By Elaine Floyd, CFP ® Something everyone still working after age 65 should know about is how to appeal the IRMAA. Amid the long checklist of things you must do at retirement, this can easily be overlooked, causing you to pay more in Medicare premiums than you need to. The IRMAA was instituted in 2007 as …
By Elaine Floyd, CFP ® If you were married more than ten years and your ex-spouse has died, you may be entitled to a divorced-spouse survivor benefit equal to the amount of his Social Security benefit at the time of his death. If it’s higher than your own benefit, you can switch. This is true even …
By Richard Atkinson Retirement is a totally new stage of life. With some careful prioritizing—and collaborating with your financial professional—you can design a working plan for retirement that may surpass all your expectations. When most people think of retirement, they imagine leaving a job they’re tired of, getting out of the rat race, and leaving …
By Elaine Floyd, CFP ® Working full-time and then abruptly stopping work at age 65 is no longer the only possibility for retirement. “Downshifting” allows for a more gradual process, benefiting employers and employees. I have a friend who plays principal clarinet with a major symphony orchestra. She loves her work—which, after all, is literally playing—but …
By Erin Tamberella and Rick Wright It’s a touchy subject, but a life expectancy analysis is the best way to ensure you will have enough money to live your later years in comfort and ease. What do people fear the most in retirement? Outliving their income. And what variable has the largest impact on whether …
The Most Important Question in Retirement Planning Read More »
By Jeffrey Levine, CPA/PFS, CFP®, CWS®, MSA A spouse who inherits an IRA or similar account has a couple of options available depending on what the end goals are. But in most cases, the 99% rule offers flexibility and helps preserve the stretch. It sounds odd to say, but death is a part of life …
By Denise Appleby, APA, CISP, CRC, CRPS, CRSP Roth 401(k)s and Roth IRAs share the ultimate goal of tax-free distributions of earnings, but they are governed by different rules along the way. This side-by-side comparison can help determine which vehicle suits your needs best. Roth 401(k)s and Roth IRAs share the ultimate goal of tax-free …
7 Key Differences Between a Roth 401(k) and a Roth IRA Read More »
By Debra Taylor, CPA/PFS, JD, CDFA The SECURE Act is by far the biggest retirement-oriented legislation to be enacted in over a decade. Many Americans are left wondering, “What does this mean for me?” Here’s what you need to know. The SECURE Act, passed in late 2019, is by far the biggest retirement-oriented legislation to …
By Debra Taylor, CPA/PFS, JD, CDFA The government has become pesky about one thing—they want the tax dollars that have been locked up in traditional retirement accounts. And think about it. Some of that money has been untouchable for decades. In light of budget woes and Washington wrangling, it makes sense that the government is …
By Jeffrey Levine, CPA/PFS, CFP®, CWS®, MSA IRA or 401(k)? Know the key differences between these two popular retirement plans to ensure you are saving in the right account. Individual retirement accounts (IRAs) and 401(k)s share a lot of similarities. They are both retirement plans. They both can help you lower your tax bill today, …
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