How Long Can I Keep My Money in My Retirement Account?
In most cases, you can’t actually keep your money in your retirement accounts forever. Even if you don’t need the money from your retirement accounts, many of them will require you to begin withdrawing from them when you are 73 years old.[1] This is called a required minimum distribution (often shortened to RMD). More specifically, you must start taking RMDs [...]
What Happens to Inherited Retirement Accounts?
You may know plenty about the differences between traditional IRAs and Roth IRAs, as well as the risks to your IRAs in this market, but what happens to an IRA (or other retirement account) that still has money in it when its owner passes away? You may think that the beneficiary just gets all the money in the account, but [...]
How Safe Is Your Money In The Bank Today?
With the recent turmoil in the banking sector, it’s understandable to worry about your bank savings. But before worrying, it’s important to know how your money in the bank is protected. So, how safe is your money, really? Where is my money? First, let’s talk about how your bank actually stores your money. When you deposit your money into the [...]
Tax Tips for Married Couples
Even as tax season winds down, it’s still important that you consider tax strategy as part of your financial picture. Many couples file jointly, and while it can sometimes help save on your taxes, it isn’t always the best option in each case! Here are some important factors to consider if you are filing taxes as a married couple. Determine [...]
What if 1 Million Dollars Isn’t Enough to Retire?
If you are headed toward retirement soon, or you have just retired, you may find yourself wondering, "Is my nest egg enough?" It's a common question and one that causes a lot of people a lot of reasonable anxiety. Because retirement finances are much more about prediction than they are about facts and assurances, it can be hard to feel [...]
Exploring The Difference Between an Investment and an Expense
In theory, the definitions of an investment or an expense are quite clear-cut. An expense, or cost, is simply the dispensing of time, money, or resources. An investment, while an expenditure, comes with the expectation of a return.[1][2] While the two ultimately have the same goal –to acquire a good or service—their intentions and outcomes differ. So, let's discuss the [...]
Navigating Retirement as a High-Net-Worth Individual
For high-net-worth individuals and families, retirement is a significant shift. A high-net-worth individual, also known as an HNWI, is typically someone with at least $1 million in cash or assets that can be easily converted into cash, including stocks, bonds, mutual fund shares, and other investments.[1] As an HNWI, you may not be too worried about depleting your funds in [...]
Current Market Risks and Your Retirement
Our current economic situation is complex and, in some ways, unprecedented. Because of the pandemic, we have seen massive changes in how the market behaves, and we are having to readjust how we approach retirement planning. Government Payouts One of the major changes that we saw during the pandemic was the government directly stepping in to help with the economic [...]
