The question of when to apply for Social Security benefits is tricky. Of course, the short answer is that you become eligible to start taking benefits when you turn 62, but there…
Tag: Tax Implications
The Best 401(k) Secret Mortgage Trick
As you approach retirement, financial planning becomes increasingly crucial. One significant decision you might face is whether to use your 401(k) savings to pay off your mortgage. This strategy has pros and…
RMDs: What You Need to Know and How to Minimize Their Impact
As you approach retirement, it’s essential to understand how required minimum distributions (RMDs) can influence your financial landscape. Recent changes in legislation have adjusted the age for mandatory RMDs from retirement accounts…
Understanding Non-Deductible IRAs and Their Distinctions from Roth or Traditional IRAs
Is it logical to finance an individual retirement account (IRA) when it doesn’t offer a tax deduction? Many individuals who aren’t eligible to fully finance a deductible IRA or Roth IRA miss…
Why Paying Off Your Mortgage Before Retirement Offers Numerous Benefits
As retirement approaches, financial planning becomes crucial for individuals looking to ensure a comfortable and stress-free post-work life. Among the many factors to address, whether to pay off your mortgage before retiring…
Fed Up with Low 401(k) Returns? Discover the Annuity Rollover Revolution
Understanding your choices for handling a 401(k) from a previous job is crucial. While cashing out may seem attractive, it’s typically associated with substantial taxes. Instead, most opt to roll their funds…