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Are you thinking of buying your second home? If so, read this before you do
With mortgage rates near record lows, you may be tempted to purchase a second home for your future retirement. According to the National Association of Realtors, an estimated 45 percent of vacation home buyers are in their 50s and 60s…
Despite the lack of retirement savings, many workers still expect to retire early
The results of the Retirement Readiness Among Older Workers 2021 report show most workers over age 40 don’t have enough retirement savings and aren’t setting aside enough to catch up. Nearly 60 percent of workers save less than 10 percent…
Investors are prioritizing retirement and short-term cash savings
The latest Financial Wellness Report found investors are prioritizing retirement and short-term cash savings ahead of other financial goals. They also stated they do not receive any help with financial advice or education through their employers. “Sixty-five percent of respondents…
Collecting Social Security while still working
Social Security benefits were never intended to be your sole source of income in your retirement. To maintain their standard of living, many retirees continue to work part-time or side jobs. However, in some cases, those earnings will reduce the…
Who is the Self-Directed IRA custodian and/or administrator
Do you know the difference between the plan administrator and the plan custodian? Do you know every individual retirement account (IRA) must have a custodian? Did you know each self-directed retirement plan, the administrator is a neutral third party and…
Focus on the positive aspects of Social Security
It has become fashionable to criticize Social Security based on its flaws, but there are some positive things about the Social Security program. For one thing, you can claim your benefits when you want to. You can start collecting your…
IRS Notice of Levy on Wages, Salary, and Other Income
Many people are under the false assumption that IRS cannot issue a levy on their Social Security benefits. The IRS generally issues form 668-W Notice of Levy on Wages, Salary, and Other Income, to the Social Security Administration. After the Social…
What are spousal or divorced benefits?
The average retiree receives $1,511.29 per month in benefits, according to the July 2021 stats from the Social Security Administration. Although Social Security benefits can go a long way toward helping you enjoy retirement, but only receiving $18,135 per year,…
Don’t make this costly mistake when it comes time to sign up for Medicare
If you are one of the roughly 3.4 million people ages 55 to 64 that have your health care coverage through the health marketplace, you need to be aware you will need to sign up for Medicare at age 65.…
Use the two new tools to make an informed choice on your retirement
In 2018 Congress passed the SECURE Act to boost the U.S. retirement income system. Now Congress wants to further encourage retirement savings with a new version of the previous act commonly referred to as “SECURE Act 2.0.” They want to…