The vast majority of American workers are eligible for social security. For most people, 10 years of work means that you and your spouse will be able to count on payments from social security as part of your retirement income. But when should you start collecting benefits? The Social Security Administration determines your “full retirement age” based on the year you were born. For example, if you were born between 1946 and 1954, then your full retirement age is 66. Everyone is eligible to … [Read more...] about Wondering When to Start Social Security? Consider This
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Borrowing From Your 401(k)
Although many employers have programs that let employees to take out loans on their 401(k) plans, there are often a number of different rules governing the loan so it is important to be aware of what those rules are. The first thing to remember is that it is, in fact, a loan and you’ll be required to pay back whatever you withdraw. Often, that payment will be deducted directly from your paycheck. There are also limits on how much can borrow, which is usually about half of what you have … [Read more...] about Borrowing From Your 401(k)
What Happens if You Don't Have a Will?
We all know how important it is to create a Will, but what happens if we don’t? Where will your assets go? How will your estate be divided? All fair questions – and here’s the answer: if you die without a Will, your estate will be distributed according to what is known as intestacy or “succession” laws. And if that happens, it probably won’t be done in the way you might have liked. Intestacy law basically is a law that determines who has a right to inherit in the case where there is no … [Read more...] about What Happens if You Don't Have a Will?
What's the Difference Between A Revocable and Irrevocable Trust?
The main difference between a revocable trust and an irrevocable trust is the amount of control the settlor (the person establishing the trust) retains after the trust is created. When you establish a revocable trust, you keep the power to make changes to it, or to completely do away with it and take back the trust property, at any time. This gives you a lot of flexibility, but because you retain full control over the trust, for financial purposes, you’re treated like you still own the trust … [Read more...] about What's the Difference Between A Revocable and Irrevocable Trust?
Where Should You Keep Your Estate Planning Documents?
So, your estate planning documents are all drawn up and signed, and you’re wondering where the best place to keep them is. The most important thing is to keep them in a place where they’ll be safe and where your close family or your executor or trustee can get to them quickly should the need arise. Your first option is one that a lot of people use: a safe deposit box. This will keep your documents safe, but it might not make them as accessible as they need to be. If the box is in your name … [Read more...] about Where Should You Keep Your Estate Planning Documents?
Planning Ahead For Your Final Arrangements
Making plans for your own funeral might seem a little morbid, but it can be one of the biggest gifts you give to your loved ones. In the event of your death, you can save your family members the confusion, anxiety, and expense that go along with making last-minute final arrangements. A lot of people include their wishes for their final arrangements in their Wills, but this is a bad idea. Most of the time, your Will is not found – let alone read – until after the funeral is over. The best … [Read more...] about Planning Ahead For Your Final Arrangements
Q&A: Choosing A Guardian for Children of Multiple Marriages
If you’re a parent, you want to make sure you’ve provided for your children in the event you die while your kids are still minors. Part of doing this is to make a will appointing a guardian for your children. Sometimes, though, there are special complications that can make choosing a guardian especially difficult. If you have children from multiple marriages for example, you may be wondering how to choose a single guardian for all your kids. In some cases, this is not a difficult decision. … [Read more...] about Q&A: Choosing A Guardian for Children of Multiple Marriages
What is a Reciprocal Will?
A Reciprocal Will is the go-to estate planning document for most married couples. Based on the idea that a married couple will likely have the same wishes for their estate, their Wills are created to “mirror” each other so that no matter which spouse dies first, the estate is handled in essentially the same way. There are of course, instances where Reciprocal Wills may vary slightly. While both you and your spouse will name each other as executors and primary beneficiaries, you may have … [Read more...] about What is a Reciprocal Will?
How the Windfall Elimination Provision May Affect Your Social Security
Are you eligible for a pension from a job where Social Security was not withheld from your paycheck? If so, the Windfall Elimination Provision, part of the Social Security Amendments of 1983, may affect your Social Security payment. This change was introduced to eliminate the unfair advantage of those who did not pay into Social Security but still received a pension and full Social Security payment. When you receive your yearly Social Security Statement, you will see an estimated payment … [Read more...] about How the Windfall Elimination Provision May Affect Your Social Security
Three Ways to Diversify Your Retirement Portfolio
Money doesn't grow on trees, but it can grow in the right investment. Choosing the right area to increase your investment can be a tricky venture. For safe retirement investing, you should allocate your assets in a variety of areas. Stocks, bonds, and short-term investments are all good areas for investing retirement funds. The stock market has the reputation of being a scary speculation arena. This is often true for short term investments where losses and gains are more abrupt. For long term … [Read more...] about Three Ways to Diversify Your Retirement Portfolio
