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How to Trade Options With Schwab
If you would like to trade options, Schwab is a good choice. Since acquiring TD Ameritrade, Schwab has integrated the popular Thinkorswim trading platform into their own online brokerage. Thinkorswim is particularly useful for complicated, highly technical trading, which is exactly what options traders need. So, if you're a Schwab customer, here's what you should […] The post How to Trade Options With Schwab appeared first on SmartReads by SmartAsset.
Ask an Advisor: We're 56 With $1.2 Million in Investments and Savings. Can We Afford to Withdraw $60k-$80k Per Year in Retirement?
My wife and I are both 56. We have around $1.2 million saved – approximately $450,000 in company 401(k)s, $650,000 in a managed account, and approximately $70,000 in personal stocks. We also have approximately $22,000 in savings. Our home is worth $700,000 or more and we owe $197,000 with a 3.875% interest rate. Our advisor […] The post Ask an Advisor: We’re 56 With $1.2 Million in Investments and Savings. Can We Afford to Withdraw $60k-$80k Per Year in Retirement? appeared first on SmartReads by SmartAsset.
I Have $2 Million Invested With My Financial Advisor and Pay a 1% Fee. Am I Paying Too Much?
Paying a 1% annual fee to a financial advisor for managing a $2 million investment portfolio is pretty typical, but that doesn’t necessarily mean it’s the right amount for every investor. Even small-sounding financial advisor fees can seriously erode long-term returns when compounded over years or decades. A 1% annual fee on a $2 million […] The post I Have $2 Million Invested With My Financial Advisor and Pay a 1% Fee. Am I Paying Too Much? appeared first on SmartReads by SmartAsset.
Where Baby Boomers Are Moving – 2023 Study
While many baby boomers have now entered retirement, many more remain in the workforce with retirement upcoming. As this generation transitions into retired life, many may choose to move to a city more suitable for their new cash flows and routines. Some places may offer better tax advantages, lower cost of living, proximity to family, […] The post Where Baby Boomers Are Moving – 2023 Study appeared first on SmartReads by SmartAsset.
What Should I Do With My 401(k) Once I Retire?
Managing your 401(k) in retirement every bit as important as managing it up to that point. There are plenty of reasons for this but the big one is, you're going to need this money for a long time. With good health and good luck, you could spend almost as much time in retirement as you […] The post What Should I Do With My 401(k) Once I Retire? appeared first on SmartReads by SmartAsset.
Ask an Advisor: My Advisor Sold My Nvidia Stock When I Hired Him, Costing Me $50k in Potential Profits. How Do I Deal With It?
I’ve had a financial advisor, who is a certified financial planner (CFP), since December of last year. I really find his advice super valuable, but I can't seem to get over the fact that he sold all of my Nvidia stock when he took over as my CFP. I had bought $20,000 worth of Nvidia […] The post Ask an Advisor: My Advisor Sold My Nvidia Stock When I Hired Him, Costing Me $50k in Potential Profits. How Do I Deal With It? appeared first on SmartReads by SmartAsset.
How to Open a Margin Account With Fidelity
Margin accounts allow investors to borrow against their portfolios to buy more securities. Margin can turbocharge your returns when stocks go up, as profits are made on the full position size including the borrowed money. However, trading stock on borrowed money also has serious risks, so margin privileges are reserved for active and experienced self-directed […] The post How to Open a Margin Account With Fidelity appeared first on SmartReads by SmartAsset.
I Have $1 Million in a Roth IRA and Will Receive $2,250 Monthly From Social Security. Can I Retire at 62?
Suppose you have $1 million in a Roth IRA and will receive $2,250 each month from Social Security when you become eligible for benefits. Would this be enough to allow you to retire at age 62? The answer to that question could be yes, but there’s a chance it may require you to live on […] The post I Have $1 Million in a Roth IRA and Will Receive $2,250 Monthly From Social Security. Can I Retire at 62? appeared first on SmartReads by SmartAsset.
The 4% Rule for Retirement Withdrawals Might Finally Be Safe to Use Again, Says Morningstar
There's been an ongoing debate about whether retirees should abandon the "4% rule" for withdrawals from retirement accounts, a retirement income rule of thumb for decades. The market volatility of recent years made that rule suspect for many new retirees, but a new study from Morningstar finds that the rule can still apply. Do you […] The post The 4% Rule for Retirement Withdrawals Might Finally Be Safe to Use Again, Says Morningstar appeared first on SmartReads by SmartAsset.
Where Gen X Is Moving – 2023 Study
As Gen X prepares to send kids to college and inches closer to retirement, this age group has had time to see compound interest grow their investments while advancing their careers. This means an individual Gen Xer may have an outsized impact on local economies than their younger cohorts, despite generally being less mobile. Keeping […] The post Where Gen X Is Moving – 2023 Study appeared first on SmartReads by SmartAsset.
Ask an Advisor: I'm a Retired Teacher With a State Pension, Social Security and $550k in Savings. Should I Pay Off My $120k Mortgage?
I am trying to decide if I should pay off my house worth about $750,000. I owe around $120,000 on an adjustable-rate mortgage (ARM). On the other hand, my 4.5% interest rate just ended and I know the interest will continue to rise in this economy. My mortgage is $1,450 per month, having risen $400 […] The post Ask an Advisor: I’m a Retired Teacher With a State Pension, Social Security and $550k in Savings. Should I Pay Off My $120k Mortgage? appeared first on SmartReads by SmartAsset.
I Was Quoted $2,000 Per Year for Long-Term Care Insurance. Is That Too Much?
Long-term care insurance is an important way to mitigate risk in retirement. Unexpected health issues and the related costs can take over a retiree’s financial life if they don’t have a plan to pay for costs of care. The cost of such a policy will depend on a handful of factors – including your age […] The post I Was Quoted $2,000 Per Year for Long-Term Care Insurance. Is That Too Much? appeared first on SmartReads by SmartAsset.
Ask an Advisor: I'm 60 and ‘Feeling Hopeless' With Just $15k Saved. What Can I Do Now to Increase My Retirement Savings?
I am feeling hopeless. I am 60 years old and have only $15,000 saved. I will get a 80% pension from the state of Massachusetts and be able to retire in three years. What can I possibly do to increase my savings now? – Joy There's no question that $15,000 is a small amount of […] The post Ask an Advisor: I’m 60 and ‘Feeling Hopeless’ With Just $15k Saved. What Can I Do Now to Increase My Retirement Savings? appeared first on SmartReads by SmartAsset.
Can a Nursing Home Take Our Assets? We Have a $1 Million IRA and a Trust to Protect Us
As we age, many of us will need some form of long-term care, whether at home or in a facility. With nursing home costs averaging over $90,000 per year, long-term care expenses can add up quickly. While Medicaid can help you cover these costs, it has strict eligibility requirements that may require you to spend […] The post Can a Nursing Home Take Our Assets? We Have a $1 Million IRA and a Trust to Protect Us appeared first on SmartReads by SmartAsset.
We Have a $500k Brokerage Account and $250k in Retirement Accounts. How Can We Increase Financial Aid to Help Pay for Our Child's College?
Paying for a college education is a major financial commitment. While much easier said than done, restructuring your finances can help modestly. Student aid is calculated based on a formula called Expected Family Contribution, "EFC." This is the amount that the government assumes a family can pay for their student to attend college. For a […] The post We Have a $500k Brokerage Account and $250k in Retirement Accounts. How Can We Increase Financial Aid to Help Pay for Our Child's College? appeared first on SmartReads by SmartAsset.
Where Millennials Are Moving – 2023 Study
One in four millennials moved to a different city in 2022. Whether they come from within the same county, state, out-of-state or abroad, these migrations can impact local small businesses, housing markets and social dynamics. With this in mind, SmartAsset set out to determine where millennials are moving to most. Millennials were defined as people […] The post Where Millennials Are Moving – 2023 Study appeared first on SmartReads by SmartAsset.
Do I Need to Worry About the Gift Tax If I Pay $30,000 Toward My Child's Wedding?
Imagine your child is getting married and you want to help pay for their wedding. You’ve been saving for years and now have $30,000 set aside for their big day, which you plan to hand over in the form of a check. However, before you pass along that much cash, it’s important to understand the […] The post Do I Need to Worry About the Gift Tax If I Pay $30,000 Toward My Child's Wedding? appeared first on SmartReads by SmartAsset.
Ask an Advisor: I'm a 54-Year-Old Nurse With $1 Million in Assets and a $7k Monthly Pension. Can I Retire Now?
I'm 54 with 26 years of service as a nurse. We go by the rule of 80 (your age plus years of service = 80) on our retirement plan. It will cover my health insurance. My pension will be around $7,000 per month minus taxes. I have a combined $750,000 in a 403(b) and Roth […] The post Ask an Advisor: I'm a 54-Year-Old Nurse With $1 Million in Assets and a $7k Monthly Pension. Can I Retire Now? appeared first on SmartReads by SmartAsset.
I Have Enough in My Retirement Accounts. Can I Use Rule 72(t) to Retire Early?
Tapping into your retirement savings before age 59.5 typically triggers a 10% early withdrawal penalty in addition to the income taxes you'll owe. Using Internal Revenue Service Rule 72(t) can help you generate income from your nest egg in your 50s or earlier without paying that penalty. If you use it, you'll still have to […] The post I Have Enough in My Retirement Accounts. Can I Use Rule 72(t) to Retire Early? appeared first on SmartReads by SmartAsset.
I Have $500k in a Roth IRA, and Will Receive a Combined $2,000 a Month From a Pension and Social Security. Can I Retire at 62?
Ultimately, whether you have enough to retire depends on your costs and your income. If you can live on a tight budget with the right circumstances, $2,000 a month from a pension and Social Security, combined with the right strategy with $500,000 in your Roth IRA may be enough to sustain you throughout your retirement. […] The post I Have $500k in a Roth IRA, and Will Receive a Combined $2,000 a Month From a Pension and Social Security. Can I Retire at 62? appeared first on SmartReads by SmartAsset.
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