Financial Planning & Management

When it comes to Social Security, it can be tempting to begin withdrawing benefits as soon as youre eligible—typically at age 62. After all, youve likely been paying into the system for all of your working life, and youre ready to receive your benefits. Plus, guaranteed monthly income is nice to have. When you decide … Read more

Crafting a will or making an estate plan is a responsible decision that gives you control over how you want your property and assets distributed after your passing. Most people draft an estate plan believing the beneficiaries they name will outlive them. Unfortunately, that is not always how things turn out, and sometimes beneficiaries pass … Read more

For the latest information about developments related to Pub. 590-B, such as legislation enacted after it was published, go to IRS. gov/Pub590B. Distributions to victims of domestic abuse. Beginning with distributions made after December 31, 2023, a distribution to a domestic abuse victim is not subject to the 10% additional tax on early distributions if … Read more

The IRA aggregation rule was created to limit the ability of taxpayers to take advantage of ‘abusive’ IRA tax strategies, by requiring that all IRAs are aggregated together to determine the tax consequences of a distribution from any of them. The primary impact of the IRA aggregation rule is to determine how much of an … Read more

Workplace retirement plans like 401(k)s offer tax benefits for your retirement savings. The tax benefit you receive depends on the type of contributions you make. You should know how your distributions are taxed so that you can decide what to do with your money appropriately. People who are part of a workplace retirement plan may … Read more

Many American workers have assets in one or more employer-sponsored retirement plans (i. e. , 401(k), 403(b), profit-sharing plans) to help save for the future. But what happens if you change jobs? These accounts don’t always follow you, so people put them off until later. In fact, about 1 in 5 U.S. S. workers have … Read more

The Canada Pension Plan (CPP) enhancement, which was introduced on January 1, 2019, is designed to help increase retirement income for working Canadians and their families. The CPP is a mandatory pension plan financed by contributions from employees, employers and self-employed individuals. Almost all workers in Canada are covered by it, except those in Quebec, … Read more

Retirement is a big milestone, but getting there doesn’t happen overnight. Financially preparing yourself to leave the workforce requires some forward thinking—particularly about your money. If you’re wondering whether you’re saving enough, you’re not alone. Here, you’ll get an idea of how much you’ll want to have in your 401(k) at different ages and how … Read more

If you’ve been appointed to serve as Executor, you may be curious about how and when an Executor pays beneficiaries of the estate? Read to find out!. The people who get money from an estate are called “beneficiaries.” This is what most of us think of when we hear the words “will,” “probate,” or “estate.” … Read more