Have you ever wondered if naming someone as a beneficiary means they automatically get all your stuff when you’re gone? Well, you’re not alone in this confusion. This is one of those questions that seems simple but actually has a pretty complicated answer. In my years of helping folks understand estate planning, I’ve seen this … Read more
Happy National Teach Children to Save Day! With high school and college students’ summer job season coming up quickly, now is a great time to teach your little ones about the benefits of saving money in a Roth IRA. While the notion of retirement seems unfathomable to anyone under forty, investing in a Roth IRA … Read more
It’s not hard to understand why Roth IRAs are popular – who wouldn’t want to build up a savings account that can provide tax-free income during retirement? But contributing to a Roth can be difficult to do as it requires compensation income, and total income that falls under a certain threshold. Fortunately, there is a … Read more
So you want to know if your spouse who doesn’t work can still save for retirement through a Roth IRA? The good news is that they can! They can build their retirement nest egg with something called a “spousal IRA.” “. As someone who has helped many couples save the most for retirement, I can … Read more
Most of the time, saving for retirement is best done in later years. However, some 401(k) plans let you take money out early if you have a qualifying financial hardship. Here’s an overview of 401(k) hardship withdrawals, including how they work and what qualifies as a hardship. Understanding Hardship Withdrawals in 2025: Documentation Requirements Made … Read more
If you’re old enough to get the Age Pension, you should have some cash saved up and hopefully a good amount in super to see you through retirement. But you probably don’t want to be digging into your savings regularly. If eligible, the Age Pension could help you stretch your savings for longer after you … Read more
It’s possible to have many IRAs, but the most money you can put into all of them at once is limited. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their … Read more
Being a trustee and beneficiary of a trust is a complex role that needs to be balanced to keep it fair and legal. A trustee manages and administers the trust assets and must be impartial and in the best interest of all beneficiaries and not self-serving. A beneficiary gets benefits from the trust like distributions … Read more
If youre like many people, you dont buy into the traditional definition of retirement. You may be planning an encore career or looking to maximize opportunities to travel. Hopefully, new adventures and new activities await you. But remember, as you redefine your retirement, consider your retirement income plan, mapping it to a budget based on … Read more
If you are a beneficiary of a loved ones 401(k), there are certain rules and tax implications you should know that can vary based on your relationship to the deceased, your age and other factors. Have you ever thought about what will happen to your hard-earned 401k savings when you die? Or maybe you’re the … Read more