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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The Thrift Savings Plan (TSP) is the federal government’s defined contribution retirement plan. It is available to federal civilian employees under the Federal Employees Retirement System (FERS). It also includes the Blended Retirement System (BRS), which covers members of the uniformed services. For its participants, the government’s matching contributions represent…
With summer at our doorsteps comes summer vacation, a time to relax, recharge, have fun, and create lasting memories with loved ones. Summer vacations are far more enjoyable when they fit comfortably within your budget. The excitement of planning a getaway can quickly turn into financial stress if costs aren’t…
What can I actually spend each month without running out of money? This is one of the most important questions that retirees ask. And one of the hardest to answer. Many people rely on rough estimates, but guessing wrong early in retirement can cost you big for decades.What $720k and…
Many retirees overlook one of the best tax-planning windows in their financial lives: the years between retirement and required minimum distributions (RMDs). During this period, you may be able to convert traditional IRA assets to a Roth at relatively low tax rates before RMDs increase your taxable income. Here’s why…
When Paying Down Debt Is the Better Investment One thing needs to be said clearly before any of this applies: if you’re struggling to cover food, rent, or other truly essential living costs, those come first, ahead of debt repayment and ahead of investing of any kind, employer matching included.…
Gen Z is the youngest generation of workers and they are now out-saving every older age group. They started earlier than Boomers, Gen X and even Millennials. Many are still early in their careers and underpaid, yet they have leaned into one advantage that older savers often overlook. If you…
Every year, your Social Security check gets a small raise to keep pace with inflation. And right now, every retiree gets the same percentage, top to bottom. But a recent proposal could change that for some people. If your annual benefit sits above a certain line, your yearly increase could…
Having a good job can make you feel financially secure, but it does not make you immune to credit card debt. Many people assume that a steady income is enough to avoid financial challenges, yet millions of Americans with well-paying jobs still find themselves carrying credit card balances. One unexpected…
Does Financial Stress Cause Anxiety or Is It the Other Way Around? Financial stress and anxiety tend to feed off one another in an exhausting cycle that can feel impossible to break. Debt creates stress, stress creates anxiety, and anxiety often leads to avoidance, which can look like ignoring statements,…
A backdoor Roth IRA allows high-income earners to move money into a Roth IRA. It is a simple two-step strategy that works because, while the IRS sets income limits on direct Roth IRA contributions, it sets no income limits on Roth IRA conversions. Anyone whose modified adjusted gross income (MAGI)…
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