Have you ever wondered exactly how much money you need to save for retirement? It’s one of those nagging questions that keeps many of us up at night. I remember staring at my bank account a few years ago thinking, “Am I even close to where I should be?” That’s when I discovered the 25x … Read more
It’s hard enough to deal with grief when a loved one dies without having to worry about their estate. People who are supposed to get an inheritance often ask, “When will I actually get my inheritance?” The answer isn’t always clear, and the time frame can change a lot depending on a number of factors. … Read more
A lot of retirees don’t know that their monthly Social Security disability and retirement benefits may be federally and (in some states) state taxable. People who get monthly benefits from Social Security should know that they can have federal income tax taken out of their benefits. For federal retirees, voluntary federal income tax withholding from … Read more
See how your savings stack up against the average Part of the Series Strategies to Maximize Your 401(k) Want to quit your desk job at age 55? You’re not the only one. For many of us, early retirement is the ultimate financial goal, but it can be hard to figure out how much you need … Read more
As you plan your estate, are you thinking about setting up an irrevocable trust? These powerful legal tools have many great benefits, but they also have some major problems that you may regret for years to come. At our law firm, we’ve seen clients dive into irrevocable trusts without fully understanding what they’re giving up. … Read more
Prior to the distribution of an estate by an executor to its beneficiaries, an executor must prepare an accounting which outlines the assets of an estate, its liabilities, and the expenses paid by an estate prior to actual distributions being made. A formal accounting is one that is filed with the county surrogate and checked … Read more
Over the last decade, the “financial independence, retire early” (FIRE) movement has become one of the hottest mantras for those under 60. 1 But the truth is that if you want to leave the workforce in the prime of your life, you’ll need to make even bigger investments and cut costs even more than you … Read more
Planning your future often requires turning to a financial advisor whom you can trust as a fiduciary for guidance on personal investing, college trusts, income tax preparation, insurance, retirement planning, or estate planning. Most financial advisors try to help their clients invest their money in areas that will give them a good return because they … Read more
Here’s how to fix the issue and stay out of tax trouble. This is part of a series on Roth IRAs: What to Do and Not Do When Investing and Trading. You can save for retirement by putting money into a Roth IRA, but if you put too much money into it in one year, … Read more
WASHINGTON, D. C. — Three in four retired Americans say they have enough money to live comfortably, consistent with retiree perceptions across the 23 years Gallup has tracked views on retirement in its Economic and Personal Finance surveys conducted each April. This generally positive view of retirement is different from what people who haven’t retired … Read more