Retirement Plan Options for the Self-Employed
Working for someone else will not necessarily guarantee you a retirement plan, as the financial and administrative costs of providing a retirement program can be prohibitive for smaller employers. But if you are self-employed (whether full time or part time) there is no reason you cannot fund your own retirement and reap the tax benefits […]
Is a Roth IRA Conversion Right for You?
There may be circumstances under which you would want to move assets from a traditional IRA to a Roth IRA. Only people who already have a Roth IRA can complete a Roth IRA conversion, but the conversion can be made even if your current income makes you ineligible for direct contributions to the Roth IRA. […]
Feds Make Retirement Dollars Available In Disasters Like L.A. Fires
The IRS has sent out a notice explaining how the SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. Who is eligible? A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was […]
Are You Ready for Retirement?
When you retire, your income will most probably be lower than when you were working, and while your expenses will be lower in some areas — no more commuting — they’ll be higher in others — more prescriptions and doctors’ visits. You’ll be balancing your Social Security benefits, Medicare premiums, taxes and savings, along with […]
Working in Retirement: Does It Affect Your RMDs?
You may have many questions about working after retirement. Can you still contribute to retirement accounts? How does working affect your required minimum distributions? Let’s start with contributing to retirement accounts. You should be able to contribute to your employer’s qualified retirement plan regardless of your age. In some instances, you can also contribute to […]
Should I Buy An Annuity Or An ETF?
Let’s start by lumping individual stocks and mutual funds under an exchange-traded fund umbrella. Once we’ve done that, we can explore the question of which to invest in. Annuities and ETFs are completely different instruments, though they share some common features. If you were comparing oranges and apples, you would find both are fruits, but […]
Deciding When To Take Social Security Benefits
How does the Social Security system work, and how do you decide what’s right for you? Well, receiving benefits is an option available to you as early as age 62, but choosing to receive benefits this early may decrease your benefits by up to 30%. Nonetheless, opting for early retirement could lead to increased benefits […]
