Buying a home is an exciting milestone in life but also requires careful financial planning. A big question for people who want to buy a house is how much cash they should have left over after paying the down payment. Congratulations on your new home purchase! It’s an exciting time, but let’s be real – … Read more
Are you confused about how your 401(k) affects your taxes? Join the club! I’ve spent countless hours trying to untangle the web of retirement savings and income reporting, and I’m here to share everything I’ve learned about whether 401(k) counts as income. The short answer is that it depends on whether you’re making contributions or … Read more
The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. The median income for couples aged 65 and up according to the US Census Bureau in 2022 is $76,490 per year, or about $6,374 per month. Would this much money help you and … Read more
Are You Behind or Ahead in Your Financial Journey? Let’s be honest – turning 40 hits different. You’re likely juggling career demands, family responsibilities, and maybe even caring for aging parents. With all that going on, it’s no wonder if retirement savings has taken a backseat. But here’s the uncomfortable truth your 40s are critical … Read more
If you inherit an individual retirement account (IRA), you might get a lot of money. But there are rules about how to use the money that you inherit that could affect your taxes or even lead to penalties. Travis Huber, IRA product manager at Wells Fargo Wealth & Investment Management, Wells Fargo Clearing Services, LLC. … Read more
The tax benefits of Roth accounts are clear: Tax-free growth potential and tax-free withdrawals in retirement. 1 If you arent able to contribute to a Roth IRA because of the income limits,2 a Roth conversion of eligible retirement assets is another way to fund a Roth account. 3 But does it make sense if you … Read more
Congratulations, you’ve saved $15 million for retirement. Most Americans don’t even come close to that much. But the big question is: Is it enough? Will you be drinking margaritas on the beach or watching your spending at the store? Let’s answer this question that keeps a lot of people who are planning to retire up … Read more
Can You Actually Retire on $300,000? Here’s the Truth So you’ve managed to save $300,000 for retirement First off, congrats! That’s no small achievement You’re actually ahead of many Americans. But the big question remains – is it possible to retire with $300k? I get this question from readers all the time, and the answer … Read more
Finally, after years of diligently putting money into your 401(k), the big day has arrived: retirement! But now comes the tricky part: figuring out how to turn all that saved money into real income without running out too soon or paying too much in taxes. I’ve helped many clients navigate this transition, and let me … Read more
Senior Living says that the average monthly cost for a private nursing home room in the U.S. in 2025 will be $1,600. S. is $10,025, that’s $120,304 annually. Families who don’t plan ahead could have to sell their homes or use their savings to pay for care if they don’t. Fortunately, legal tools like trusts … Read more