Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
Under the new Biden administration, the president has made his intentions clear about the potential to change the tax code.
The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, surviving spouses typically confront financial issues, which often trigger tax-related questions and consequences.
So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.
My daughter, my only child, recently married a nice man. However, he is not responsible with his finances. I don’t want my son-in-law to have any access to her money or through a divorce via equitable distribution.
Losing a job is almost always traumatic. In your 50s, job loss can be devastating — and devastatingly common.
Whenever you open a financial account, you’re almost always asked to name a beneficiary. Simply stated, a beneficiary of the account is someone who is entitled to the benefits of the account, typically, on the death of the account holder. If you’ve purchased life insurance, for example, you name a beneficiary, who receives the benefits of the policy when you pass.
It can be hard to move through your daily life after someone you love dies. It may be even harder to embark on the complex tasks required to put their financial affairs in order. However, you can’t afford to put that off.
If you’re leaning toward choosing guaranteed lifetime income by remaining in the plan instead of taking the lump-sum offer, be sure you have confidence in your employer’s long-term viability.
U.S. has been making it easier for people to access long-term savings for emergencies, trading future financial security to stay afloat.
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