Estate tax is levied against someone’s estate upon death and is based on the size of the total estate. Inheritance tax is levied against the heirs of an estate.
With appropriate income withdrawal strategies, a retiree can lessen their exposure to IRMAA surcharges.
Studies have shown that some heirs ultimately end up in worse financial shape after receiving an inheritance. This is so common that psychologists call it sudden wealth syndrome, although it is not an actual psychological diagnosis.
Trusts can be an essential part of your plan—but they are often complex and time-consuming to set up.
The mechanics of estate planning can be easy enough, but the big picture requires a lot of thought and soul searching.
The good news is that there are plenty of legitimate options to avoid the penalties and taxes.
Could a happy retirement still include working, but only doing the parts of our jobs we enjoy?
It’s just as important to diversify how funds are saved as it is to diversify how they are invested.
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.
When Inheriting an IRA there are complex rules you will need to follow to avoid costly errors.
Time is the most important word in our investment vocabulary. If financial independence is the goal, starting today beats waiting until tomorrow.
Until you reach age 59 ½, attempting to access tax-deferred retirement accounts could trigger taxes and penalties.
If money is taken from an IRA before age 59 1/2, a 10% excise tax penalty is applied to the amounts withdrawn—unless it meets one of the twelve exceptions.
Affordability, access to healthcare, climate, and culture are just some of the important factors to consider before moving to another state.
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.
The cost of medical expenses is rising and thus users across the board (not just 30% of them) could see their premiums rise by some amount.
Take small steps, make prudent choices year after year, and watch your savings and investments grow.
Many people believe all they need to do for retirement is defer as much money as they can. This is rarely the case.
The Three Things That Matter Most in Our Retirement Investment Strategy: Allocation, Allocation, Allocation
The myth that security selection and market timing are keys to investment success may drive many to make poor investment decisions.
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.