Do you have a 401(k) plan through work? You can still contribute to a Roth IRA (individual retirement account) and/or a traditional IRA as long as you meet the IRAs eligibility requirements. You might not be able to take a tax deduction for your traditional IRA contributions if you also have a 401(k), but that … Read more
You’re not the only one who wants to retire but isn’t sure if their savings will last. One of the questions I get asked most often is if a $4,000 monthly income will be enough to enjoy their golden years. Today, I’m going to answer this question in more detail to help you decide if … Read more
Navigating the process of changing a beneficiary can seem daunting, but understanding the essentials can make the transition smooth and aligned with your estate planning goals. Keeping your beneficiary designations up-to-date ensures your assets are distributed according to your current intentions, avoiding potential legal challenges and family disputes. This guide will help you stay informed … Read more
It can be hard to save for retirement because the goal is always moving. How much is enough? Will I end up eating cat food in my old age? (I hope not!) Let’s clear things up and find out what a good nest egg for retirement in 2025 looks like. The Million-Dollar Question (Literally) According … Read more
You may be wondering if your spouse can use the backdoor Roth IRA strategy. You may have heard of this way to save for retirement but aren’t sure if it works for both of you when you file your taxes together. I have good news: your wife can do a backdoor Roth IRA, even though … Read more
A pension plan is basically a fund with both assets and liabilities. It can either be funded or unfunded. If for instance the pension plan’s funds or the total number of its assets are below 90% of the existing debts then this plan is considered as unfunded. If the pension plan has enough assets to … Read more
Are you putting off retirement planning because you think you need thousands to get started? I’ve got some good news that might surprise you! Starting a Roth IRA is way more accessible than most folks realize, and I’m gonna break down exactly how little you need to get your retirement savings rolling. The Surprising Minimum … Read more
There are concerns about the long-term future of Social Security because the program’s trust funds are expected to run out by 2034. If Congress doesn’t do anything, all beneficiaries could see their benefits cut by about 21%. This raises the stakes in a debate that has come up many times in U.S. S. politics: Should … Read more
If youre like many people, you dont buy into the traditional definition of retirement. You may be planning an encore career or looking to maximize opportunities to travel. Hopefully, new adventures and new activities await you. But remember, as you redefine your retirement, consider your retirement income plan, mapping it to a budget based on … Read more
Because you worked hard to get rich, the last thing you want is for your debts to take it all away. For many, trusts are a way to keep their assets safe. But can creditors really go after a trust? The answer isn’t as simple as you might think. At Fales Law Group we’ve helped … Read more