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Inheriting a retirement account leaves you richer than you were beforehand, but inherited IRAs are complicated with a capital C. It’s important to understand the rules and how these accounts work to avoid running afoul of the IRS. Learn about inherited IRAs and how they work. The post What Is an Inherited IRA? Benefits, Rules […]
What Is an Inherited IRA? Benefits, Rules & Restrictions Read More »
Think lifetime lifestyle and insurance to guide your decision https://financialpost.com/personal-finance/retirement/fp-answers-what-is-a-pension-bridge-and-should-i-take-it #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
FP Answers: What is a pension bridge and should I take it? Read More »
Are you getting bombarded with TV commercials and a mountain of health insurance advertisements in the mail? You’re not the only one. It’s that time of year again: Medicare open enrollment. During this roughly two-month period, Medicare beneficiaries can compare and adjust their coverage. Private insurance companies aggressively advertise their plans in hopes that you’ll
Your Guide to Navigate Medicare Open Enrollment This Year Read More »
Rising prices, a volatile stock market and general economic uncertainty may have you wondering if now is a good time to pause your retirement contributions until things calm down a bit. It’s typically a good idea to keep putting money aside for later regardless of the economy. Still, all the volatility might provide a reason
Should I Reduce Retirement Savings During Bad Economic Times? Read More »
Dear Penny, Please help me evaluate a tantalizing temptation. I am a 58-year-old single gay white male college graduate with no dependents. I worked hard, prospered, lived frugally and saved for over 30 years. In my early 50s, I was promoted beyond my skills and abilities and consequently floundered professionally. Currently, I am self-employed owning/managing
Dear Penny: Should I Buy a $3M Annuity So I Never Worry About Money Again? Read More »
If your 65th birthday is approaching, it’s time to talk about Medicare. You know it kicks in when you turn 65, but how does it work? Some people are automatically enrolled while others need to sign up through the Social Security Administration. You’ll also need to get coverage for prescription drugs and maybe a supplemental
How to Sign Up for Medicare: Everything You Need to Know Read More »
In a previous article, I highlighted the negatives of early retirement nobody likes talking about. It might have seemed like the negatives of early retirement outweighed the positives. Further, some readers commented I sounded depressed. In actuality, I just wanted to provide some balanced perspective before you make one of the biggest decisions of your
The Surprising Benefits Of Early Retirement I Never Anticipated Read More »
Early retirement sounds great and it is great for the most part. But there are negatives of early retirement life that also needs to be discussed. I retired early in 2012, at the age of 34. Then I unretired a year later because early retirement felt unnatural. Since retiring early in 2012, I’ve redefined what
The Negatives Of Early Retirement Life Nobody Likes Talking About Read More »
Clearly articulating your gifting and estate-planning goals may improve your retirement journey https://financialpost.com/personal-finance/retirement/navigating-the-retirement-journey-from-the-go-go-years-to-no-go-years #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Navigating the retirement journey from the go-go years to no-go years Read More »
A Savings Incentive Match Plan for Employees, or SIMPLE 401(k), is a type of employer-sponsored 401(k) plan structured for small businesses with 100 employees or fewer. It is a cost-effective way for small businesses to offer a qualified plan to employees who have received at least $5,000 in wages in the previous calendar year. For
What Is a SIMPLE 401(k) and How Does It Work? Read More »
Lifestyle planning should be the first step in your overall plan so you can have a good life both now and in the future https://financialpost.com/personal-finance/retirement/fp-answers-what-happens-to-cpp-and-oas-payments-when-a-spouse-dies-and-how-do-we-plan-for-this #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
A traditional IRA is a tax-advantaged individual retirement account that allows you to invest on a pre-tax basis, meaning you don’t pay income tax on the money when you invest it. Your balance can grow tax-deferred, and when you withdraw it after you reach retirement age, you’ll pay taxes on qualified account disbursements. One of
What Is a Traditional IRA? Read More »
Curious about investing but not sure what type of investment account to start with? From highly flexible brokerage accounts to tax-advantaged retirement plans to investing for your kids’ futures, almost every investor can find an account type that fits their needs. And you don’t have to pick just one. The key is choosing accounts that
Types of Investment Accounts Read More »
Quiet quitting is taking the younger generation by storm, especially those on TikTok. The idea behind “quiet quitting” is to do no more than what’s asked of you at work and then check out. Once you’re out of the office, there’s no more responding to work e-mails, slack, nada. A quiet quitter does not go
Quiet Quitting Is Wonderful For Financial Freedom Seekers And Parents Read More »
It’s possible that you may qualify for a minimal amount from the Guaranteed Income Supplement https://financialpost.com/personal-finance/retirement/fp-answers-how-should-i-make-up-the-1278-a-month-that-i-need-to-live-comfortably-in-retirement #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Compounding Definition Compounding is the returns earned from interest on an existing principal amount, as well as on interest already paid. If you’re new to investing, compounding should be at the start of any investing discussion. Compounding refers to earning interest on top of the interest you’ve already accumulated from previous periods, and it’s a
What Is Compounding? An Explanation of Compound Interest Read More »
Contrary to popular opinion, drawing extra to minimize high after-death taxes might not make financial sense https://financialpost.com/personal-finance/retirement/fp-answers-whats-the-best-way-to-maximize-my-rrif-money #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
FP Answers: What’s the best way to maximize my RRIF money? Read More »
“How can I retire early?” That question might not keep you up at night if you’re still riding out your 20s—but if you like the idea of cutting down your working years and enjoying more financial freedom later in life, now is the time to explore your options for how to retire early. So what
How To Retire Early: 7 Steps To Plan For Early Retirement Read More »
Cleaning out a home is a major undertaking. The sheer amount of stuff can be overwhelming. Whether you’re moving to a smaller place in retirement — or helping your siblings clean out the family home after your parents pass away — the process is never easy. You might be up against a tight deadline because
How to Clean Out a Home: What to Keep, Sell, Donate and Toss Read More »
As of May last year, there were an estimated $24.3 million forgotten or left behind 401(k)s, according to a study conducted by Capitalize, totaling to $1.35 trillion in abandoned assets. Life happens in chapters. And sometimes, a new chapter involves getting a new job or losing your current one. There can also be some cliffhangers
Leaving your old job? Initiate a 401K rollover Read More »