You probably hear from different sources that you should consider funding an IRA, but you may be wondering, why bother? Here are four good reasons: You can still contribute for tax year 2018 up to $5,500 or $6,500 if you’re better than 50 years old. You have until tax filing day in April 2019 to …
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8 Steps to Retirement
Now that you are a “certain age” you may find yourself thinking about retirement, or as I like to call it, the day you quit working for money and start working for fun. These days, retirement is trickier than it used to be. Many of us will live substantially longer than our parents and we …
What’s Your Retirement IQ?
Most people have a lot pre-conceived notions about retirement—some of them true, some of them false. I put together a list of 10 of the most common ones I hear on a daily basis so you can test your knowledge about how to put yourself in a great position to retire in comfort and grace. …
When do I need to do a required IRA distribution?
Most retired folks know that IRS rules require owners of retirement accounts to take distribution when they reach a certain age. It’s called the Required Minimum Distribution or RMD. But sometimes people get some of the details wrong. So here are a few things to remember about RMDs Getting the RMD wrong can sting If …
When Do Most People Retire?
Traditionally pension plans paid out at age 65. You can thank the “Iron Chancellor,” Otto von Bismarck of Germany for that. When he introduced a social security system to appeal to the German working class and combat the power of the Socialist Party in Germany during the late 1800s, he set the retirement age at 65. This …
How Long Will Retirement Savings Last?
If you are 56 today, you will likely live to age 86, according to the Social Security Administration life expectancy calculator. That is an average, so half my readers will live longer than age 86. How can you be sure that you have enough saved at retirement to last as long as you do? It’s a …