As part of the Biden administration’s fiscal year 2023 budget proposal, aka the Green Book, for the Treasury Department, Janet Yellen testified before the Senate Finance Committee and the House Ways and Means Committee in early June 2022. Her first stop was the Senate Finance Committee, where she testified on June 7 at a hearing on “The…
Social Security Benefits Are Not Prorated
June 21, 2022
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Benefits for WidowsBrightEstatepersonal financeretirementRetirement AccountsSocial Securitysocial security benefitssocial security checksspousal benefitsWealth Management
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Q: It has always puzzled me why Social Security takes back a person’s Social Security check for the month he or she dies. My aunt died in April, and as her executor, I was counting on using her last Social Security check to pay off some of her bills. But the government took that money…
Changing Your Annuity—The Section 1035 Exchange
Choosing an annuity isn’t easy. You’ll have to weigh up the benefits and costs of fixed and variable rate annuities, and qualified and non-qualified annuities. You’ll then have to choose a contract that you hope will deliver the highest returns. Of course, you might get it wrong. You could choose a variable rate annuity from…
Borrowing From Your 401(k): Last Resort or Sensible Option?
A 401 (k) plan is a great place to borrow funds for a short-term emergency or large purchase. However, there are pros and cons to doing this. And in some instances, there are risks. What Is a 401(k) Loan? A loan from your 401(k) is not a true loan. There isn’t a lender, and you…
What Is a Variable Annuity
As previously discussed, when it’s time to buy an annuity, you have the choice between an immediate and deferred annuity. If you prefer an immediate annuity, you’ll make a lump-sum payment. Within a year of the contract, the insurance company will begin issuing you a monthly income—which can either be for a specified number of…
What Is an Immediate Annuity
June 14, 2022
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Last week I turned on the air conditioner for the first time this year. Much to my chagrin, it wasn’t working properly. So, I had to have someone come out and fix it—unless I wanted to sweat my keister off all summer. But, what if I didn’t have the money on hand to repair the…
7 Roth IRA Secrets You Have To Know
Pop quiz. What’s the greatest wealth-building tool? Dave Ramsey says it’s income, while Daniel Mollat wrote a book entitled, “Stock Options: The Greatest Wealth Building Tool Ever Invented.” For my money, it’s the Roth IRA. What’s a Roth IRA (And Why You Need it In Your Life) Roth IRAs were first introduced in 1997 and are…
Retirement Savings: 401(k), Individual Retirement Account (IRA), and Roth IRA
Social Security benefits were designed to supplement our income needs in retirement by providing about 40 percent of what a retiree might need for a comfortable life based upon pre-retirement income. Beyond Social Security, financial planners suggest we plan to depend upon 80 percent of what we were earning in the years leading up to…
Stock Market Slump Threatens Americans’ Retirement Plans
Americans on the cusp of retiring are facing a tough choice as they watch their nest eggs shrink: Stay the course or keep working. A stock market slump this year has taken a big bite out of investors’ portfolios, including retirement plans like 401(k)s. The S&P 500, the benchmark for many index funds, is down…
403(b) Retirement Plan
Do you work for a nonprofit or tax-exempt organization? In that case, you’re probably driven by your desire to help others. But, who’s going to take care of you when it’s time to retire? Unlike your peers you’ve put in their time at a corporate gig, you probably don’t have access to a 401(k). Does…
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