Have you ever laid awake at night, staring at the ceiling, with the weight of your loans and credit card statements pressing down on you? You’re definitely not alone! The question of when we should aim to be debt-free has become a hot topic in personal finance circles, and for good reason. With Americans carrying … Read more
In the battle for retirement supremacy, pensions and 401(k)s duke it out as the two heavyweight champions of retirement planning. But which one truly deserves the championship belt? If you’re scratching your head wondering whether a pension is better than a 401(k), you’re not alone. I’ve spent countless hours researching this topic to bring you … Read more
Traditional individual retirement accounts (IRAs) and Roth IRAs are both widely used investment vehicles for workers trying to accumulate long-term assets. However, the way these two accounts work is different, with each having its own advantages and disadvantages. While they each offer tax benefits, there are limits to how much you can contribute, and these … Read more
Advice and information on how to buy an extra pension from the NITPS, including how much it costs, how to buy it, and what happens when you take time off without pay. If you’re a teacher wondering about ways to enhance your retirement income, you’ve probably asked yourself: “Can I buy extra years on my … Read more
Let’s face it – nobody wants to give Uncle Sam more money than necessary, especially when it comes to your hard-earned retirement savings. I’ve spent countless hours researching IRA transfers for my clients, and the good news is that there are several ways to move your IRA funds without triggering a tax bill. In this … Read more
In today’s uncertain economic landscape, many of us are wondering if £1 million is truly enough to fund a comfortable retirement. While this may seem like an enormous sum at first glance, the reality might surprise you. As someone who’s spent years researching retirement planning, I can tell you that the answer isn’t as straightforward … Read more
Roth IRA losses aren’t typically tax deductible. An exception is when youve fully withdrawn and closed the Roth IRA account, and total distributions are less than contributions. Even then, it must be claimed as a miscellaneous itemized deduction, subject to restrictions. Learn more about the rules and qualifications and how to report Roth IRA losses … Read more
Hey there! I’m thrilled you stopped by my blog today. If you’ve been worrying about how your pension might affect your Social Security benefits, I’ve got some really good news for you! Recent changes to Social Security laws have completely transformed this situation, and I’m excited to break it all down for you in simple … Read more
Have you ever wondered why age 65 is considered the “normal retirement age”? What if you plan to retire earlier or later, or phase out of the workforce? Here’s how to time it just right. Age 65 has long been considered the typical retirement age, but Americans have different thoughts on when to retire. It … Read more
Are you worried about getting double-taxed on your backdoor Roth conversion? You’re not alone. As someone who’s helped countless clients navigate this retirement strategy, I’ve seen this question pop up over and over. Let’s clear the confusion once and for all. What Is a Backdoor Roth IRA Anyway? Let’s make sure we agree on something … Read more