penalty-free IRA withdrawal

Penalty-Free IRA Withdrawal

An individual retirement account (IRA) is an alternative to traditional employer retirement benefits like a 401(k) that isn’t employer-sponsored. The purpose of an IRA is to provide supplemental income to retirees. After the age of 59.5, individuals can begin withdrawing from their IRAs without penalties but may need to pay income taxes depending on the […]

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tax-deferred vs. tax-exempt retirement accounts

Tax-Deferred vs. Tax-Exempt Retirement Accounts

When choosing the best type of retirement account for your financial goals, you may want to minimize your tax obligations. Tax-deferred and tax-exempt accounts can help you retain more wealth over your lifetime. However, each of these retirement accounts handles taxes differently and has advantages at different times. Understanding the differences between these accounts helps you make the best decision for your retirement funds.  What […]

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what you need to know about IRA annuities

What You Need to Know About IRA Annuities

An IRA annuity is an investment product that allows you to invest your IRA funds in an annuity. An annuity is a financial product that can provide you with an income stream during retirement. An IRA annuity can be a good option for those who want a guaranteed income during retirement. […]

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how to know when you are financially ready for retirement

How to Know When You’re Financially Ready for Retirement

As retirement approaches, it’s normal to ask yourself, “Am I financially ready to retire?” The answer is different for everyone. Many Americans estimate they will need $1.8 million to retire — reaching a precise number can be tricky, but ensuring financial readiness, stability and security is key.  In terms of the importance of retirement planning, there are […]

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retiring before 50: pros and cons of early retirement

Retiring Before 50: Pros and Cons of Early Retirement

The enduring popularity of the F.I.R.E. (Financial Independence, Retire Early) movement has revealed an intense interest in the idea of early retirement. There’s no doubt that the desire to retire years or even decades before passing the 60-years-old mark is alive and well in the 21st century. While retiring young is a hot topic, it does raise the question: […]

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3 retirement plans for self employed individuals

3 Retirement Plans for Self-Employed Individuals

If you are self-employed, you may be wondering how you can plan for retirement. Since you don’t have an employer’s support, you’ll want to explore alternative options that may be available to you. This article covers what makes a retirement plan good for a self-employed individual and some plans that may be ideal for you. […]

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Secure act 2.0. The changes you need to know

Secure 2.0 Act: More Benefits for Retirement Savers

The Secure 2.0 Act of 2022 is a massive piece of legislation that brings about sweeping changes to the retirement landscape in the United States, with many of these changes set to take effect in 2025. The five most significant alterations this act will bring to retirement accounts include: Raising the Age for Required Minimum […]

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financial planning for your 50s

Financial Planning for Your 50s  

In your 20s, 30s and maybe even your 40s, retirement can feel like a distant reality. In your 50s, the horizon is beginning to inch closer. As such, it can be one of the most important decades for financial planning and developing a retirement savings plan. If you find you aren’t quite where you want […]

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how to diversify your retirement account

How to Diversify Your Retirement Account  

Investing all your retirement funds in one type of asset can be risky. If something happens to that asset class, your investment portfolio could be in jeopardy. Fortunately, you can mitigate the risk by spreading your funds to multiple types of assets. This is known as diversification.  Diversifying your investment portfolio can help decrease your […]

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Actionable Ways to Protect Your Retirement From a Recession

Actionable Ways to Protect Your Retirement From a Recession

Economic downturns and inflation could impact your life savings and retirement nest egg. Recessions are a regular part of economic cycles, so one will inevitably occur at some point. However, no one can accurately predict when a downturn will occur or whether it will be mild or severe. Though it’s impossible to precisely forecast recessions, […]

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Should You Invest, Pay Off Debt, or Save for Retirement?

Choosing where to focus your finances may prove difficult with all the available options. There are benefits and drawbacks to every important financial decision. You may choose to build your savings before paying off debt. You may want to eliminate your debt before saving for retirement or save enough cash to start investing.  Ultimately, prioritization […]

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