Many people have tens of thousands–even hundreds of thousands–of dollars in their IRAs. If you have an asset that large, shouldn’t you devote more effort to planning for its ultimate disposition? A designated beneficiary is named on a life insurance policy or some type of investment account as the individual(s)…
Most financial experts would agree that it is rarely, if ever, a good idea to take an early withdrawal from a traditional IRA or Roth IRA. This is due in part to the high cost of penalties that can hit an account holder for an early withdrawal (not to mention…
This time of the year is a great time to revisit your estate plan, so you can ensure your legacy is protected for years to come.” Many of us set New Year’s resolutions to improve our quality of life. While it’s often a goal to exercise more or eat more…
New research from TD Ameritrade finds that many individuals are confused when it comes to Roth IRAs — accounts that are funded with post-tax money. Consequently, many people are leaving cash on the table, when it comes to maximizing this savings strategy. CNBC’s recent article entitled “Not knowing these Roth…
“A new law could affect the IRAs and 401(k)s of millions of Americans in 2020.” The SECURE Act is the most substantial change to our retirement savings system in over a decade, says Covering Katy (TX) News’ recent article entitled “Laws Change for IRA and 401K Retirement Savings Plans.” The…
“If you're between 55 and 64, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically. Your focus should be on building out—or catching up,…
Once you understand what a will can do, the reason that everyone needs one becomes a lot clearer, especially if you have any minor children or any assets. A will is a legal document used to provide clear and binding instructions on how you want your assets to be distributed…
Those who happily enjoy senior discounts at national parks, fast food restaurants and movie theaters will tell you that turning 59 ½ is no big deal. Chances are at 59 ½, you’re still enjoying good health, working productively and wise enough to know you’re a bit smarter than you were…
After years of enjoying the deductions for putting money into retirement accounts, it’s always an unpleasant stunner when people realize they have to pay taxes on their withdrawals. Or do they? Converting a 401(k) to a Roth IRA or Roth 401(k) will eliminate the need to pay taxes on withdrawals,…
It used to be unheard of, a divorce after fifty, sixty or even seventy years old. However, gray divorce is now becoming more common. There are pitfalls to be aware of, before taking this big step. According to the National Center for Health Statistics and the U.S. Census Bureau, younger…