Category Archives: Retirement

Thinking of an IRA Rollover? This New Rule Will Impact the Investment Advice You Receive

Financial professionals who give one-time investment advice will soon be legally required to act in their clients’ best interests under the Department of Labor’s new fiduciary rule. Are you looking to hire a fiduciary financial advisor, but don’t know where

Mastering your financial journey into retirement

Retirement is a significant milestone in one’s life, marking the end of a long journey of work and the beginning of a new phase of relaxation and leisure. However, the transition to retirement is not always smooth, mainly regarding financial

How Can I Reduce the Amount of My RMD Payments? 

In the year that a required minimum distribution (RMD) is due from a 401(k), IRA or other pre-tax retirement account, you’re required to withdraw a certain amount and pay your taxes due to avoid a 50% penalty. But that doesn’t

11 Tips To Catch Up On Your Retirement Savings

Are you feeling behind on your retirement savings? You are not alone. Only 31% of people feel they are saving enough for retirement, according to the Federal Reserve. With wages failing to keep pace with inflation, it’s hard to save

Should I Take a $200,000 Lump Sum or $915 Monthly Payments for a Pension Annuity?

Deciding between taking a lump sum or monthly payments involves assessing a number of factors, including some that are difficult to quantify. The two most important considerations may be when you will receive the lump sum and how long you

Will Doing $7k in Annual Roth Conversions Lead to Higher Social Security Benefits?

If we roll over $7,000 per yr from a traditional IRA to a Roth IRA for the next four years (which is when we will receive full Social Security), could it bump up the amount that we receive in Social

I Waited to Take My First RMD Until April 1st. Will This Affect My Second Year’s RMD?

Unlike most personal finance questions, the answer to this one is short and simple: yes, waiting until April 1st to take your first RMD will affect the amount of your second year’s RMD. The IRS rules on required minimum distributions

How Can I Receive Living Expenses as Grantor From an Irrevocable Trust?

Trusts are an independent legal entity, similar to a corporation. As a result any assets you contribute belong entirely to the trust itself, the same as if you gave your money to any other third party. If the trust is

Is it Wise to Convert 10% of My 401(k) into a Roth IRA Each Year to Avoid Taxes and RMDs?

A Roth IRA has a couple of significant advantages. Most notably, they allow your retirement savings to grow tax-free (as opposed to tax-deferred) and they have no required minimum distributions (RMDs). If your priority is to control your retirement savings,

Ask an Advisor: Should I Cash Out My $200k in Annuities and Buy a Rental Property That Will Bring in $1,500 Per Month?

I’ve already retired and I’ve got $200,000 in annuities and I’m 60 years old. Should I get a monthly income from my annuities (which will be about $1,000 or withdraw all of the annuities, pay the 30% tax and invest