Financial infidelity is when someone lies about or withholds important information about money. This dishonesty can happen within romantic relationships, between roommates or business partners, or within a larger family structure. For the purposes of this article, I’ll be largely focusing on romantic relationships. (If you’d like me to write about financial infidelity within other … Read more
Are you worried about your retirement withdrawals being taxed? Confused about how Roth IRA distributions affect your income for tax purposes? You’re not alone! This is one of the most common questions I get from readers approaching retirement age In short, it depends on whether you follow the rules. Don’t worry, though; I’ll explain everything … Read more
There are some unique challenges that come with running a family business, especially when it comes to long-term planning for succession and protecting assets. Putting a business in a family trust is a solution that is becoming more popular. But can a family trust really run a business well? The short answer is yes, but … Read more
Social security benefits are taxable, depending on the amount of additional income you have. You can start getting Social Security retirement benefits at age 62, but many people wait until they reach full retirement age to get bigger monthly benefits. This is age 66 or 67 for most people. Age has nothing to do with … Read more
When you need money quickly, have you ever thought about taking money out of your retirement savings? You may be wondering, “Can I take money out of my 401(k) and put it back in 60 days without penalties?” The short answer is yes, but there’s a lot more you need to know before you decide … Read more
Your ex can take part of your retirement or pension benefits if you received or earned them during the years of your marriage. This means any retirement or pension benefits that you accumulated before the marriage, or after the divorce is finalized, belong only to you, and your ex cannot take any of it. However, … Read more
It’s not always as simple as a flat fee for their services. Annuity commission is an essential aspect of the retirement planning landscape, and understanding them can make a significant difference in your financial future. Talk to an annuity specialist if you need help picking the best annuity for your needs or if you have … Read more
Have you ever wondered exactly how much money you need to save for retirement? It’s one of those nagging questions that keeps many of us up at night. I remember staring at my bank account a few years ago thinking, “Am I even close to where I should be?” That’s when I discovered the 25x … Read more
It’s hard enough to deal with grief when a loved one dies without having to worry about their estate. People who are supposed to get an inheritance often ask, “When will I actually get my inheritance?” The answer isn’t always clear, and the time frame can change a lot depending on a number of factors. … Read more
A lot of retirees don’t know that their monthly Social Security disability and retirement benefits may be federally and (in some states) state taxable. People who get monthly benefits from Social Security should know that they can have federal income tax taken out of their benefits. For federal retirees, voluntary federal income tax withholding from … Read more