Financial Planning & Management

You’re not the only one worried about your retirement. Many companies are having trouble keeping their pension promises, so it’s important to know if your pension plan is underfunded for your financial future. I’ve spent countless hours researching this topic, and I’m here to share everything you need to know about identifying underfunded pension plans. … Read more

Despite well-intentioned saving and strategic financial planning, life can throw curveballs that impact your finances. And without cash to fall back on, an unexpected expense could create a challenge. Unfortunately, this is a common situation: 63% of Americans can’t cover a $500 emergency with their savings. The inability to sustain a financial emergency may explain … Read more

Are you worried about your retirement withdrawals being taxed? Confused about how Roth IRA distributions affect your income for tax purposes? You’re not alone! This is one of the most common questions I get from readers approaching retirement age In short, it depends on whether you follow the rules. Don’t worry, though; I’ll explain everything … Read more

Supplemental Security Income (SSI) is a federal program run by the Social Security Administration that helps people who are hard up financially. SSI was created in January 1974 to replace and consolidate three similar assistance programs. It provides relief to those who are blind, disabled, or age 65 and older and have minimal income and … Read more

As a stay-at-home parent, you might think saving for retirement isn’t an option for you. But there is good news: you can still save for retirement even though you are not the main breadwinner. This is possible with two magic words: spouse IRA. Are you a stay-at-home mom wondering if you can still build your … Read more

Have you ever laid awake at night wondering if your retirement portfolio has too many stocks? Or maybe not enough? You’re definitely not alone in this worry. As someone who’s spent years helping folks navigate the tricky waters of retirement planning, I’ve seen this question cause more anxiety than almost any other investment decision. To … Read more

Actually, that’s just Hollywood fiction! What really happens to a will after someone dies is very different from how these movies show it. Have you ever seen a movie where the family gathers in a dark office after a funeral and the lawyer reads the dead person’s will while everyone gasps and looks shocked? As … Read more

It depends on your expected income and tax rates Part of the Series Roth IRAs: Investing and Trading Dos and Donts. With a Roth IRA, people can invest their pre-tax retirement savings without having to worry about taxes on the gains or having to take required minimum distributions when they reach the normal starting age. … Read more

Yes, a lump sum from a pension is usually taxed as ordinary income, but not as earned income. The Internal Revenue Service (IRS) says that lump-sum payments from qualified retirement plans are taxed, and that mandatory withholding is usually applied. But there are a number of tax treatment options and possible ways to lessen the … Read more