The Short Answer The current State Pension age for women in the UK is 66 years, the same as for men. This equalization was completed in 2018, and the pension age for both genders will start to increase again from May 2026. How We Got Here: The Journey to Pension Age Equality If you’re a … Read more
So your parent passed away and left you their IRA. First, I’m sorry for your loss. Second, you’re probably wondering what the heck to do with this inherited account. The rules can be confusing (believe me, I’ve been there!), and one wrong move could cost you thousands in unnecessary taxes. In this guide, I’ll walk … Read more
Are you not sure if a Roth retirement account will help you because of your high income? You’re not the only one. When planning your finances, most people say to try to pay as little in taxes as possible right now. But this isn’t always the best idea, especially for people who make a lot … Read more
Financial infidelity is when someone lies about or withholds important information about money. This dishonesty can happen within romantic relationships, between roommates or business partners, or within a larger family structure. For the purposes of this article, I’ll be largely focusing on romantic relationships. (If you’d like me to write about financial infidelity within other … Read more
Are you worried about your retirement withdrawals being taxed? Confused about how Roth IRA distributions affect your income for tax purposes? You’re not alone! This is one of the most common questions I get from readers approaching retirement age In short, it depends on whether you follow the rules. Don’t worry, though; I’ll explain everything … Read more
There are some unique challenges that come with running a family business, especially when it comes to long-term planning for succession and protecting assets. Putting a business in a family trust is a solution that is becoming more popular. But can a family trust really run a business well? The short answer is yes, but … Read more
Social security benefits are taxable, depending on the amount of additional income you have. You can start getting Social Security retirement benefits at age 62, but many people wait until they reach full retirement age to get bigger monthly benefits. This is age 66 or 67 for most people. Age has nothing to do with … Read more
When you need money quickly, have you ever thought about taking money out of your retirement savings? You may be wondering, “Can I take money out of my 401(k) and put it back in 60 days without penalties?” The short answer is yes, but there’s a lot more you need to know before you decide … Read more
Your ex can take part of your retirement or pension benefits if you received or earned them during the years of your marriage. This means any retirement or pension benefits that you accumulated before the marriage, or after the divorce is finalized, belong only to you, and your ex cannot take any of it. However, … Read more
It’s not always as simple as a flat fee for their services. Annuity commission is an essential aspect of the retirement planning landscape, and understanding them can make a significant difference in your financial future. Talk to an annuity specialist if you need help picking the best annuity for your needs or if you have … Read more