People who save money in individual retirement accounts (IRAs) are more likely to stick with their plans and not take money out before they turn 59½. When you make a withdrawal before May 29, 2010, you will be charged a 10% penalty tax by the Internal Revenue Service (IRS), on top of any regular tax … Read more
It’s not uncommon for a retiree to have a million bucks these days. Between super, bank savings, property and investments, there’s a lot of 60-year olds with $1 million. Are you dreaming about that golden retirement? Maybe you’ve heard that magical figure of $1 million thrown around as the ideal retirement nest egg But is … Read more
Planning for retirement isn’t just about having enough money saved, it’s about understanding how much you’ll actually spend. Retirees who take the time to estimate their monthly expenses often enjoy more financial peace of mind. Whether you’re approaching retirement or already there and looking to make the most of your budget, let’s explore the average … Read more
Are you sitting on a substantial nest egg of $500,000 and wondering how much passive income it could generate? Maybe you’ve inherited a lump sum, sold a business, or diligently saved over the years Whatever your situation, understanding the potential interest earnings on $500,000 can help you make smarter financial decisions I’ve analyzed various investment … Read more
When someone dies, the difficult process by which financial institutions allow the deceased person’s funds to be released has long been cause for complaint. Financial institutions usually require executors to get a Grant of Probate before they can access money in a deceased person’s account. This is a legal document that confirms the executor has … Read more
Ever stared at your bank account wondering if you’ve saved enough? You’re definitely not alone. Whether you’re just starting your savings journey or looking to beef up your financial cushion, figuring out the “right” amount to have in savings can feel overwhelming. Let me break it down for you in a way that actually makes … Read more
Have you ever thought about what will happen to your things when you die? Maybe you made a will and thought that would be enough. However, just because you have a will doesn’t mean that your family can skip the probate process. I was shocked when I first heard this, and I bet you are … Read more
Are you tired of watching the government take a big chunk of your hard-earned retirement savings? Well I’ve got some good news for you! There’s a lesser-known retirement option that might just be the solution you’re looking for – the Tax-Free Retirement Account (TFRA). In this comprehensive guide, I’m going to break down everything you … Read more
After spending most of our lives working, it’s normal to start to ask ourselves questions like, when can I retire? Do I have enough in my pension? Can I retire at 55?. Retiring at 55 is a genuine possibility for some people. An important goal for many is to retire at age 55. This gives … Read more
Financial infidelity is when someone lies about or withholds important information about money. This dishonesty can happen within romantic relationships, between roommates or business partners, or within a larger family structure. For the purposes of this article, I’ll be largely focusing on romantic relationships. (If you’d like me to write about financial infidelity within other … Read more