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The 5 Worst Retirement Mistakes to Avoid at All Costs
To do retirement right you need a disciplined savings plan, a good understanding of Social Security, a sound investment strategy and a vision of retirement that provides for adequate self-fulfillment without overspending your fixed-income budget. Behind those simple principles lies … The post The 5 Worst Retirement Mistakes to Avoid at All Costs appeared first on SmartReads by SmartAsset.
I'm 60 With $1.5 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life?
Making your savings last through retirement can be complex in practice, but it really all comes down to your income vs. spending. In other words, it means understanding how much your portfolio can generate in a more risk-averse time in your life, against how much it costs each year to maintain your lifestyle. Retiring at […] The post I'm 60 With $1.5 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life? appeared first on SmartReads by SmartAsset.
What Is a Guaranteed Lifetime Annuity?
Ensuring that you have enough income to cover your living expenses and support your lifestyle is one of the central financial challenges of retirement planning. Guaranteed lifetime annuities are designed to help retirees do just that, providing a stream of guaranteed income for life. However, like all investment products, they come with their own set […] The post What Is a Guaranteed Lifetime Annuity? appeared first on SmartReads by SmartAsset.
What Is Tax Drag and How You Avoid It for Your Clients
Tax drag refers to the negative impact that taxes can have on the overall return of an investment or a portfolio. It's calculated as the difference between the return on an investment before taxes and the return after taxes. Tax drag is a crucial concept for financial advisors to understand and manage, as it can […] The post What Is Tax Drag and How You Avoid It for Your Clients appeared first on SmartReads by SmartAsset.
Ask an Advisor: My Wife and I Want to Retire Early. How Many Different SEPPs Can We Have?
My wife and I plan to retire before age 59 ½. How many different 72(t)s can a household utilize? For example, if I have two traditional IRAs at two separate brokerages, can I take substantially equal periodic payments from each or do I need to consolidate them into one first? Since we file our taxes […] The post Ask an Advisor: My Wife and I Want to Retire Early. How Many Different SEPPs Can We Have? appeared first on SmartReads by SmartAsset.
We're 60 and Have $2.5 Million in Our 401(k)s. Should We Pivot to Roth Contributions?
For the right person, a Roth IRA can be a fantastic retirement savings vehicle over the long term. So much so that it might seem to some that it's always the right choice, no matter what. After all, tax-free income does sound pretty great. However, like anything in your retirement planning journey, this decision on pre- vs. […] The post We’re 60 and Have $2.5 Million in Our 401(k)s. Should We Pivot to Roth Contributions? appeared first on SmartReads by SmartAsset.
Cities Adding the Most High-Income Households – 2024 Study
High-income households may have an outsized impact on local economies, which can put increased pressure on housing markets, shift demand for services and businesses, and tax base contributions. The IRS defines high income as taxpayers making $200,000 or more. Examining the rate of growth of this cohort allows us to identify potential up-and-coming alternatives to […] The post Cities Adding the Most High-Income Households – 2024 Study appeared first on SmartReads by SmartAsset.
I'm 68 and My Long-Term Care Insurance Now Costs $600 Per Month. Is This Too Much?
Imagine that you’re 68 years old and have a long-term care insurance policy in place that will help you pay for this all-important type of care later in life. You pay $600 per month in premiums and tell yourself it’s a good investment, considering how expensive long-term care can be. Consider working with a financial […] The post I'm 68 and My Long-Term Care Insurance Now Costs $600 Per Month. Is This Too Much? appeared first on SmartReads by SmartAsset.
I'm 62 With $1.5 Million in an IRA. Should I Convert $150k Per Year to a Roth to Avoid RMDs?
A 62-year-old with $1.5 million in a traditional IRA may be wise to consider converting $150,000 per year to a Roth IRA to avoid required minimum distributions (RMDs). The annual withdrawals from retirement accounts that are mandated by RMD rules can raise your tax bill in retirement by adding to your taxable income, even if […] The post I'm 62 With $1.5 Million in an IRA. Should I Convert $150k Per Year to a Roth to Avoid RMDs? appeared first on SmartReads by SmartAsset.
Where Most People Are Single or Married – 2024 Study
Whether you’re single or married affects more than your love life. Your relationship status can have a significant impact on your finances. Common advantages of being single include greater career flexibility and lower expenses. On the other hand, a couple also its own financial advantages, including tax benefits, Social Security benefits and economies of scale. […] The post Where Most People Are Single or Married – 2024 Study appeared first on SmartReads by SmartAsset.
Required Minimum Distribution (RMD) Calculator
Use SmartAsset's RMD calculator to see what your required minimum distributions will look like now and in the future. Enter your retirement account balance at the end of the previous year, your age and the expected rate of return on the account to calculate your RMDs. Do you have retirement planning questions? Speak with a […] The post Required Minimum Distribution (RMD) Calculator appeared first on SmartReads by SmartAsset.
I Want to Give Each of My Children $50,000. How Can I Avoid Taxes?
In most instances, giving each of your children $50,000 won’t cause you to owe any taxes, but some specifics apply to this assumption. The exception would be if all the gifts you give over your lifetime come to more than the lifetime exclusion amount, which is set at $13.61 million for 2024. Even then, you […] The post I Want to Give Each of My Children $50,000. How Can I Avoid Taxes? appeared first on SmartReads by SmartAsset.
Ask an Advisor: My Advisor Charges a 2% Fee But He Doesn't Provide Tax Advice. I Have an $850k Portfolio. Am I Paying Too Much?
My advisor charges a 2% fee for financial advice. He does not provide tax advice. My portfolio is currently worth around $850,000. Does this fee sound appropriate? – Tim Without knowing the full scope of services delivered by the advisor, 2% may be too expensive for a portfolio of your size and for a relationship […] The post Ask an Advisor: My Advisor Charges a 2% Fee But He Doesn’t Provide Tax Advice. I Have an $850k Portfolio. Am I Paying Too Much? appeared first on SmartReads by SmartAsset.
The Average Success for the Series 65 Test and How to Pass
If you'd like to become an investment advisor representative (IAR), you'll need to successfully pass the Series 65 exam. The Series 65 exam is a North American Securities Administrators Exam that's administered by FINRA, the Financial Industry Regulatory Authority. The Series 65 pass rate is typically around 65%-70%, underscoring the importance of proper study and […] The post The Average Success for the Series 65 Test and How to Pass appeared first on SmartReads by SmartAsset.
Cities With the Most People Working From Home – 2024 Study
With the most recent U.S. Census Bureau designating the average commute time to work across large cities at 25 minutes, remote workers may save four hours per week or more compared to their in-person counterparts. Some commutes average up to 40 minutes one way. In an average city, 15.7% of workers are remote. But some […] The post Cities With the Most People Working From Home – 2024 Study appeared first on SmartReads by SmartAsset.
Is It Better to Take Annuity Payments Monthly or Once Per Year?
A lot of retirees use annuities to simplify their income stream in retirement but that doesn't mean annuities are simple. Beyond choosing what kind of annuity to purchase – immediate vs. deferred and fixed, indexed or variable, you'll also need to consider how to receive your annuity payments. You can receive a lump sum from […] The post Is It Better to Take Annuity Payments Monthly or Once Per Year? appeared first on SmartReads by SmartAsset.
I'm Receiving $3,500 Per Month From Social Security. How Can I Reduce My Taxes?
Social Security can generate real income. The more you earned during your working life, up to each year's income caps, the more you receive in benefits during your retirement. In 2024, someone with maximum credits who waits until age 70 will receive almost $60,000 per year in benefits. But, as always, more money means more […] The post I'm Receiving $3,500 Per Month From Social Security. How Can I Reduce My Taxes? appeared first on SmartReads by SmartAsset.
I'm 59 With a $1.4 Million Net Worth and $5k in Monthly Expenses. Can I Retire Now?
When thinking about whether you’re financially prepared to retire or not, you’ll want to think about it in a certain way. You have a lifestyle that you would like to maintain, and a portfolio that can safely generate a specific amount of income each year. Once your costs and means overlap, you can afford to […] The post I'm 59 With a $1.4 Million Net Worth and $5k in Monthly Expenses. Can I Retire Now? appeared first on SmartReads by SmartAsset.
Ask an Advisor: Can My Partner Collect Spousal Benefits From Social Security? We're in a Common Law Marriage
Does Social Security recognize common law or do you have to be legally married? My potential life partner is currently on disability collecting Social Security in a neighboring state. If the spousal rate is higher, can he then collect that and also continue to claim his disability? – Penny Yes, the Social Security Administration (SSA) does […] The post Ask an Advisor: Can My Partner Collect Spousal Benefits From Social Security? We’re in a Common Law Marriage appeared first on SmartReads by SmartAsset.
My Net Worth Is Over $1 Million. Do I Need Umbrella Insurance?
With a question about umbrella coverage, your net worth doesn't much apply. The question is more about what you need in order to protect yourself, your assets and your family. That has more to do with your exposure and risk of loss than with how much you have to lose. As to whether someone would need […] The post My Net Worth Is Over $1 Million. Do I Need Umbrella Insurance? appeared first on SmartReads by SmartAsset.
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