Have you ever wondered what happens to your retirement savings while you’re busy working? How do pension plans actually work behind the scenes? I’ve spent considerable time researching funded schemes, and I’m excited to share what I’ve learned in simple terms What Are Funded Schemes? Funded schemes are a type of financial arrangement in which … Read more
Owing money that you cant afford to pay can put you in a stressful position, and things can feel even more dire once debt collectors start calling. After all, debt collection agencies have quite a few tools at their disposal to try and compel you to pay whats owed, including lawsuits that can lead to … Read more
Let’s face it – nobody enjoys tax season, especially when you’ve been active in the stock market. As a trader, one question that probably keeps you up at night is “Do I really have to report EVERY single stock trade I made this year?” If you’ve made dozens or even hundreds of trades, the thought … Read more
I’m going to tell you the truth: most of us don’t really understand the rules when it comes to planning for retirement. “Can I really max out both my 401(k) and my IRA in the same year?” is a question I get asked a lot. The short answer is absolutely yes, you can! I’ve been … Read more
You may be eligible for both Part of the Series Roth IRAs: Investing and Trading Dos and Donts Roth individual retirement accounts (Roth IRAs) and 457 plans are tax-advantaged ways that can help you save for retirement. Although the end goal is the same, they do work very differently. Anyone with earned income can open … Read more
Role of an executor: The executor named in a will is responsible for managing the estate, paying debts and taxes, and ensuring the remaining assets are distributed correctly to beneficiaries. Risks and responsibilities: Executors can be held personally liable if debts are not paid in the correct order, if money is given to the wrong … Read more
When a person passes away, the executor named in the Will must apply for a Grant of Probate to be able to commence the process of distributing the assets of the deceased estate. If all the necessary papers are in order, this process can be pretty easy. If the estate isn’t complicated and there aren’t … Read more
Alden and Dena Swartz draw nearly $4,000 a month from Social Security, the government program designed to support Americans in retirement. And they are struggling. Gail Randle and her partner, Mike DellaVolpe, collect only $2,400 a month in Social Security benefits: Not quite $30,000 a year. And they are doing all right. “We are frugal … Read more
Example: Brian is a retired 401(k) participant who turned 76 on March 31. His daughter, Susan, is the beneficiary on his account. On December 31 of last year, the ending balance in his 401(k) was $262,000. To calculate his RMD for this year, he divides $262,000 by his life expectancy factor of 23. 7 years. … Read more
Are you planning your estate or been named in someone’s will? Understanding the role of a will executor is crucial for smooth estate management after someone passes away In my years helping folks with estate planning, I’ve seen how important this role really is—yet so many people don’t fully get what it involves! We will … Read more