Your retirement income can be a good source of income for getting a mortgage, as long as it meets certain requirements. This includes income from Social Security, pensions, and annuities. Each type is treated slightly differently, but the underlying requirement remains the same: the income must be stable, documented, and likely to continue. Retiring doesn’t … Read more
Americans have lofty goals for their retirement, with the typical worker believing they need $1. 46 million to retire comfortably — a jump of 53% from their savings target in 2020, according to a new survey from Northwestern Mutual. The study found that the average amount held in a retirement account today is only $88,400, … Read more
The income you receive from your 401(k) or other qualified retirement plan doesn’t affect the amount of the Social Security retirement benefit you receive each month, but does affect whether your benefits are taxable. Certain thresholds determine if your income, including your 401(k) distributions, is taxable. The Short Answer: Yes, But There Are Rules Hello! … Read more
There has been a lot of talk about annuities and whether they are a good investment for years, and it doesn’t look like it will end any time soon. But instead of rehashing the usual arguments, lets look at it from a different perspective. If you are planning for retirement and want to find the … Read more
Because you worked hard to get rich, the last thing you want is for your debts to take it all away. For many, trusts are a way to keep their assets safe. But can creditors really go after a trust? The answer isn’t as simple as you might think. At Fales Law Group we’ve helped … Read more
Your P45 shows how much tax you’ve paid on your salary so far in the tax year (6 April to 5 April). You can check how much tax you paid last year if you think you might have paid too much. What Happens to Your P45 When You Close the Office Door for Good Yes, … 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
What Exactly Is a Pension Refund? A pension refund is simply getting back the money you’ve contributed to your retirement plan when you leave your job before retirement. Instead of waiting until retirement age to access these funds, you’re essentially cashing out early. This choice has caused a lot of people to get lost, so … Read more
Losing a spouse is very hard on the emotions, and on top of that, many widows worry about how they will pay their bills in the future. Some of the questions I get from readers most often are about whether they can get their husband’s state pension after he dies. There isn’t a simple yes … Read more
Dealing with the death of a loved one is hard enough without worrying about legal fees If you’re wondering how much solicitors charge for probate, you’re not alone. I’ve spent countless hours researching this topic to help our readers navigate this confusing process, and what I’ve discovered might surprise you The Eye-Opening Reality of Probate … Read more