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If you’ve inherited a 401(k), your options depend on a variety of factors, including but not limited to the plan’s rules, your relationship to the account owner, the age of that owner at the time of their death, and whether they began taking required minimum distributions (which start at age 73). Spouses have more options … Read more

Have you ever wondered if everyone gets the same amount of Social Security when they retire? Maybe your coworker mentioned something about everyone getting $5,100 per month at age 70? Or perhaps you’ve heard that benefits are calculated the same for everyone? Well I’ve got news for ya – it’s absolutely not true! Social Security … Read more

If you’ve ever wondered why so many people cringe when they hear the word “probate,” it’s not just because it sounds like scary legalese—people really do want to avoid this court process. As someone who has done a lot of research on estate planning, I’ve learned that avoiding probate isn’t just a choice; for many … Read more

Do you have an annuity? Is this a financial tool you created for your own future but is something that was ultimately moved out of your possession/estate and into the management of a trust? An insurance company plays a crucial role in managing annuities, especially when they are owned by a trust. Read on to … Read more

Building a million-dollar retirement might not be easy, but more and more people are crossing the million-dollar mark every year, proving that its possible. In fact, Fidelity noted that as of the end of 2023, a record number of people — 391,562 — had balances of a million or more in their IRAs. This is … Read more

As a strategic partner who helps clients navigate and grow in changing circumstances, Tina is responsible for the direct management of the Citizens Wealth Management financial planning and estate planning team, including a team of CERTIFIED FINANCIAL PLANNERS™, estate and tax planners, and trust officers. Most people look forward to their retirement, dreaming of a … Read more

Retirement planning can feel like trying to hit a moving target. Just when you think youve figured out the magic number for a comfortable monthly retirement income, issues like rising costs, market shifts or lifestyle changes shift the goalposts. Adding to the uncertainty right now, though, is the fact that the economic environment is in … Read more

Though pensions come in two types—defined-contribution and defined-benefit—the most common type of traditional pension is the defined-benefit plan. During an employees working years, the employer contributes to the plan. (With a defined-contribution plan, the employee does, too. ) After the employee retires, they receive monthly benefits for the rest of their life from the plan. … Read more

The Short Answer: Yes, You Need Separate IRAs If you’re wondering whether you and your spouse should have separate IRAs the answer is pretty straightforward You don’t have a choice. IRAs can only be held individually – there’s no such thing as a joint IRA. But this limitation might actually be a good thing for … Read more