If you have assets that you would like your heirs to avoid Probate, you might consider a trust. If you will be leaving assets to minor children - or even to adult children who may not be financially mature...
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Social Security benefits can begin as early as age 62, and if taken early will result in a permanent reduction in your benefit amount (up to 30%). Social Security benefits can also be delayed up to age...
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Seek professional guidance to gain an understanding of how this could affect your taxes in the year you inherit it and possibly beyond. There may be inheritance taxes. If you inherit a retirement account...
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Probate is a legal process of distributing your assets (your estate) after you die. There is no requirement that a will or property go through probate, but if the property isn’t titled or arranged specifically to...
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When you turn 70 ½, you must begin taking annual RMDs from your IRA and 401(k) accounts. And therefore, paying taxes on the dollars you have previously put into your account pre-tax. However...
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In certain cases, yes. See question above for one of those times. However, if you want a specific person or charity to receive your IRA, name them directly. This eliminates the complication or legal issues...
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Generally speaking, we prefer if you name a beneficiary over 18, so if your children are adults, then yes. However, minors who receive an inheritance must go through legal steps to have a guardian assigned...
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Do your best not to! Because… If you are under 59 ½ and withdraw money from your IRA, you will pay taxes and a 10% penalty on the amount you take out. There are some circumstances when the penalty...
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You can’t take a loan, but the IRS will allow you to do what is called a 60 day rollover. In essence, you take a tax free distribution from your IRA and you must pay it back within 60 days. They are strict...
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A good rule of thumb is that you can plan on withdrawing 3-5% of your account value each year. For example, if you have $2 million saved for retirement, you might be able to withdraw $60,000-$100,000...
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When you have enough money saved to live on for the rest of your life. Many people set the age goal at 65 so that they can begin Medicare and not have to worry about private health insurance...
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Work longer, save more, spend less in retirement, take on more risk
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Yes, up to 85% of Social Security benefits can be taxable. It depends on your filing status and Adjusted Gross Income. For example, if you are married and filing a joint return, and your income is over...
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