1. Max Out Your Contributions There’s still time to max out the contributions on your retirement account. Making the maximum contribution to your IRA or 401(k) boosts savings and reduces your taxable income. In 2019, contribution limits increased to $19,000 for 401(k)s and $6,000 for IRAs and Roth IRAs. If you’re over 50, you can …
What is a Stretch IRA? A Stretch IRA is an inherited IRA account where the beneficiary has chosen to “stretch” taxable distributions over the course of their own life expectancy. When an IRA is inherited by someone other than the original owner’s spouse (called a “non-spousal beneficiary”), this person can either take advantage of the …
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The best retirement plans let you hope for the best and prepare for the worst. From stock market free-falls to soaring inflation, there are five major retirement risks that your retirement plan must be ready to handle. In this article, we explore each risk, as well as strategies you can use to keep your nest …
The Rolling Stones are no strangers to controversy. Since the band’s creation in 1962, the Stones have wrecked hotel rooms, dressed in drag, and consumed enough narcotics to incapacitate several elephant herds. The band’s 2019 No Filter tour is no exception. The headlines are less racy now that Mick Jagger and Keith Richards are well …
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What does it mean to be financially independent? The definition of financial independence varies, depending on who you ask. To some, being financially independent means having more money than you could ever spend; for others, it’s liberation from debt and a paycheck-to-paycheck lifestyle. Then there’s the FIRE movement, as in Financial Independence, Retire Early, a …
Did you know that losing money can be hazardous to your health? A recent study published in the Journal of the American Medical Association found that participants who lost 75% or more of their wealth in a short period of time had a 50% higher risk of death over the next 20 years. These sudden …
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In 1969, the Beatles were still together, fringe was haute couture, and a Big Mac cost $0.50. Fifty years later, Abbey Road posters still adorn dorm room walls, but the only thing $0.50 will buy at your local McDonald’s is a sesame seed bun and a pitying look from the cashier. Like death and taxes, …
Every year, America’s seniors lose $36 billion to financial elder abuse, a term that covers scams, frauds, theft by family members, and caregiver exploitation schemes which specifically target adults over the age of 50. The American Bar Association calls it the crime of the 21st century, an epidemic which the Executive Director of the National …
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