Yes, you can do it even if you don’t have a regular job. This is part of a series called Roth IRAs: Dos and Donts for Investing and Trading. The IRS does not allow contributions to a Roth IRA without what it calls earned income. That usually means that you need a paying job—working for … Read more
So you’re about a year away from saying goodbye to that alarm clock, those commutes, and the daily grind. Congrats! But before you pop the champagne and delete all your work emails, there’s some serious prep work to be done. I’ve helped many folks navigate this transition, and I can tell ya – the year … Read more
If a taxpayer can’t pay all of their tax debt or would have a hard time doing so, they should think about applying for an offer in compromise. Taxpayers should look for a licensed enrolled agent or a reputable accountant in their area to get help filing for an OIC from a real representative. Are … Read more
If youre retiring and you qualify for Social Securitys maximum benefit, you could pocket $3,895 per month in Social Security income in 2021. Youll only collect that much money if you begin receiving benefits at 70 years or older, though. The maximum amount you can collect this year if you file at age 62 is … Read more
Keep this ten-year retirement planning checklist on hand as you navigate saving, investing and other retirement decisions. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Are you ready to retire? Have you even started a retirement planning checklist? By 2030, one out of five Americans … Read more
A lot of retirees don’t know that their monthly Social Security disability and retirement benefits may be federally and (in some states) state taxable. People who get monthly benefits from Social Security should know that they can have federal income tax taken out of their benefits. For federal retirees, voluntary federal income tax withholding from … Read more
Have you ever stared at your bank account balance and wondered, “Am I keeping too much cash? Not enough?” You’re definitely not alone. With all the economic weirdness lately—stubbornly high inflation, swinging markets, and financial uncertainty—figuring out your cash sweet spot feels more important than ever. This question has been bothering me a lot lately. … Read more
When we hear the word “wealth,” our minds usually jump straight to finances—bank accounts, investments, net worth. But here’s the thing: wealth is about so much more than just money. True wealth extends beyond the dollars and cents. It’s about well-being, relationships, and how we live our lives. Let’s break down a few key areas … Read more
If youâre struggling with money or trying to pay off debt, it can feel like youâre just barely keeping your head above water. And if things get bad enough, it may be tempting to use some of your retirement savings to make things easierâespecially if retirement looks far away. While this might help in the … Read more
When it comes to managing your life as a retiree, you’ll need to keep abreast of the yearly Social Security tweaks and adjust your budget accordingly. This includes not only the amount youll receive but also when benefit payments are distributed. This schedule varies from person to person. To help you keep track of your … Read more