Find out who qualifies for the $255 Social Security death benefit, and the documents you need to apply for this benefit. 3 min read. When a Social Security-insured worker dies, close family members of the deceased worker may be eligible to claim various benefits from Social Security. One of these benefits is the one-time lump … Read more
Even though the Social Security Administration runs the Supplemental Security Income program, it is not paid for by Social Security taxes like the Social Security Disability Insurance program is. Instead, SSI benefits are funded by general tax revenues collected by the federal government. Adults and children who qualify for SSI get money every month to … Read more
Is $1.5 Million Really Enough for Your Dream Retirement? Hey there future retirees! Today I’m tackling that million-dollar question (well actually the one-and-a-half-million-dollar question) that’s probably keeping you up at night Can you retire with $1.5 million comfortably? Let’s face it – retirement planning is confusing as heck. You may have heard a lot of … Read more
Becoming a homeowner is super exciting, you guys! There are so many fun decisions to make. City or country? Ranch house or townhome? Fixer-upper or move-in ready?. Buying a house you can afford is the most important thing, no matter how you answer those questions. Making a good home budget is the best way to … Read more
Managing your money is serious business, and deciding whether to entrust all your assets to a single financial advisor or spread them among multiple professionals is a question that deserves careful consideration. I’ve spent considerable time researching this topic and wanted to share what I’ve learned to help you make the best decision for your … Read more
When it comes to planning your estate, there are two terms you need to be 100% clear on: beneficiary designation vs. will. Trust & Will breaks them down. When you first start planning your estate, you’ll run into a lot of unfamiliar terms. There are two terms that are easy to mix up: beneficiary designation … Read more
Saving for retirement takes time and discipline. You also need to make sure youre setting aside enough money to maintain your current lifestyle. But you need to strike the right balance so youre not saving too much. Any excess money could be better used elsewhere, like paying off your debts. This article talks about some … Read more
More than 20 million Americans are covered by state and local government pensions. Unlike the 401(k) plans found in the private sector, these “defined benefit” plans promise to pay retirees a set amount of money every month for the rest of their lives. Most people who work for the government depend on these generous programs … Read more
Have you ever put too much money into your Roth IRA and worried about possible penalties? Trust me, I’ve been there, staring at my account balance and wondering, “Can I take this back, or am I stuck paying that dreaded 6% penalty?” The good news is that you can recharacterize an excess Roth contribution, and … Read more
Though pensions come in two types—defined-contribution and defined-benefit—the most common type of traditional pension is the defined-benefit plan. During an employees working years, the employer contributes to the plan. (With a defined-contribution plan, the employee does, too. ) After the employee retires, they receive monthly benefits for the rest of their life from the plan. … Read more