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Have you ever wondered what it would be like to retire in a cabin in the woods? My dad did it, and I’m here to share some fascinating insights on his experience and how he ended up there. Who knows, if you prescribe to Lean FIRE, it might be just the type of retirement adventure […]
Retire In A Cabin In The Woods: Living A Simple And Peaceful Life Read More »
What is a backdoor Roth IRA? A backdoor Roth IRA is an investment strategy that allows individuals to avoid Roth income limits by rolling traditional IRA funds into a Roth IRA. This strategy is particularly appealing to high-earners. Are you one of the 36.8 million people contributing to a traditional IRA but making $150,000 or
How to Set Up a Backdoor Roth IRA: A Step-by-Step Guide Read More »
I realized something important after writing about the best reason to retire early. Money doesn’t buy everlasting happiness. However, having more money can reduce stress and anxiety. The goal of achieving perpetual happiness is not realistic. Happiness ebbs and flows. It’s more exciting to be an 8 out of 10 on the happiness scale because
Top 10 Financial Moves To Reduce Stress And Anxiety Read More »
One of the main reasons why I retired at age 34 was to hedge against an early death. When I was nine, my grandfather died from cancer and I clearly remember seeing my mother distraught for months. Then when I was 13, my 15-year-old friend died in a car accident. Here today, gone tomorrow is
The Pandemic Was An Experience In Hedging Your Life Read More »
What is the difference between Roth and traditional IRAs? The key distinction between Roth and traditional IRAs comes down to taxes. With a Roth IRA, you contribute after-tax dollars. With a traditional IRA, you contribute pretax dollars, which means your money is taxed when you make withdrawals in retirement. You’ve heard it before—it’s never too
Roth vs. Traditional IRA: Which Is Best for You in 2023? Read More »
You have enough to retire if you are comfortable with your situation, expert says https://financialpost.com/personal-finance/retirement/retire-end-year-recent-downturn-markets #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
Retirement might seem far away, but now’s the time to plan for it. The sooner you start, the better off you’ll be. One way to get started is by joining the 27 million American households holding a Roth IRA. Roth IRAs are one of the most common retirement accounts available today, behind 401(k)s and traditional
The 9 Best Roth IRA Investments of 2023 Read More »
The older you get, the more you will value life because you have less of it. If you want to live longer, you should aim to grow richer and live in a more hospitable place. As you will see in this article, the correlation with life expectancy, wealth, and location is strong. Sadly, life expectancy
Your Life Expectancy Depends Greatly On Wealth And Location Read More »
Jason Heath: Decision on when to apply for CPP becomes clearer when you think of it as an investment, not income https://financialpost.com/personal-finance/retirement/canada-pension-plan-25-year-high-interest-gic #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
Ottawa is offering a 25-year, high-interest GIC: It’s called the Canada Pension Plan Read More »
Financial bloggers often portray the traditional IRA vs. the 401(k) plan as a debate, as if one plan is better than the other. In truth, they’re very different plans, and they fill very different needs. If you can, you should plan to have both. This is especially true if your 401(k) plan is fairly restrictive.
The Traditional IRA vs. the 401(k) Plan – Which Plan Wins? Read More »
After doing a deep dive on the different ways to pay for college and how to get good financial aid, I realized the best thing for my family is for me to go back to work. Coming up with $1,500,000 for two kids’ college experience in 12-15 years is daunting. Going back to work feels
Sadly Giving Up On Retirement And Going Back To Work Read More »
Bear markets and bank runs aren’t good for most people. But let’s try to look at the upside if the Fed destroys the middle class, shall we? Thinking in extremes provides clarity to help make better decisions. To set the stage, we know at least these three things: The Benefits Of The Fed Wiping Out
The Upside Once The Fed Destroys The Middle Class Read More »
The tax-now Roth IRA will increase in popularity over the coming years. Let me explain why. When Congress passed the Tax Cut and Jobs Act (TJCA) of 2017, it inaugurated an eight-year period of the lowest tax rates in American history, which started on January 1, 2018. However, due to the sunset clause that was
Shifting Retirement Assets From Tax-Deferred To Tax-Now By 2026 Read More »
The Roth IRA vs traditional IRA – they’re basically the same plan, right? Not exactly. While they do share some similarities, there are enough distinct differences between the two where they can just as easily qualify as completely separate and distinct retirement plans. To clear up the confusion between the two, let’s look at where
Roth IRA vs Traditional IRA: Understand the Difference Read More »
Some Americans fear higher taxes so much they are willing to move. The capital gains tax rate might go up. The step-up basis might go away. And the top marginal income tax rate might go up too. Therefore, may I present the best life hack for Americans: taking advantage of Canada! I’m always looking for
The Best Life Hack For Americans: Taking Advantage Of Canada Read More »
I don’t know if you’ve heard, but the 2023 Social Security COLA (Cost Of Living Adjustment) is a whopping 8.7%! This increase is both huge and head-scratching. The 2023 Social Security COLA is huge because inflation peaked in June 2022 at 8.9%. The latest January 2023 CPI came in at 6.4%. Therefore, traditional retirees will
2023 Social Security COLA Is Huge: Traditional Retirees Rejoice! Read More »
Much has been said about inflation hurting society. As people’s buying power decreases, life gets more costly. Heck, the Fed seems hell-bent on causing another recession to contain inflation. However, as I look at the historical price changes of some of our most important consumer goods and services, I can’t help but think combatting inflation
Combatting Inflation Is Straightforward But Not Easy Read More »
Expert says couple may need to work longer, reduce their lifestyle expenses and more https://financialpost.com/personal-finance/family-finance/retirement-savings-maintain-current-lifestyle #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: Can we retire on $170,000 in savings and maintain our current lifestyle? Read More »
Dear Penny, I will have been with my partner for 50 years in July, but we’re not legally married. Can I receive his retirement when he dies? I’m very worried I’ll be on the street after taking care of him all these years. What advice can you give me? -Lost Dear Lost, Lots of people
Dear Penny: Will I Be Left With Nothing When My Partner of 50 Years Dies? Read More »
Only 44% of Canadians are confident they will have enough https://financialpost.com/personal-finance/retirement/canadians-see-retirement-costs-rising #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
Canadians now expect to need $1.7 million to retire, up 20% from 2020, BMO survey finds Read More »
