Choose your location
SmartAsset
Ask an Advisor: I'm Getting Divorced 5 Years Before Retirement. What Should I Do?
I’m 60 and plan to retire at 64 or 65, but I’m going through a divorce (my ex-wife will keep the house). Right now, my pension at work (I won’t receive Social Security) would provide me around 73% of my current gross income. If I wait a few more years, it will be a bit […] The post Ask an Advisor: I'm Getting Divorced 5 Years Before Retirement. What Should I Do? appeared first on SmartReads by SmartAsset.
Ask an Advisor: Is It Smart to Pay Off My Mortgage With My 401(k) to Free Up $800 Each Month?
Is it smart to pay off my mortgage with money from my 401(k) and save $800 more per month? The mortgage balance is $60,000. – Robert Many people consider paying off their mortgage to be a "must do" before retiring. While there are benefits to this approach, there are also tradeoffs, so it's good that […] The post Ask an Advisor: Is It Smart to Pay Off My Mortgage With My 401(k) to Free Up $800 Each Month? appeared first on SmartReads by SmartAsset.
I'm 63 and Make $125k, With $900k in an IRA. Should I Do a Roth Conversion on $90k per Year to Avoid RMDs?
Converting an IRA to a Roth IRA is a popular approach to avoiding mandatory required minimum distributions (RMDs) - and the associated taxes - in your 70s and beyond. Doing it gradually can stretch out and even reduce the tax bill compared to converting it all at once. In your case, the key question is […] The post I’m 63 and Make $125k, With $900k in an IRA. Should I Do a Roth Conversion on $90k per Year to Avoid RMDs? appeared first on SmartReads by SmartAsset.
How a Divorce Can Affect Your Credit Score
Does divorce affect your credit score? No, not directly, but divorce often does affect your credit score based on the unpredictable costs and distribution of assets central to the process. The division of joint accounts missed payments, and potential increases in debt are common issues that arise. When managing shared financial obligations becomes contentious, the […] The post How a Divorce Can Affect Your Credit Score appeared first on SmartReads by SmartAsset.
What Is a Floating Rate Fund?
Floating rate funds primarily invest in financial instruments with variable interest rates, such as loans and bonds. Unlike fixed-rate investments, the interest rates of the assets in floating rate funds adjust periodically, typically in response to changes in market interest rates. This characteristic makes floating rate funds an attractive option for investors seeking to reduce […] The post What Is a Floating Rate Fund? appeared first on SmartReads by SmartAsset.
I'm 52 With $1.6 Million in a Taxable Brokerage Account and $1.1 Million in an IRA. Can I Retire Now?
It can be financially feasible to retire when projected retirement income equals or exceeds projected retirement expenses. In many cases, withdrawals from $1.6 million in a taxable brokerage account and $1.1 million in an IRA will total more than a typical retiree's expenses. However, much depends on the desired retirement lifestyle. Age at retirement is […] The post I’m 52 With $1.6 Million in a Taxable Brokerage Account and $1.1 Million in an IRA. Can I Retire Now? appeared first on SmartReads by SmartAsset.
Ask an Advisor: Can We Afford to Retire When the Kids Turn 18? We Have $1.85M in Savings
My wife and I are 30 and 34. We have $950,000 in Roth IRAs, $900,000 in mutual funds and five-year CDs and we own our home worth $600,000. We have zero debt. I feel like we have to keep saving and investing to have a financially secure future, but my wife wants to live more […] The post Ask an Advisor: Can We Afford to Retire When the Kids Turn 18? We Have $1.85M in Savings appeared first on SmartReads by SmartAsset.
I'm 65 With $1.2 Million in an IRA. I'll Get a $2,900 Monthly Social Security Benefit. What's My Retirement Budget?
As you approach retirement, your financial focus shifts. During your working life, retirement is about goals and planning. You decide what kind of lifestyle you want, figure out what kind of income will support that spending, then build a savings and investment plan to reach those goals. That should be your retirement approach at age […] The post I’m 65 With $1.2 Million in an IRA. I’ll Get a $2,900 Monthly Social Security Benefit. What’s My Retirement Budget? appeared first on SmartReads by SmartAsset.
Ask an Advisor: We're Inheriting a House. How Can We Avoid Capital Gains Tax When We Sell It?
My spouse will inherit her father's house outright upon death and wants to sell it immediately. Would she be subjected to capital gains tax (above the $250,000 exclusion) on the sale and would it matter if only she is on the deed? Or would it make sense to have both of us on the deed to […] The post Ask an Advisor: We’re Inheriting a House. How Can We Avoid Capital Gains Tax When We Sell It? appeared first on SmartReads by SmartAsset.
I'm 67 With $1.2 Million in a 401(k). Is It Too Late for a Roth Conversion?
Converting funds in a traditional 401(k) into a Roth IRA can provide you with tax-free retirement income, and there are no rule prohibiting conversion at any age. However, converting when you are close to or at retirement age involves some additional considerations. For one thing, you may have to let converted funds age for five […] The post I’m 67 With $1.2 Million in a 401(k). Is It Too Late for a Roth Conversion? appeared first on SmartReads by SmartAsset.
Am I Too Late? I'm 65 and Only Have $120k Saved for Retirement
A low-savings retirement is one in which you don't have enough money in your portfolio to generate a comfortable retirement income. For example, let's say that you're 65 and have $120,000 in a retirement portfolio. We'll assume that this money is in a pre-tax 401(k). This won't generate a livable income on its own. That doesn't […] The post Am I Too Late? I’m 65 and Only Have $120k Saved for Retirement appeared first on SmartReads by SmartAsset.
Financial Advisors in These States Saw the Biggest Pay Jumps – 2024 Study
Like other professions, financial advisors are affected by many factors, including location, income, client preferences and specific market characteristics. So, where an advisor earns the most can change over time, and even more so as technology allows them to work remotely with a greater number of clients in different markets. With this in mind, SmartAsset […] The post Financial Advisors in These States Saw the Biggest Pay Jumps – 2024 Study appeared first on SmartReads by SmartAsset.
I'm 60 and Make $150k. Should I Convert $50k per Year From My IRA to a Roth to Avoid RMDs?
There are plenty of ways to analyze your retirement strategy. Sometimes, when we have lots of concrete information, we can start by running the numbers. If X, then Y, and the next steps are to decide what risks and outcomes you're comfortable with. But sometimes, the place to start is with questions. As you build […] The post I’m 60 and Make $150k. Should I Convert $50k per Year From My IRA to a Roth to Avoid RMDs? appeared first on SmartReads by SmartAsset.
I Have $900k in a Roth IRA and Would Receive $2,200 Monthly from Social Security. Can I Retire at 66?
Retiring at 66 with $900,000 in a Roth IRA and $2,200 in Social Security benefits likely is a reasonable plan for many retirees. The income you could reasonably expect to generate from your Roth withdrawals, coupled with your Social Security benefit, probably will be somewhat more than the typical retiree's expenses. You can likely expect […] The post I Have $900k in a Roth IRA and Would Receive $2,200 Monthly from Social Security. Can I Retire at 66? appeared first on SmartReads by SmartAsset.
I Want to Give Money to My Son and His Wife. How Much Can I Give Without Triggering Taxes?
Let's say that you're an individual who wants to give money to two people, your son and his wife. Maybe this is to help with a wedding, down payment for a home or building a family. You can likely give away a good amount of money without incurring any taxes, but there may be some […] The post I Want to Give Money to My Son and His Wife. How Much Can I Give Without Triggering Taxes? appeared first on SmartReads by SmartAsset.
Ask an Advisor: I Kept Working After Claiming Social Security. Will a Recent Raise Increase My Benefits?
I’m 69 and began to collect Social Security when I hit my full retirement age in April 2021, but I’m still working fulltime and making a good income. My salary is 2.5 times what I was making four years ago. Social Security has annually adjusted my monthly check every April based on my increased earnings […] The post Ask an Advisor: I Kept Working After Claiming Social Security. Will a Recent Raise Increase My Benefits? appeared first on SmartReads by SmartAsset.
Ask an Advisor: We Have $1.25M in Retirement Savings and Need to Withdraw $50k Per Year. How Should We Invest it?
We have $250,000 in the bank and one million to invest for retirement with no debt. We need to earn $50,000 a year from the million. Where should I invest it? -Rob First, congratulations on saving $1 million for your retirement – I'm sure a lot of hard work has gone into this! You have […] The post Ask an Advisor: We Have $1.25M in Retirement Savings and Need to Withdraw $50k Per Year. How Should We Invest it? appeared first on SmartReads by SmartAsset.
Americans' Net Worth Sees Record Growth as Asset Preferences Shifted: Report
While nearly all Americans own assets in some form, varying risk tolerance, financial management, goals and more may lead individuals to prefer different asset classes over others. Oftentimes, these preferences may be in part based on more external factors, such as inflation and interest rates, which may impact the return on investments. From 2019 to […] The post Americans’ Net Worth Sees Record Growth as Asset Preferences Shifted: Report appeared first on SmartReads by SmartAsset.
We're 65 With $1.5 Million in an IRA and $4,200 Per Month in Social Security. What's Our Retirement Budget?
Age 65 is a major transition for many individuals as they shift to thinking about retirement and begin to contemplate benefits like Social Security and Medicare. Retirement planning means you’ll have to consider taxes, healthcare, your retirement budget and more. With $1.5 million in an IRA and two Social Security payments to rely on, a […] The post We’re 65 With $1.5 Million in an IRA and $4,200 Per Month in Social Security. What’s Our Retirement Budget? appeared first on SmartReads by SmartAsset.
I'm 62 With $1.6 Million in My 401(k). Should I Convert $160,000 Per Year to a Roth IRA to Avoid RMDs?
Converting your 401(k) to a Roth portfolio will allow you to entirely avoid RMDs. This is a legitimate form of tax planning. However, often there's a difference between whether you can do something and whether you should; whether it's allowed, and whether it's in your long-term best interest. For example, say that you're 62 years […] The post I’m 62 With $1.6 Million in My 401(k). Should I Convert $160,000 Per Year to a Roth IRA to Avoid RMDs? appeared first on SmartReads by SmartAsset.
SmartAsset
3K+
Posts
67M+
Views
SmartAsset’s editorial mission is to provide the web’s best personal finance news and insights. This includes original data-driven journalism that analyzes economic trends; news coverage of legislation, retirement strategies, and finance; and informative articles on financial planning and investing topics.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.