These reviewers are experts in their fields and professional writers who often work for reputable newspapers and magazines like The New York Times and The Wall Street Journal. Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism. Our expert reviewers hold advanced degrees … Read more
[Update in April 2021] The walkthrough and screenshots in this post were from several years ago. Since TaxAct raised its prices in recent years, I stopped updating this post. Please consider switching to TurboTax, H&R Block, or FreeTaxUSA. By request from a reader, I give a walkthrough for how to report backdoor Roth in TaxACT. … Read more
Compare your average Social Security check with others of your age, and plan for the future. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Getting a handle on the average Social Security check by age can help you fine-tune your retirement plans. As of July … Read more
Have you recently received a $200,000 inheritance and wondering if it’s enough to retire on? First off, congratulations on your windfall – though I know it likely comes with mixed emotions. When my uncle passed and left me some money, I felt both grateful and overwhelmed about making the right decisions. The big question is: … Read more
The highest special minimum benefit in 2023 is $1,033.50 per month and jumps to $1,066.50 in 2024. The products shown on this page are mostly or entirely from our advertising partners. They pay us when you click on one of their links and then do something on our site. However, this does not influence our … Read more
Ever stared at your 401(k) statement and wondered, “Will this be enough?” You’re not alone I’ve spent countless nights crunching numbers, trying to figure out how much money I need to retire comfortably without eating cat food in my golden years. The truth is, there’s no magic number that works for everyone. But I’m gonna … Read more
Are you and your spouse trying to figure out how to save more for retirement? Roth IRAs offer great tax benefits, but it can be hard to understand how much a married couple can put in. I spent hours looking into the newest contribution limits to make this complete guide for you. The Short Answer … Read more
Are you dreaming about retirement but feel totally lost about how much money you actually need? Join the club! I’ve been obsessing over this question lately, and specifically wanted to figure out what it takes to live comfortably on $60,000 a year in retirement Turns out, the answer isn’t as simple as I thought – … Read more
In most cases, yes. Having a power of attorney does not eliminate the need for probate. A power of attorney is only valid during the donor’s lifetime. Therefore, once they have died, the attorney no longer has any powers. Once the principal dies, their assets become part of their estate, and the executor or personal … Read more
There is no limit to the number of individual retirement accounts (IRAs) that you can establish. However, you will still have to follow your annual contribution limits. This means that you can’t just put the most money possible into all of your accounts. In other words, if you have two IRA accounts, you can contribute … Read more