Have you ever wondered if you could put money into both your employer’s 401(k) and your own Roth IRA? The good news is that you can! Not only is it legal, but it could be one of the best things you do in retirement. It surprises me how many people don’t know they can use … Read more
Roth IRA losses aren’t typically tax deductible. An exception is when youve fully withdrawn and closed the Roth IRA account, and total distributions are less than contributions. Even then, it must be claimed as a miscellaneous itemized deduction, subject to restrictions. Learn more about the rules and qualifications and how to report Roth IRA losses … Read more
Figure out whether a savings account or Roth IRA is right for you Part of the Series Guide to Savings Accounts. A savings account is a bank or credit union account that holds cash deposits. A Roth IRA is a tax-advantaged individual retirement account (IRA) for long-term retirement investing. Both savings accounts and Roth IRAs … Read more
Turning 70 is a major milestone, and for many, it brings a clearer focus on preserving income, simplifying finances and making sure retirement savings last, especially in todays unusual economic landscape. With traditional pensions becoming less common, stock market volatility at the forefront of many retirees minds, and inflation ticking back up, the idea of … Read more
Have you ever thought that quitting your 9-to-5 job might actually help you live longer? I’ve been researching this interesting topic for my blog, and what I’ve found might surprise you. The link between early retirement and longevity isn’t as simple as headlines might make it seem, but there’s strong evidence that quitting your job … Read more
Estate plans are designed to distribute assets according to the wishes of the deceased. However, complications arise when a named beneficiary dies before receiving their inheritance. Depending on the terms of the will, the existence of a contingent beneficiary, and state probate laws, the inheritance may be reassigned, redirected, or absorbed back into the estate. … Read more
A large inheritance can be both a boon and a burden—a boon because the money could come in handy someday, and a burden because it imposes a certain responsibility on the recipient to use it wisely and not squander it. Heres a step-by-step guide for anyone who has received or is anticipating to receive a … Read more
Basic State Pension is based on the number of qualifying years you achieve during your working life. Find out about when you can claim a basic State Pension. Everyone eligible for the basic State Pension has now reached State Pension age. To get it you need to have enough National Insurance qualifying years. If you … Read more
The Complicated Answer That Could Save Your Will from Being Invalidated Have you ever wondered if the person you’re naming as executor can also witness your will? This question comes up a lot in estate planning and the answer isn’t as straightforward as you might think. As someone who’s spent countless hours researching this topic … Read more
Social Security benefits are a crucial part of the retirement income for millions of Americans. If you don’t have enough Social Security credits to get benefits on your own work record or your own benefit is small, you may be able to receive benefits as a spouse. Your spouse must be receiving benefits for you … Read more