With a Roth IRA, contributions are not tax-deductible, but earnings can grow tax-free, and qualified withdrawals are tax- and penalty-free. Roth IRA withdrawal and penalty rules vary depending on your age, how long youve had the account, and other factors. So you’ve been diligently contributing to your Roth IRA for retirement, but now you’re dreaming … Read more
There is no fixed retirement age in the UK. In other words, an employer can no longer force any employee to retire when they get to a certain age, which used to be the case. There is no longer a default retirement age of 65 in the UK. This means that you can work as … Read more
It can be hard to figure out your Social Security benefits when you’re missing pieces. A lot of my readers, especially women who want to know if they can get their husband’s benefits, have asked me to spend hours researching this subject. Depending on your situation, the length of your marriage requirements may be different. … Read more
You can use Social Security benefits to pay for some of your Medicare premiums. You can also pay your Medicare bills online or by mail without a fee. If you receive Social Security retirement or disability benefits, your Medicare premiums can be automatically deducted. The premium amount will be taken from your check before it … Read more
Have you ever felt like the tax man is always coming for your hard-earned money? Well I’ve got some amazing news for you! There’s actually a magical unicorn in the world of retirement accounts that can help you kiss those retirement tax worries goodbye. It’s called a Roth IRA and I’m convinced it might just … Read more
Mortgage lenders see far beyond your account balance in your bank statements. Your financial documents show your spending patterns, income stability, and overall financial health to lenders at the time you apply for a home loan. Most borrowers feel uneasy about sharing their detailed bank statements. However, knowing what lenders search for in these documents … Read more
People already find it hard to understand how to save and invest for retirement in good economic times, so it’s not a surprise that a lot of people are worried about their financial futures right now. Everyday items are getting more expensive because of inflation, and mortgage and other loans are becoming more expensive because … Read more
As a financial planner, I’ve noticed many clients are confused about whether they can put their Roth IRA in a trust. The short answer is you can name a trust as the beneficiary of your Roth IRA but a trust cannot directly own a Roth IRA during your lifetime. This distinction is crucial for proper … Read more
Hey there, retirement savers! If you’re working for a nonprofit organization, university, or in the education sector, you’ve probably heard about 403(b) plans. But here’s a question I get asked all the time: can you have both a Roth 403(b) and a traditional 403(b) simultaneously? “Yes, you can!” is the short answer. In fact, it … Read more
Ever wondered if the ultra-wealthy use the same retirement accounts as regular folks? I’ve been researching this question for weeks and what I found might surprise you. Yes, millionaires absolutely do have Roth IRAs—and they’re leveraging them in ways most of us never imagined possible! By the end of 2022 there were a staggering 280300 … Read more