The other day I was craving tacos. The hunger was fierce. So, I decided to head to my favorite Mexican restaurant to satisfy my appetite. Usually, I choose between either coconut shrimp or carnitas. But, on this particular day, I wanted to try something different. But, I quickly became overwhelmed by the possibilities. Granted, this…
Understanding Annuities and Taxes: Mistakes People Make
When it comes to taxes, we all have to pay the piper. In this case, the piper is Uncle Sam. So, even though you’ve seemingly already paid your fair share, your taxes aren’t going to necessarily be any lower in retirement. And, this also applies to annuity owners. Annuity Taxation 101 Annuities are taxed by…
10 Ways to Boost Your Retirement Savings (Without Extra Money)
When it comes to retirement planning, that’s the boring advice we’ve been told ad nauseam. And, even though we might be tired of hearing it, saving is indispensable if you want to live comfortably in retirement. According to Fidelity Investments, by the age of 67, you should have 10 times your income saved for retirement….
How to Retire Early With Zero Regrets and Extra Cash for Life
Depending on who you ask, early retirement has different definitions. Generally, any time before your 62nd birthday when you are eligible to draw Social Security benefits. Recent years have seen the growth of the “Financial Independence, Retire Early” or FIRE (Financial Independence, Retire Early) movement, which encourages people to retire even in their 30s and…
How to Rollover Your 401(K)
The first thing you’ll need to do is obtain the details of your new 401(k) plan. The human resources department should be able to tell you the account address. (It’s also worth asking them about the fund’s performance and cost so that you can compare it to your previous employer’s 401(k) plan.) You’ll then need…
Retirement Planning 101
The best time to start retirement planning is today. No matter what you are doing as you read this, or what you have planned for the rest of the day, you should make time to begin retirement planning if you do not already have plans in place. Whether you have a retirement account from work,…
5 Types of Annuities
Annuities may seem complex. In reality, they’re very straightforward—like a warm and delicious pizza. All variations of pizza contain the following basic structure; crust, sauce, cheese, and toppings. As for annuities, it’s nothing more than a contract between you and an insurance company. In exchange for premium payments, you’ll receive payments at a future date….
What Is an RMD and How Will It Help You Retire?
When it comes to your retirement, you did everything right to be ready. You developed a retirement plan that took into account your lifestyle, health care, and potential bumps in the road. And, you went ahead and created a budget to ensure that your retirement plan would come to fruition. Do you have everything ready…
3 Types of IRAs
Like 401(k) plans, IRAs can come in a range of different flavors. Savers have different ways to prepare for their futures based on the levels of their income and their tax liability. There are 3 different types of IRAs: Traditional IRA Roth IRA SEP IRA Today we break down the three different types of IRAs:…
10 Steps to Take Now for a Tax-Free Retirement
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes,” Benjamin Franklin wrote in a 1789 letter. The significance between that often-cited quotation? It’s often the first attribution to the adage, “Nothing is certain except for death…
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