The answer to this question depends on your specific circumstances and the current regulations. While using your super for a house deposit was previously possible under the First Home Super Saver Scheme (FHSS), the scheme has undergone significant changes in recent years. Current Regulations: As of July 1, 2017, the FHSS scheme no longer allows … Read more
When a person dies without a will, the legal term “next of kin” determines who inherits their property. This article explores the concept of next of kin, its implications on estate plans, and the inheritance process in the absence of a will. What is Next of Kin? Next of kin refers to the closest living … Read more
Understanding the Impact of Delayed Retirement on Your Social Security Benefits When planning for retirement, one of the key decisions you’ll face is determining the optimal time to start receiving Social Security benefits. While the earliest age at which most people can begin receiving these benefits is 62, doing so typically results in reduced payments. … Read more
Living solely on Social Security can be a daunting prospect, but with careful planning and strategic adjustments, it’s entirely possible to enjoy a comfortable and fulfilling retirement. Here are 10 tips to help you make the most of your Social Security benefits and live well on a fixed income: 1. Pay Off Your Debt: Eliminating … Read more
Retirement planning is a crucial aspect of financial planning, and one of the most common questions individuals have is, “How much money do I need to retire comfortably?” While there’s no one-size-fits-all answer, this guide provides valuable insights to help you estimate your retirement savings needs and develop a personalized plan. Key Takeaways Fidelity’s Guideline: … Read more
The COVID-19 pandemic presented unprecedented challenges, impacting all aspects of life, including finances and retirement planning. Fortunately, the CARES Act provided some relief through special provisions for early retirement plan withdrawals. Understanding Early Retirement Plan Withdrawals Typically, withdrawing money from a retirement plan before age 59.5 incurs a 10% penalty on top of regular income … Read more
Losing a loved one is a difficult experience, and it can be even more challenging when you are responsible for managing their estate. If you were the power of attorney for your loved one, you may be wondering if you need to go through probate. The answer is: it depends. Probate is a legal process … Read more
As you approach your golden years, securing a comfortable retirement becomes a top priority. One of the most effective tools for achieving this goal is a 401(k) plan, which allows you to save for retirement in a tax-advantaged way. But how much should you have accumulated in your 401(k) by the age of 55? This … Read more
Investing at any age can be a daunting task, but it becomes even more important as you get older. With retirement savings dwindling and expenses rising, it’s crucial to make smart investment choices that will secure your financial future. While there’s no one-size-fits-all answer to where an 80-year-old should invest, there are certain factors to … Read more
Navigating the complexities of retirement income and taxes can be challenging, especially when multiple income sources are involved. This guide will address the specific question of whether you need to pay taxes on your Social Security benefits if you also receive a pension. Taxation of Social Security Benefits: Federal Tax: Up to 85% of your … Read more