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
I kind of like the title of this article. Only one actual word (after the “intro”)…everything else is an acronym or made-up word. So, let’s first define the acronyms: As a military retiree or federal employee with military connections you’re in a unique position when it comes to healthcare options. Having access to both TRICARE … Read more
This information comes from the National Academy of Social Insurance to help people learn more about Social Security, which is still a big part of how Americans and their families can plan for their retirement. We encourage you to use the information on our site to increase your familiarity with social insurance programs as they … Read more
Roth IRAs for kids are a great retirement tool, because children have decades for their contributions to grow tax-free, and contributions can be withdrawn tax-free and penalty-free at any time. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our … Read more
You don’t just say “I do” and live happily ever after when you get married. When two people get married, they don’t just join their hearts; they also join their wallets! As someone who has helped many newlyweds figure out their finances together, I can say from personal experience that marriage changes the way people … Read more