It can be hard to deal with a loved one’s money after they die. One question I get a lot from grieving families is, “Can you get into a bank account without probate?” The short answer is yes, you often can — but only in specific situations After helping hundreds of families through this process … Read more
If youve ever inherited a retirement account, youve probably wondered how to use the funds best. Your new account can help jump-start your journey towards financial freedom. Converting some of your inherited IRA to a Roth account could be a great way to minimize your taxes on retirement income. So you’ve inherited an IRA and … Read more
Retiring doesn’t mean you need to immediately withdraw your superannuation. In fact, leaving your money in super after retirement can be a smart financial strategy depending on your circumstances. Many Australians wonder if keeping their retirement savings in the superannuation system is allowed or beneficial. The short answer is yes – you absolutely can leave … Read more
It’s not always as simple as a flat fee for their services. Annuity commission is an essential aspect of the retirement planning landscape, and understanding them can make a significant difference in your financial future. Talk to an annuity specialist if you need help picking the best annuity for your needs or if you have … Read more
Yes, Married Couples Can Both Receive Social Security Benefits! If you’re approaching retirement age and wondering about Social Security benefits for you and your spouse I’ve got good news for you. The simple answer is YES – both spouses in a marriage can absolutely receive Social Security benefits simultaneously. But there’s a lot more to … Read more
When you’re planning for retirement, you should think about how to invest your money and how you might get money in the future, like from Social Security or a retirement account. However, one very important element of retirement that is often overlooked is maintaining an adequate emergency fund to cover any unexpected expenses that may … Read more
Have you ever wondered if you could put money into both your employer’s 401(k) and your own Roth IRA? The good news is that you can! Not only is it legal, but it could be one of the best things you do in retirement. It surprises me how many people don’t know they can use … Read more
Roth IRA losses aren’t typically tax deductible. An exception is when youve fully withdrawn and closed the Roth IRA account, and total distributions are less than contributions. Even then, it must be claimed as a miscellaneous itemized deduction, subject to restrictions. Learn more about the rules and qualifications and how to report Roth IRA losses … Read more
Figure out whether a savings account or Roth IRA is right for you Part of the Series Guide to Savings Accounts. A savings account is a bank or credit union account that holds cash deposits. A Roth IRA is a tax-advantaged individual retirement account (IRA) for long-term retirement investing. Both savings accounts and Roth IRAs … Read more
Turning 70 is a major milestone, and for many, it brings a clearer focus on preserving income, simplifying finances and making sure retirement savings last, especially in todays unusual economic landscape. With traditional pensions becoming less common, stock market volatility at the forefront of many retirees minds, and inflation ticking back up, the idea of … Read more