Insights into pension plans, Social Security benefits, 401(k)s, and other savings plans. Learn about the latest updates and strategies to ensure you’re maximizing these critical resources for retirement.
Health Savings Accounts are one of the most powerful retirement planning accounts out there, if not the most powerful one. Despite this, many people don’t take advantage of them. If you want to take advantage of an HSA, you may be wondering how to fund an HSA.
How to Use an IRA to Fund Your HSA | Leveraging an IRA to HSA Rollover Read More »
Years ago, there were lucrative Social Security claiming strategies, such as file & suspend and restrictive applications, which are not available anymore. Now, it is more difficult to know what strategy is best for you. In the past, standard thinking was that waiting as long as possible was best, since it would maximize your benefit. However, this doesn’t always take into account the taxes you’ll pay on your social security.
Should I Take Social Security at 62? Read More »
Discover a little-known strategy to quickly build a large Roth IRA by maximizing after-tax contributions to your 401(k) plan, enabling a mega Roth conversion upon retirement for tax-free growth and withdrawals.
Little-Known Way to Quickly Build a Large Roth IRA Read More »
With our current laws, if you’re approaching ages 73 or 75, you’ll likely be facing required minimum distributions (RMDs) soon. If you have any money in an IRA or 401(k), you have to take RMDs from these accounts when you reach those ages. This means you’ll have to pay taxes on those RMDs. If you’ve saved successfully for retirement, you may not want to take the RMDs since they can create additional taxes, increase your Medicare payments, and more.
4 Strategies for Optimizing RMDs from IRAs Read More »
When you’re thinking about your retirement, there are a few accounts that likely come to mind, among them the 401k, 403b, the Roth IRA, and more! However, there’s one type of retirement account that is very beneficial and often overlooked: the Health Savings Account (or HSA). Read more.
Legacy Benefits of Health Savings Accounts Read More »
In America today, not everyone waits until they hit their full retirement age to claim their Social Security benefits. In fact, most Americans claim their Social Security benefits at 62,
How Working After 62 Can Change Your Social Security Benefits Read More »
Everybody wants to make the most of their social security benefits, but it can be hard to know what your benefits are as a divorced spouse. It can be confusing,
Social Security Benefits for Divorced Spouses Read More »
Financial professionals and economists have been talking about the “graying of America” and the retirement crisis for at least a couple of decades. Now, it seems, things have reached a
What You Should Know About Pension Plans Read More »
There really is a purpose behind Required Minimum Distributions (RMDs) of tax-advantaged retirement accounts. IRAs and employer-sponsored retirement plans feature tax-deferred income contributions and earnings growth throughout the lifetime of
All About Required Minimum Distributions (RMD) Read More »
In his latest episode of Retire Ready TV, Chris Heerlein introduces a relatively unknown but powerful Social Security claiming strategy known as Voluntary Suspension. This strategy, particularly relevant since the elimination of the file-and-suspend and restricted application strategies in April 2016, allows individuals to optimize their Social Security benefits. Heerlein explains that Voluntary Suspension permits a person to start receiving Social Security benefits early, then suspend these benefits at full retirement age without the obligation to repay the amounts already received. This approach can be particularly beneficial for married couples, where one spouse starts receiving reduced benefits early, and the other defers theirs.
Maximizing Social Security Benefits: The Voluntary Suspension Strategy Read More »