One of the biggest decisions you will make as you get closer to retirement age is when to start your Social Security benefits. You probably already know that you can start receiving your benefits as early as age 62, but this will result in a reduced monthly benefit amount. If you wait past your full Read more…
Retirement Resources & Guides
The 10 Best States To Retire Plus 5 To Avoid | 2022 Guide
Most people save for a lifetime so they can enjoy their retirement years. However, those savings go farther in some states than others. Millions of Americans are reaching retirement age each year, and many of them are making decisions about where to retire. Some choose to remain in the same place for various reasons, like Read more…
Charitable Remainder Trusts: Full Guide | Everything You Need To Know
Many people wish to leave money to charity, but a traditional last will is not always the best vehicle for accomplishing that. The deceased gets no charitable deduction on taxes, and the family members often get mad because of the amount of money that was left to charity. A charitable remainder trust can help solve Read more…
What Is A Living Will? | How It Works & Why You Need One (Full Guide)
It is a situation that most people do not want to think about, but many people face it every day. What would happen if you were in the position of not being able to make your own decisions about medical treatment? Perhaps you are involved in an accident an incapacitated. Who is going to make Read more…
Cash Balance Plan: What Is It & How Does It Work | Full Guide
Pension plans are becoming harder to find these days when it comes to retirement planning. These plans typically cost more for employers, and more responsibility is being placed on the employee to contribute to retirement savings. Cash balance plans are a form of defined benefit plan that allows employers to place a certain percentage of Read more…
Profit Sharing Guide: What It Is & How It Works | Full Guide
A profit sharing plan is one kind of retirement plan that an employer may offer its employees. It allows the company to share part of the company’s profits with its employees thus giving them a sense of ownership in the company. This type of plan can be very lucrative for employees, though the employer has Read more…
Backdoor Roth IRA | What Is It & How It Works (Full Guide)
If you are familiar with retirement plans, then you probably already know how a traditional IRA works. Many people choose to place money into a Roth IRA so that they can enjoy the money tax-free at retirement. However, the IRS places income limits on the ability to contribute to a Roth IRA. So, what happens Read more…
Mega Backdoor Roths: What Is It & How They Work | Full Guide
Most people want to maximize the amount of money they stash away for retirement, but the IRS places limits on how much you can place into your retirement accounts each year. What do you do when you want to save more than that and still get the tax benefits? Is it even possible? By utilizing Read more…
401(a) Plan vs. 401(k) Plan: What Is The Difference? | Full Guide
When it comes time to choose a retirement plan, the options can often be confusing. Since most retirement plans are employer-sponsored, the plans that are available to you might depend on your work situation. Many employees in the private sector have access to a 401k while those who work for educational institutions, government agencies, Read more…
401(a) Plan: What Is It? | Comprehensive Guide Inside
Unless you work for a government entity or a non-profit organization, you may have never even heard of a 401(a) plan. These plans are similar to 401(k) plans in some aspects, although there are a few major differences. The 401(a) can be a great way to save for retirement, so exactly how do they work? Read more…
