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Retirement

Planning

Can You Take Penalty-Free Retirement Income Before You're 59-and-a-Half Years Old?

Making sure that you are saving money toward your retirement is an extremely important thing. However, that alone may not be enough in delivering the retirement of your dreams. You also need to understand certain IRS guidelines and rules pertaining to the timing of your retirement income. As a general rule, taking income from a qualified retirement account before you are 59-and-a-half years old will cost you an additional 10 percent in excise tax penalty. But, not all accounts come with this rule. Here are some ways that you can begin taking retirement income much sooner....(more)

401(k) or Traditional IRA? Questions to Consider

Is it even worth it to contribute to your employer-sponsored 401(k), or go it alone by using a traditional IRA? The fact of the matter is there is no silver bullet answer that will work out of the box without any tweaking when it comes to answering this question. You will need to consider the specifics of your situation. Here are some things to take of note should you happen to find yourself at that crossroad....(more)

Accounts that Avoid the 10 Percent Early Withdrawal Penalty

One of the significant boosts that Congress gives those accumulating money for retirement is the ability to defer paying taxes on your contributions and subsequent earnings until you begin taking withdrawals. However, this advantage comes with some strings attached, so to speak. Generally, you must wait until you are at least age 59-and-a-half to begin taking withdrawals in order to avoid being penalized with a 10 percent penalty, on top of your regular income tax. Nevertheless, there are certain types of accounts that you can access prior to this age without having to incur the extra 10 percent penalty....(more)

Don't Ignore Required Minimum Distribution Rules

Without question, the overwhelming majority of retirement accumulation vehicles used by Americans fall under the purview of Required Minimum Distribution (RMD) rules. However, more and more retirees continue to discover the existence of this requirement under very unfavorable circumstances, usually without any prior planning which sometimes result in having to pay hefty tax penalties. The information in this article will help you answer some basic questions with the goal of avoiding this predicament....(more)

Taxes

4 Retirement Tax Planning Myths to Avoid

Retirement is one of those things in life that we must all encounter, whether we are ready or not. An important aspect to ensuring that you will be able to keep more of the money that you have invested over the years involves having an effective tax plan. One of the first steps toward that end is to avoid certain myths that could potentially stand in the way....(more)

When Are Life Insurance Receipts Taxable?

As a general rule, compared to other investments, life insurance receipts tend to enjoy special tax advantages. However, there are certain exceptions to this general rule when your life insurance receipts will trigger income tax consequences. Obviously, familiarizing yourself with some of these instances will go a long way in helping you to prevent having to endure any unintended encounters with the tax authorities....(more)

Tax Aspects of Individual Life Insurance

When it comes to financial products, one of the things that you can almost always count on is that at some point down the road, you will have to deal with taxes. Individual life insurance is certainly not an exception to that rule. By understanding some basic rules, you will be able to make better decisions toady, as well as, prevent having to encounter any unintended tax problems later....(more)

Other Types

Are Reverse Mortgages Free?

A reverse mortgage is not a free pot of money. Whether you have already determined that a reserve mortgage is a right move for you, or you are in the process of making that decision, you should not forget to familiarize yourself with the costs associated with them and most importantly, how they factor into the overall equation....(more)

Choosing the Right College Savings Plan

One of the desires that most of us have is to be able to provide the financial resources necessary to cover the college related expenses of our family members and loved ones when that time arrives. To make that dream become reality, you need to make sure that your savings vehicle of choice can actually deliver the right results. So what are some things to look out for during your selection process?...(more)

Before You Touch That Inheritance

There is no question that the American population is aging rather quickly. Beside, issues surrounding retirement income and healthcare, an often less mentioned subject is inheritance planning from the perspective of the recipient. Inheriting a significant amount of money is obviously, a great thing. However, without careful planning, you are more likely to end up with a less than expected outcome from your sudden infusion of wealth. Here are some nuggets to help you avoid some of the traps that usually befall unprepared heirs....(more)

Retirement Expert

Samuel N. Asare

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Samuel is a noted retirement planner with years of hands-on experience and dozens of successfully retired clients, author of multiple books and special reports, a regularly featured expert in several media outlets, a sought-after speaker, the principal and lead wealth advisor at the DC-area based Laser Financial Group, and a... Read More

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