Before the original SECURE Act, IRA owners who died were able to leave their accounts to their children, grandkids, or other non-spouse individual beneficiaries, and heirs could stretch required minimum distributions (RMDs) over their own lifetimes, thus allowing the funds in the accounts to grow tax-free for decades.
Whether you're counting on Social Security to fund most of your retirement income or supplement it, you want to make sure you get all of the money you're entitled to.
A reverse mortgage can make it possible for older homeowners to remain in their home and supplement their retirement income. While you receive a steady influx of cash from a reverse mortgage, it’s ultimately a loan that needs to be repaid.
Time is one of your greatest assets or your worst enemy when planning for retirement. The earlier you start saving for retirement, the more time that money has to grow. That means you have to save fewer dollars earlier, in order to achieve your financial goals later.
After decades of building a solid nest egg, retirement is the time to finally crack into it. Yet, many retirees who were great at saving find themselves less sure about how to spend all that accumulated money.
Many families discover that trying to mitigate the cost of long-term care can conflict with another common retirement concern—reducing taxes for retirees and their heirs.
A type of education savings account called a 529 plan is just one of several tools families can use to prepare for the growing costs of higher education. While these plans can be beneficial for almost anyone since they let funds saved for education compound on a tax-free basis provided they're used for eligible education expenses, individuals who live in states with special tax breaks for contributions tend to fare the best.
