Category: Retirement Income
“Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.” Just as there are many types of retirement benefits, there are many dates to keep in mind […]
“During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries are correct, and that the distribution of these assets conforms with the client’s intended estate plan.” Naming a beneficiary on a non-retirement account can result in an unintended consequence—it can even topple an entire estate plan—reports The National Law Review […]
“When it comes to your money, be careful who you listen to. Taking advice from an uninformed person can cost you dearly.” We call it “the brother-in-law” effect. Most families have a brother-in-law who likes to think he knows everything, and he’s more than happy to share his wealth of knowledge. Trouble is, most of […]
What is the right age for you to begin Social Security? There is a lot at stake when one signs up for Social Security, so it is wise to make a careful study of it before the time actually comes, according to The Denver Post in “Road to Retirement: When should you start taking Social […]
The stretch IRA may disappear into the past. The House recently passed the Setting Every Community Up for Retirement Enhancement Act, known as the Secure Act, and it’s widely expected to pass the Senate. While its name sounds like it’s looking to help Americans with retirement, it is possible the bill will reduce the value […]
While it is taxable on withdrawal, the contributions lower your taxable income. It comes as a surprise to some retirees that the withdrawals from a 401(k) are taxable. However, it is important to remember that the contributions are beneficial, because they lower taxable income, according to Market Watch in “How 401(k) savers can avoid a […]
So, you’ve reached your FRA. However, is this the right time to file or should you delay benefits? Social Security has more than 62 million people receiving benefits, making it one of the most popular social benefit programs in the country, according to The Crozet Gazette in “When Should I Start Taking My Social Security […]
Changed jobs? Moved around? Don’t know where your accounts are located? There may be more retirement money out there for you if you have changed jobs during your lifetime and haven’t kept track of the accounts, according to the Albany Times Union in “Finding lost retirement benefits“. It may also be difficult to locate them […]
If you decide on a trust, which one is best? The question of whether you need a trust or not in your estate plan is best answered after a discussion with an estate planning attorney. However, here is some preliminary guidance from U.S. News & World Report in “8 Things to Know About Trusts“. Revocable […]
Sometimes people forget the beneficiary designations they made for IRAs and insurance and have different wishes expressed in their will. A beneficiary designation overrides a will. Therefore, any plan you might have had for that asset in your will most likely is not going to happen, according to the Daily Times in “Senior Life: Costly […]
