If you’re 65 with $900,000 and no pension, the income your portfolio can provide depends on how much you withdraw and the number of years your savings need to last. Taking too large a withdrawal early in retirement could increase the risk of running short later, while spending too little…
At age 45, skipping your 401(k) match means giving up more than your employer’s contribution. You also lose the potential investment growth this money could earn over the next 20 years. Depending on the size of the match and the investment-return assumptions used, that could leave you with almost $115,000…
Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your…
Debt that feels like it has no exit doesn’t have to stay that way. There are many debt consolidation and repayment options available in Canada. Reach out today to book a free session with one of our credit counsellors, whatever your income or how much you owe. The call costs…
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Major changes to federal student loan repayment rules went into effect this month and are rippling across the system. Many…
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Annuities can look tax-friendly because your money grows without an annual tax bill, but the real surprise often comes when you start taking money out. Depending on how the annuity was funded, withdrawals can trigger ordinary income taxes, early-withdrawal penalties and surrender charges. Combined, these…
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By Carmen Chan You’ve got your mortgage and car loan to pay, credit card bills and HELOC payments, and a running list of…
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Team Name: Musgrave Dunn & AssociatesFirm: Merrill Wealth ManagementSenior Members: Travis Musgrave, Timothy Dunn, Valerie MarshallLocation: Lexington, KYTeam Custodied Assets: $1.4 billionBackground: Travis…
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You took a $100,000 distribution by check from your 401(k) and are now wondering if the IRS will penalize you. The answer depends on whether you completed the rollover correctly. A check isn’t necessarily problematic, but missing this deadline could cost you roughly $34,000 in taxes and a penalty.The 60-Day…
If you need to withdraw $10,000 each month from a $1 million portfolio, that’s a 12% annual withdrawal rate. Sustaining this rate over a long retirement could increase the risk of depleting your savings. However, the gap between your spending goal and what your portfolio can support isn’t necessarily a…
While $500,000 is a substantial retirement portfolio, it may not be enough to generate $5,000 in monthly income on its own. How much you can safely withdraw depends on your spending needs, investment returns and any other income sources, like Social Security or a pension. Let’s take a look at…
Watching the Numbers Move Over the next four and a half years, June made every payment without exception. No skipped months, no major disruptions, just steady, consistent progress toward zero. “It was so nice to see it coming down every month,” she says. “I wasn’t seeing that with my credit…
A mid-year financial check-in is a review of your budget, savings, debt, income, and financial goals halfway through the year. Whether your expenses have increased, you’re carrying more credit card debt, or you’re saving for upcoming expenses, a financial checkup helps you adjust your plan before the end of the…
Turning 50 could cause you to take another look at your retirement savings. If your balance is lower than expected, you may wonder whether you’ve fallen too far behind to reach your goals. The good news is that your current balance is only part of the picture. Depending on when…
Smart Back-to-School Shopping Tips That Save Money Buy only what your child needs for the first week or two, then fill gaps once teachers clarify what will actually be used. Delay optional backpacks, clothing, and electronics until you have compared prices and confirmed that an existing item will not work.…
If you’ve retired and receive Social Security as your main source of income, you may be unsure whether you still need to file a federal tax return. Many retirees assume they can stop once they reach a certain age, but the IRS bases that requirement on how much you earn…
If you’re retired, every tax deduction can make a difference, especially when you’re living on a fixed income. Americans age 65 and older may be able to claim a federal deduction of up to $6,000, but the amount depends on your income and filing status. Here’s how much a 67-year-old…
The IRS generally gives you 10 years to empty an inherited IRA, but that flexibility can work against you. Waiting until the deadline to withdraw may mean taking the entire balance in a shorter window, and larger withdrawals could push you into a higher tax bracket. Taking smaller amounts over…
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