All the rules you need to know about taking money out and converting it to another type of account. Part of the series What 50-Year-Olds Need To Know About Roth IRAs Roth individual retirement accounts (IRAs) come with many tax benefits, including tax-free withdrawals. However, to avoid a 10% early withdrawal penalty and owing income … Read more
As the Head of Financial Planning at Citizens Wealth Management, Jason is a strategic partner who creates the strategy, manages the planner teams, and coordinates personal financial planning activities across the company to help clients deal with and grow in new situations. Today, the average American retires at around age 63. But what if youre … Read more
Many people look forward to the time they can get their hands on the money they’ve saved for years in their pension. When you first decide to do something, you might decide to take the 25% of your pension savings that can be withdrawn tax-free. When you turn 55, you have more options for your … Read more
Are you wondering if that 401(k) account you’ve been faithfully contributing to can be quickly converted to cash when needed? Maybe you’re applying for a mortgage or just want to understand your financial position better. Whatever your reason, the question “is a 401(k) considered a liquid asset?” is an important one to answer. Spoiler alert … Read more
There are a lot of seniors and the number is growing. Some estimates say that seniors hold two-thirds of all the personal wealth in the United States. By the year 2050, the number of seniors is projected to be nearly twice as large as it was in 2012. Since many seniors have been able to … Read more
When we hear the word “wealth,” our minds usually jump straight to finances—bank accounts, investments, net worth. But here’s the thing: wealth is about so much more than just money. True wealth extends beyond the dollars and cents. It’s about well-being, relationships, and how we live our lives. Let’s break down a few key areas … Read more
Today more young adults are living at home with their parents than at any time since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually related to finances. Most adult children who … Read more
The IRA aggregation rule was created to limit the ability of taxpayers to take advantage of ‘abusive’ IRA tax strategies, by requiring that all IRAs are aggregated together to determine the tax consequences of a distribution from any of them. The primary impact of the IRA aggregation rule is to determine how much of an … Read more
You put something in a trust, but now you want to know if you can get it back. What if you need to sell or refinance it? What if your family situation has changed? No matter the reason, taking property out of a trust isn’t always as easy as you might think. However, it is … Read more
As the saying goes, “you can’t take it with you. So, if one of your estate planning goals is to give away your money, here are three places your money could go after you die: No one wants a big chunk of their hard-earned money to go to taxes when they want to give it … Read more