Early withdrawals from retirement accounts are not only costly, but they can also disrupt your financial future. Think about the long-term consequences before you tap your 401(k) for an emergency expense. Your 401(k) account is designed to help you build a nest egg for retirement, but you may tap it for other purposes. If you’re
As you head into retirement, it makes sense to reevaluate your insurance coverage and make sure it’s sufficient. Now that you’re about to retire, it’s an excellent opportunity to take a fresh look at your life insurance coverage. It might be that you can give up a policy or two, or that you can change
1. Not taking advantage of the Stretch distribution option or not establishing it properly The Stretch IRA is a way for each IRA beneficiary to maximize the payout period over his or her entire life expectancy. Properly designating beneficiaries and informing them of the IRA owner’s “Stretch” intentions are key to making this strategy work.
What influences your spending choices? Social media can pressure you to spend more than necessary. We have all seen our friends post images of an expensive dinner,a pricy resort stay, a new car, maybe even their first condo or house. Seeing these message can influence your spending habits. Millennials are known for frugality, but the
After you marry, to what degree should your financial lives be shared and how do those finances affect your relationship? Many couples who marry also wed their finances together. Whether they partly or fully merge their finances, many couples may see more advantages than disadvantages to taking this step. Some young married couples decide to