Many savers have made after-tax contributions to a 401(k) or other defined contribution retirement plan. If your account balance contains both pretax and after-tax amounts, any distribution will generally include a pro rata share of both. Example: Your account balance is $100,000, consisting of $80,000 in pretax amounts and $20,000 in after-tax amounts. You request … Read more
Are you thinking about your estate plan but confused about whether to go with a living trust or just stick with a traditional will? This decision is super important and I totally get why it can feel overwhelming. After helping countless clients navigate this choice I’ve put together this guide to explain why a living … Read more
Americans are worried that they will outlive their savings as they live longer, so annuities are becoming a popular way to make sure they have a steady income in retirement. Annuity sales surpassed $432 billion in 2024, according to data from LIMRA, drawing many retirees to the promise of guaranteed payments for life. But while … Read more
The income you receive from your 401(k) or other qualified retirement plan doesn’t affect the amount of the Social Security retirement benefit you receive each month, but does affect whether your benefits are taxable. Certain thresholds determine if your income, including your 401(k) distributions, is taxable. The Short Answer: Yes, But There Are Rules Hello! … Read more
At the time of retirement, if annuitants are married, they must give their spouses the maximum survivor benefits unless their spouses agree to a lower amount. A retiree can choose to give a survivor annuity to a spouse on their retirement application. This choice lowers the retiree’s monthly annuity so that it can cover the … Read more
On face value the question of ‘what is the average’ is a simple one, the answer is £595 per week (£30,940 p. a. ) for a retired couple and £282 per week (£14,664 p. a. ) for a single retiree as per the most up to date Government Pensioners’ Income figures. But these numbers don’t … Read more
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Once you hit a certain age, you may start thinking about having enough savings for retirement. You may think more about it when you hit milestone decades, such as when you turn 40. For many, this decade is marked by growing families (and the accompanying college funds) and a mortgage. Dont forget the regular bills … Read more
In the midst of grief and emotional turmoil when a loved one dies, families often have to go through the difficult process of probate. After someone dies, many people wonder why their estates have to go through this sometimes long and expensive legal process called probate. Today, I’m going to explain what probate is, why … Read more
A Simplified Employee Pension IRA (SEP IRA) is a traditional IRA for self-employed people and small-business owners. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does … Read more