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Income Planning
Is Suze Orman right? Is a traditional IRA really the wrong way to invest for retirement?
Financial advisers weigh in on the personal finance guru’s latest warning about individual retirement accounts, and how to use them Personal finance celebrity Suze Orman says retirement savers should steer clear of traditional accounts in lieu of Roth accounts, especially during this global pandemic. But like everything else in personal finance, that advice largely depends…
Read More10 Steps To Achieving Your Financial Independence Day
Now that we’ve celebrated our Independence Day, you may want to consider another form of independence: financial. Financial independence is about having the freedom to work or not work as you choose because you’re no longer dependent on income from working. If it’s something you aspire to, here are some steps you can take: 1.…
Read MoreThinking of Buying a Fixed Annuity? Ask These Questions First
Of all the types of annuities out there, a fixed annuity is the one that’s most straightforward. Is it the one that’s right for you? by: Ken Nuss Fixed-rate annuities are popular because of their guarantees, simplicity and higher rates than most competing products. A fixed-rate annuity — also known as a multi-year guaranteed annuity —…
Read MoreHow A 2% Solution Can Be The Key To Increasing Your Retirement Security
GETTY Many people try the wrong route to building their retirement wealth, or rebuilding it after a market decline. The wrong way is to look at only a small part of the financial picture instead of the whole picture. Looking at the whole picture can lead you to faster, easier ways to increase retirement security.…
Read MoreHere’s a foolproof way to create retirement income for the rest of your life
KEY POINTS At age 72, individuals are required to take mandatory withdrawals from their retirement accounts each year, based on their life expectancy. This formula — known as the required minimum distribution — can also work hand-in-hand with delaying Social Security benefits until age 70 to create a sustainable drawdown strategy. If you’re taking this…
Read MoreLost your job? Here’s what to do with your 401(k)
Consider all of the options when transitioning a work-sponsored retirement plan. Getty Images Every week, millions of Americans are filing for unemployment due to the COVID-19 crisis. Whether you’ve been with a company for six weeks or six years, if you lose your job, there are plenty of options for what to do with your vested…
Read MoreIf your company has stopped matching 401(k) contributions, you can still save for retirement — you just might want to change how you do it
Hero Images/Getty Images According to a survey by Fidelity Investments, about 10% of employers have or plan to suspend their company’s 401(k) match. If you’ve lost your employer match, saving in an IRA before your 401(k) could be more beneficial, since IRAs have more investment options and lower fees. After you’ve maxed out your IRA,…
Read More5 times you should consider meeting with a financial planner
You may need a financial planner to help reorganize your money when a baby comes along. Klaus Vedfelt/Getty Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent…
Read MoreIf you didn’t save as much for retirement as you wanted last year, you have until July 15 to make contributions
The deadline to contribute to IRAs and HSAs is Tax Day. mixetto/Getty Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. The federal tax deadline is July…
Read MoreIRS Expands CARES Act Tax Breaks On Retirement Plan Distributions, Loans
The IRS expanded the number of taxpayers who qualify to tap into their retirement plans using the generous provisions of the CARES Act. The IRS also answered questions about details of distributions and loans under the CARES Act that have been asked by employers, employees, and plan administrators. The Coronavirus Aid, Relief, and Economic Security…
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