There are a lot of Australians looking for ways to use their superannuation (super) to get into the real estate market and buy a home. But is it possible to buy a house with your super? The short answer is yes, but there are some big rules and restrictions that you need to follow. In … Read more
You can only get the money from someone else’s bank account if you’ve been named as a beneficiary or are a joint owner. If someone else has died and left you money in their account, you can’t just walk into the bank and take it. Anyone who is entitled to a bank account but isn’t … Read more
A backdoor Roth IRA is a loophole that enables wealthier individuals to earn tax-free income. But its complicated. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. The Roth IRA is that rare prize in the U. S. Tax code — a way to earn tax-free … Read more
Is There Really a Social Security Bonus? Here’s What You Need to Know When it comes to retirement planning, I’ve heard so many clients ask about the “Social Security bonus” they’ve seen mentioned online or heard about from friends. With rising costs of living and financial concerns, it’s no surprise that retirees and soon-to-be retirees … Read more
You can’t deduct contributions to a Roth IRA, but earnings can grow tax-free, and qualified withdrawals are free of tax and penalties. Roth IRA withdrawal and penalty rules vary depending on your age, how long youve had the account, and other factors. The Short Answer: You’re Never Required to Withdraw from Roth IRAs While You’re … Read more
If youve ever inherited a retirement account, youve probably wondered how to use the funds best. Your new account can help jump-start your journey towards financial freedom. Converting some of your inherited IRA to a Roth account could be a great way to minimize your taxes on retirement income. So you’ve inherited an IRA and … Read more
Let’s face it – nobody wants to pay more for Medicare than they have to. When you’ve worked hard and saved diligently for retirement it can feel like a punch in the gut to discover you might be paying higher Medicare premiums than your neighbor who gets the exact same coverage. This is where understanding … Read more
Does anyone ever wonder what will happen to them emotionally when they retire? I know I did. After years of writing about the transition to retirement for our blog, I’ve learned that retirement isn’t just about having more money; it’s also a deep psychological journey that can change who you are. Terry Mitchell, a retired … Read more
Can you save for the future and get a tax break? TFSAs and RRSPs both offer tax advantages that can help you achieve your saving and investing goals. Which one is best for you? It’s not always clear-cut how to protect your income, but you can use both a TFSA and an RRSP as part … Read more
Putting your life insurance in a trust is one of the best ways to make sure your family will be taken care of after you die. Your life insurance policy is a significant asset. By putting life insurance in trust you can manage the way your beneficiaries receive their inheritance. Here, we take you through … Read more