As the saying goes, “you can’t take it with you. So, if one of your estate planning goals is to give away your money, here are three places your money could go after you die: No one wants a big chunk of their hard-earned money to go to taxes when they want to give it … Read more
There is a chance that the Domestic Relations Order (DRO) could be sent to the “New York State and Local Retirement System” if the member is a member of any of the above systems. In the event that a member has two memberships and is eligible for pension benefits from both, but the DRO only … 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
If you dont have any money saved up for retirement, it can seem like a daunting task to plan for it. Every year that goes by, you have less time to save, which could mean that you have to put off your plans to retire. While ideally, you would start investing in your 20s, you … Read more
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Want to know how Uncle Sam keeps track of your retirement savings? If you’ve been putting money into a Roth IRA and wondering, “Does the IRS really know about this?” you’re not the only one. A lot of people ask this question because Roth contributions don’t show up on your tax return like traditional IRA … Read more
The Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) are only available in Canada. They each have their own rules for investing and uses. Most Canadians know these plans exist, and hopefully have funds in one or both of these important account types, but many people don’t know how to use them … Read more
You’ve saved $300,000 and want to know if you can quit your desk job at age 60. First, let me tell you how proud I am that you’ve saved that much—you’re ahead of a lot of Americans! But is that enough to cover 25 years of retirement? Let’s start by being honest about this question. … Read more
Self-employment offers amazing freedom, but let’s be honest—retirement planning gets a bit tricky when you’re your own boss. Without that corporate 401(k) plan and employer match, you might be wondering what retirement savings options you have available. Well, I’ve got great news! As a self-employed person, you absolutely can open a Roth IRA, and it … Read more
Are you thinking about setting up a trust as part of your estate plan? Trusts have many benefits for protecting assets and managing wealth, but they also have some big problems that you should think about carefully. I’ve helped many clients navigate these waters, and I always make sure they understand both sides of the … Read more