Wondering if you can still use that sneaky backdoor to get money into a Roth IRA even when you make too much? Good news – the backdoor is wide open in 2025! There have been rumors for years that the Backdoor Roth IRA would be shut down, but it is still a legal way for … Read more
Verlan Kwan, partner at Keystone Law Group, summarizes five things you should know about an executor overriding a beneficiary. Read the complete article below for more details. Click the YouTube subscribe button to be notified when new videos are posted. An executor can override a beneficiary when they are acting in accordance with state statutes, … Read more
When contributing or taking a distribution from a 401(k), you might ask yourself âwhat are the taxes on my 401(k)s?â. Find out when a tax is charged on 401(k)s. 3 min read. A 401(k) is a tax-deferred account, and employees are not required to pay income taxes on their contributions. You will still be required … Read more
The SSI and SSDI disability programs offer benefits for disabled or blind people. However, the financial eligibility requirements are different. The main difference between Social Security Disability (SSDI) and Supplemental Security Income (SSI) is the fact that SSDI is available to workers who have accumulated a sufficient number of work credits. People from low-income families … Read more
Are you having trouble figuring out how much money you’ll need for your golden years? You’re not the only one. I’ve been through this difficult process of figuring out my retirement needs before, and let me tell you, it doesn’t have to feel like solving a difficult math problem. In this article, I’m gonna break … Read more
WASHINGTON, D. C. — Three in four retired Americans say they have enough money to live comfortably, consistent with retiree perceptions across the 23 years Gallup has tracked views on retirement in its Economic and Personal Finance surveys conducted each April. This generally positive view of retirement is different from what people who haven’t retired … Read more
You can take different tax-free lump sums from your pension pot depending on the type of protected allowances you hold. Generally, you can take a tax-free lump sum from your pension of 25% of your pension pot, up to a maximum across all your arrangements of £268,275. This is your lump sum allowance. Both are … Read more
When you die your spouse, civil partner or beneficiaries may be able to inherit your pension. The trustees of the pension plan will decide who gets the pension, but they will look at your expression of wish form. The exact rules for pension death benefits depend on the type of pension you have and how … Read more
Hey there! I’ve been deep diving into Social Security strategies lately (mostly because my wife and I are approaching that age where we need to make some serious decisions). The question of when my wife should claim her benefits has been keeping me up at night, and I’m guessing you might be wrestling with the … Read more
If you are a beneficiary of a loved ones 401(k), there are certain rules and tax implications you should know that can vary based on your relationship to the deceased, your age and other factors. Have you ever thought about what will happen to your hard-earned 401k savings when you die? Or maybe you’re the … Read more