In 1935, President Franklin D. Roosevelt established the U. S. Social Security system and designated age 65 as the retirement age. Since then, that age has become the norm for quitting your job, relaxing, and enjoying the rewards of your hard work. To provide additional support to those over age 65, our government also offers … Read more
A revocable trust is a flexible way to plan your estate because the grantor can change or cancel its terms at any time during their lifetime. If the grantor dies, the trust will avoid probate. Have you ever thought about what will happen to your property when you die and can’t take care of it … Read more
What should you do to start saving for retirement when you’re already old? This is a question that more and more people who are almost retired but don’t have much saved are asking. Margaret C. and her husband are part of this group. She recently wrote to tell us about her situation. “I am 60, … Read more
The Short Answer: Yes, You Need Separate IRAs If you’re wondering whether you and your spouse should have separate IRAs the answer is pretty straightforward You don’t have a choice. IRAs can only be held individually – there’s no such thing as a joint IRA. But this limitation might actually be a good thing for … Read more
Are you sitting on a substantial nest egg of $500,000 and wondering how much passive income it could generate? Maybe you’ve inherited a lump sum, sold a business, or diligently saved over the years Whatever your situation, understanding the potential interest earnings on $500,000 can help you make smarter financial decisions I’ve analyzed various investment … Read more
Family members who work with good estate planning attorneys often create trusts into which they transfer assets that they intend to pass on to beneficiaries. The trust allows them to minimize estate taxes, protect assets from creditors, and preserve their eligibility for public funded elder care, among other benefits. But trust documents are not public … Read more
You may be eligible for both Part of the Series Roth IRAs: Investing and Trading Dos and Donts Roth individual retirement accounts (Roth IRAs) and 457 plans are tax-advantaged ways that can help you save for retirement. Although the end goal is the same, they do work very differently. Anyone with earned income can open … Read more
Are you worried about what will happen to your retirement savings when you die? If your IRA is one of your biggest assets, like many people’s, you may be wondering how to make sure it goes to the right people and is used the way you wanted. That’s where an IRA trust comes in handy!. … Read more
When a worker passes away, family members may be able to claim some, or all, of the monthly Social Security payments their loved one would have been entitled to receive. These “survivor benefits” can be an invaluable lifeline for families that have suddenly lost a provider. The surviving spouse may also be able to get … Read more
You’re not the only one who wants a comfortable retirement with a six-figure income. Many of us want to keep living the way we do now that we’re retired, and for many Americans, having around $100,000 a year in retirement income means financial freedom and security. But here’s the million-dollar question (or multimillion-dollar question): How … Read more