (IRS) does not want you to withdraw any money from them before you turn 59½ because they are meant to help you save for retirement. And in order to enforce that, you will typically owe income taxes and a 2010% penalty … Read more
Fixed and variable immediate annuities are available through the Vanguard Lifetime Income Program – SPIA[3], a Single Premium Immediate Annuity (SPIA). The issuer of the annuities acquired through the Vanguard Lifetime Income Program, American General Life Insurance Company of Delaware (or, in New York State only, The United States Life Insurance Company in the City … Read more
If you’re between 45 and 54 years old, you might be in the second half of your career, which is when you make more money. Naturally, you may also have greater financial responsibilities to your family and home. And that can make retirement planning tricky. These six suggestions will help you maintain (or increase) your … Read more
It sounds like a wonderful honor to be designated in a will as the executor, or the one to manage and resolve estate matters. And the reason for this is that the individual thinks you are capable of gathering assets, paying off debts, filing estate tax returns when required, distributing assets, and closing the estate. … Read more
Can I Cash in My Local Government Pension? No, you cannot cash in your Local Government Pension Scheme (LGPS) benefits in the traditional sense. The LGPS is a defined benefit scheme, which means that your retirement income is predetermined based on your salary and years of service. This income is paid out to you as … Read more
Yes, your savings account can affect your Social Security benefits, but the impact depends on which type of benefit you receive: Supplemental Security Income (SSI) SSI provides financial assistance to low-income individuals who are 65 or older, blind, or disabled. Unlike Social Security Disability Insurance (SSDI), which is based on your work history, SSI considers … Read more
My response to your message was blocked for potentially violating safety policies. I apologize for any inconvenience. Ashley and Tim want to retire on $6,000 per month – how much is enough? I think Ashely and Tim did a great job in our case study today. First of all, they want to retire debt-free in … Read more