Traditional IRAs can give you a tax break and grow tax-deferred. Roth IRAs are funded by after-tax money and grow tax-free. Along with your 401(k), IRAs will likely constitute the bulk of your retirement savings. But IRAs can also be used for non-retirement purposes. If you’re buying your first home or paying for college, you … Read moreIRA Withdrawal Rules: Penalty-Free Withdrawal From Traditional and Roth IRAs
When Do You Plan To Retire? That was the question our financial advisor asked the very first time we met together. Since my wife and I were both in our early 20’s, we said 50. We figured 50 is really old and if we waited much longer we would probably need to do all of … Read moreImportant Considerations for Those Who Want to Retire Early
We’ve all heard stories of guys who, after busting their hump for 40 years, kick the bucket at their retirement party or shortly after that. These stories scare the crap out of me and make me wonder about the idea of retirement, or on the flip side, working so hard to accomplish retirement. After all, … Read moreHow to Die Young: Retire Early
We’ve all heard the stories of lotto winners who win millions, think they’re set for life, and then go broke within a decade. Or people who inherit large sums of money and end up in financial ruin, family feuds, or both. The word “windfall” can mean different things to different people — if you’re young … Read moreWhat to Do With a Financial Windfall?
There are two rules often cited by investors that sound similar but that in fact make very different claims. In this article, I’ll describe the differences between the two rules — the Multiply By 25 Rule and the 4 Percent Rule. The Multiply By 25 Rule The purpose of the Multiply By 25 Rule is … Read moreThe Multiply By 25 Rule and the 4 Percent Rule
Recent economic mess and stock market decline left many people wondering if they’ll have enough money for their retirement. Many will just have to adopt a more frugal lifestyle, but some people are lucky enough to have the option to delay their retirement. If you are in this latter group of people, here are several … Read more3 Benefits of Delaying Your Retirement
Defining a good goal is hard enough in itself, but people still fail even with well thought out SMART goals. Why? The answer is simple: they fail to turn these goals into actions. Generally, a goal is broad and it is hard to identify ways to achieve it. To transform your goals into practical actions … Read moreHow to Create an Action Plan for Your Goals
Retirement is just around the corner. You think you’ve saved enough; but with the recent market drop, you are just not sure. Your retirement accounts have taken drastic blows and now you’re in doubt if you will ever retire. You decide it’s time to sit down with a Certified Financial PlannerTM to see if you … Read more5 Things You Don’t Want to Hear From Your Financial Planner
There was an interesting comment from a reader, ToughMoneyLove, regarding the benefit of delaying your retirement because the Social Security Administration gives you 8% bump in benefits each year. Here’s that part of the comment: For your Mom, she will get an 8% bump in benefits for each year she delays taking SS until age … Read moreShould You Delay Your Social Security Benefits?
Kent Irwin, who recently wrote a guest article: Is Suze Orman Right, Can You Be Your Own Financial Planner?, sent me a free license to use his eFinPLAN online financial planning software. In this post, I am going to provide you with my initial experience, and I will follow up with a second post to … Read moreeFinPLAN Online Financial Planning Software Review