Becoming Financially Independent Part 2: Do Not Disturb Accumulation, Do Not Overlook Consolidation
Do not spend money that has been accumulated for financial independence. Invading long-term savings extends the time it will take to achieve a goal.
I Just Inherited an IRA From My Parent. Now What?
The new rule for adults who inherit an IRA from their parents in 2020 and beyond is that they must liquidate that account within 10 years.
7 Steps to Take When You Inherit an IRA
When Inheriting an IRA there are complex rules you will need to follow to avoid costly errors.
Becoming Financially Independent, Part 1: Where to Start
Time is the most important word in our investment vocabulary. If financial independence is the goal, starting today beats waiting until tomorrow.
What’s the Difference Between Premium Bonds and Discount Bonds?
A premium bond has a coupon rate higher than the prevailing interest rate for that particular bond maturity and credit quality. A discount bond, in contrast, has a coupon rate lower than the prevailing interest rate for that particular bond maturity and credit quality.
How Does the SECURE Act Affect Legacy Planning for Large IRAs?
With the passage of the SECURE Act inherited IRAs from those who passed after December 31, 2019 are no longer allowed to stretch the withdrawals over their life expectancy.
12 Ways to Avoid a Penalty on Early Withdrawals
If money is taken from an IRA before age 59 1/2, a 10% excise tax penalty is applied to the amounts withdrawn—unless it meets one of the twelve exceptions.
Passive Investing: Index Mutual Funds vs. Exchange-Traded Funds (ETFs)
The difference can be summed up in two words: intraday trading. Unlike mutual funds, ETFs can be bought and sold anytime throughout the day.
529 Plans: Know the Rules for K‑12 and College Qualified Expenses
529 plans can be a good option for both college and K‑12 savings. But to avoid paying taxes or early withdrawal penalties, it’s vitally important to keep up with any changes to the rules.
Are Pennsylvanians Saving Enough for Retirement?
Only 51% of Pennsylvanians have tried to figure out how much they need to save for retirement—and just 31% are satisfied with their current financial condition.
How to Determine Your Bond-to-Stock Asset Allocation
One way is determining your risk tolerance.
Why is Time-Weighted Return a Good Way to Track Performance in Retirement?
Learn why we use time-weighted return as a reporting metric and see how it gives you an accurate picture of portfolio changes over time.
Five Small Steps for You, One Giant Leap for Your Retirement
Take small steps, make prudent choices year after year, and watch your savings and investments grow.
Who Else Wants Free Money and Lower Income Taxes?
Many are unknowingly saying, “No thank you”.
Cut Your Taxes in Half During Retirement?
Many people believe all they need to do for retirement is defer as much money as they can. This is rarely the case.
Do You Have an Accurate Vision of Retirement? If You Don’t Know Where You Are Going, It’s Going to Be Hard to Get There.
Retirement is not a date on a calendar; it is a journey that begins before our working career ends.
Are Gifts to Children Tax-Deductible?
There is a way to get a partial deduction for money that will eventually go to your children. A charitable lead annuity trust gifts money to a charity first, and then passes assets to your beneficiaries.
Non-working Spouses Can Contribute to an IRA: Here’s How
Income earned by one spouse can be used to fund retirement accounts for both spouses.
Reducing Future Taxes – What is Form 8606?
And what should you do if you have forgotten to file Form 8606?
Who Really Wants to be a Millionaire?
Becoming a millionaire doesn’t happen on its own: it takes planning and perseverance. Here are some steps you can take to grow your net worth.
