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I'm 67 With $2 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life?
If you had $2 million saved in an individual retirement account (IRA) by age 67, could you make it last the rest of your life? With some wise planning and investing, stretching a $2 million nest egg over several decades is entirely possible. A sensible approach could be to focus on budgeting prudently, balancing investment […] The post I'm 67 With $2 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life? appeared first on SmartReads by SmartAsset.
Can a Nursing Home Take Our Assets? We Have $800,000 in Investments and Our Home Is Paid Off
Nursing home stays and long-term care can cost well over $100,000 per year. To pay for it, families often have to liquidate their assets either to raise cash or to meet Medicaid's spend-down requirements. If you want to protect your assets against this result, long-term care insurance could be your best option. But if this type […] The post Can a Nursing Home Take Our Assets? We Have $800,000 in Investments and Our Home Is Paid Off appeared first on SmartReads by SmartAsset.
I Was Quoted $7,000 Per Year for Long-Term Care Insurance. Is That Too Much?
At $7,000 per year, or about $583 per month, a long-term care policy like this is priced higher than average for what most people can get. According to market data from the American Association for Long-Term Care Insurance (AALTCI), a single male or female should pay around $2,100 to $3,600 per year (or $175 to […] The post I Was Quoted $7,000 Per Year for Long-Term Care Insurance. Is That Too Much? appeared first on SmartReads by SmartAsset.
I'm 55 With $900,000 in an IRA. Should I Convert $100,000 Per Year to a Roth to Avoid RMDs?
At age 55 with $900,000 in a traditional individual retirement account (IRA), converting $100,000 per year to a Roth IRA could help reduce required minimum distributions (RMDs) and related taxes in retirement. Although Roth conversions create current tax liabilities, paying taxes now may result in more predictable and lower lifetime taxes. Taking an incremental Roth […] The post I'm 55 With $900,000 in an IRA. Should I Convert $100,000 Per Year to a Roth to Avoid RMDs? appeared first on SmartReads by SmartAsset.
Ask an Advisor: If I Move From New York City to Florida, Can I Afford to Retire?
I’m 54 and would like to retire next year. I intend on moving out of expensive New York City to Florida where I will purchase a home outright with cash for $600,000 to $650,000 (financed from the sale of my home last year). Additionally, I have a 457(b) plan with a $1.4 million balance and […] The post Ask an Advisor: If I Move From New York City to Florida, Can I Afford to Retire? appeared first on SmartReads by SmartAsset.
Ask an Advisor: I'm 68 With $1.4 Million in Savings and Another $1 Million in Stocks. Can I Retire at 70?
I‘m a 68-year-old single man in good health and I plan to work until I am 70. As of now, I have $400,000 in CDs, about $1 million in stocks, and about $1 million in my 401(k) and IRA combined. When I retire, I will get about $4,200 in Social Security and I have $4,000 […] The post Ask an Advisor: I’m 68 With $1.4 Million in Savings and Another $1 Million in Stocks. Can I Retire at 70? appeared first on SmartReads by SmartAsset.
We're in Our Early 60s with $1.4 Million in Investments. Can We Afford to Withdraw $90k Per Year in Retirement?
There are going to be many factors that help you determine if you’re ready to retire to $90k per year for as long as you’ll need it. Withdrawing too much too soon heightens the danger of depletion, so determining a safe and sustainable withdrawal rate in retirement is crucial to ensure savings last your lifetime. […] The post We’re in Our Early 60s with $1.4 Million in Investments. Can We Afford to Withdraw $90k Per Year in Retirement? appeared first on SmartReads by SmartAsset.
Do I Have to Worry About the Gift Tax If I Give My Son $75,000 Toward a Down Payment?
Unless you have given away more than $13 million in your lifetime, a $75,000 gift will not trigger the federal gift tax. Using this for a down payment also does not affect the result. A financial advisor with estate planning expertise can help you navigate the gift and estate taxes. Connect with a fiduciary advisor […] The post Do I Have to Worry About the Gift Tax If I Give My Son $75,000 Toward a Down Payment? appeared first on SmartReads by SmartAsset.
We're in Our 70s With $200k in Savings and Social Security. How Do We Make It Last?
Retirees with relatively small nest eggs are generally more reliant on Social Security than those with more money saved up. A financial advisor can help you plan for retirement and turn your savings into a stream of income. Connect with a fiduciary advisor today. Retirees typically have to make do with what they have. […] The post We’re in Our 70s With $200k in Savings and Social Security. How Do We Make It Last? appeared first on SmartReads by SmartAsset.
My Dad Left Me $450k in an IRA, But I'm in the 32% Tax Bracket. How Should I Structure My Withdrawals?
There are a couple of different sets of rules around inherited IRAs and you're subject to theleast flexible. While there are more options for a spouse or someone who's chronically ill ordisabled, a minor child, or someone not more than 10 years younger than the deceased IRAowner, you have just 10 years to withdraw the […] The post My Dad Left Me $450k in an IRA, But I’m in the 32% Tax Bracket. How Should I Structure My Withdrawals? appeared first on SmartReads by SmartAsset.
Ask an Advisor: Can I Retire at 55? I Have $760k, Plus a Rental Property, Pension and Disability Benefits
I’m a 43-year-old woman with a partner (not legally married) and no kids. I currently have $500,000 in a 401(k) and contribute up to the pre-tax limit every year, plus $10,000 in non-deductible contributions. I have $50,000 in an IRA and bonds, $100,000 in stocks and $100,000 in savings. I own a rental property that […] The post Ask an Advisor: Can I Retire at 55? I Have $760k, Plus a Rental Property, Pension and Disability Benefits appeared first on SmartReads by SmartAsset.
We're 62 Years Old With $950k in IRAs. Is It Too Late to Convert to a Roth IRA?
Fortunately, there’s no age restriction on converting a pre-tax retirement account to a Roth IRA. You can roll funds from a qualifying pre-tax account to a Roth IRA at any time. A financial advisor can help you manage your retirement savings and build an income plan for your golden years. Connect with a fiduciary advisor […] The post We’re 62 Years Old With $950k in IRAs. Is It Too Late to Convert to a Roth IRA? appeared first on SmartReads by SmartAsset.
We're Selling Our House and Netting $550k to Downsize for Retirement. How Can We Avoid Capital Gains Taxes?
Selling your home to downsize can make your retirement more financially stable, but if you have a profit on the sale you might owe capital gains taxes. Fortunately, in many cases those selling their primary residence who are single can exclude $250,000 from capital gains taxes, while married couples filing jointly can exclude $500,000. Employing […] The post We’re Selling Our House and Netting $550k to Downsize for Retirement. How Can We Avoid Capital Gains Taxes? appeared first on SmartReads by SmartAsset.
Ask an Advisor: We're in Our 70s With Nearly $3.5 Million Invested ‘Solely in Stocks.' Should We Switch to a 60/40 Portfolio?
I am 73 and my wife is 70 with one son. We have $235,000 in a savings account and we each have $250,000 in Roth IRAs. We also have $1.675 million in a brokerage account and $1.55 million in a 401(k). Everything other than the two Roths are invested solely in stocks and the two […] The post Ask an Advisor: We’re in Our 70s With Nearly $3.5 Million Invested ‘Solely in Stocks.’ Should We Switch to a 60/40 Portfolio? appeared first on SmartReads by SmartAsset.
How Do I Cover $4,000 in Monthly Living Expenses? I'm 60 With $800k in Retirement Savings, But I Won't Collect Social Security for 5 Years
Imagine that you’re 60 years old with $800,000 in retirement savings and $4,000 in monthly living expenses. However, you want to wait until age 65 to claim Social Security, so you need to find a way to generate additional income for five more years. Whether you plan to delay Social Security or not, a financial […] The post How Do I Cover $4,000 in Monthly Living Expenses? I’m 60 With $800k in Retirement Savings, But I Won’t Collect Social Security for 5 Years appeared first on SmartReads by SmartAsset.
I'm 65 With $1.4 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life?
With $1.4 million in your IRA at age 65, you have a robust nest egg that could potentially fund a secure retirement of 25 years or more. However, making sure that money lasts will require prudent planning. You’ll need to assess your income needs, balance investment risk and return, secure supplemental insured income streams, account […] The post I'm 65 With $1.4 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life? appeared first on SmartReads by SmartAsset.
We Will Make Over $300,000 Combined This Year. Can We Use a Backdoor Roth to Reduce Taxes?
High-income households can use what's called a "backdoor Roth" to utilize a Roth IRA despite the program's standard income restrictions. This can be an effective way to build a tax-free stream of income for your retirement, and it is a completely legal strategy. Whether this method will reduce your taxes depends heavily on your tax […] The post We Will Make Over $300,000 Combined This Year. Can We Use a Backdoor Roth to Reduce Taxes? appeared first on SmartReads by SmartAsset.
Ask an Advisor: We Have $1.2 Million in IRAs and Only $10k in Cash. Should We Use IRA Withdrawals to Build Our Emergency Fund?
I am 64 ½ and have been retired for just over a year. I am receiving Social Security benefits, a bit early, but have not touched my nest egg except to withdraw $10,000, which I placed in a high-interest savings account as an emergency fund. Would it be wise to use part of that cash […] The post Ask an Advisor: We Have $1.2 Million in IRAs and Only $10k in Cash. Should We Use IRA Withdrawals to Build Our Emergency Fund? appeared first on SmartReads by SmartAsset.
How to Negotiate for Equity in a Startup or Private Company
Equity can make you rich. But that's a bold claim for most workplaces. If you're lucky enough to work for a future unicorn then, yes, getting a share of ownership really can set you up for life by age 40. That, however, is rare. Nevertheless, stock options and other forms of equity can be an important […] The post How to Negotiate for Equity in a Startup or Private Company appeared first on SmartReads by SmartAsset.
6 Benefits of Using a Trust Instead of a Will
Trusts and wills are the main two ways to manage your estate. A will allows you to maintain full control of your assets up until death. They also offer the benefit of simplicity. While you can leave complex instructions for dispersal and conditions, a will can be as simple as a few lines dividing your […] The post 6 Benefits of Using a Trust Instead of a Will appeared first on SmartReads by SmartAsset.
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