Your Personal Finance Wizard
Renting when retired gives you flexibility, convenience, and liquidity while saving you a lot on mortgage payments, property insurance, property tax, and maintenance cost. In a hurry?Listen to this audio summary Owning a home in retirement might seem a better option to most than renting when retired. However, retirement brings both lifestyle and financial changes. … Read more
The Money Purchase Pension Plan is an employer-sponsored defined contribution pension plan. It’s a tax-deferred plan and you will have guaranteed retirement income. Joined a company that offers Money Purchase Pension Plan? Then this post is entirely for you. Because in this in-depth guideline on the money purchase plan, I am going to cover what … Read more
You will get a minimum social security benefit if you have earned 40 social security credits in 10 years. However, it’s hard to tell an exact number as social security benefits are calculated based on your highest 35 years of income. Social security benefits are a great inflation-adjusted social insurance system for retirees. However, it … Read more
In case you are retiring with a pension and social security only then you must consider whether you can receive both or not, will you get full social security or not, can WEP affect your social security, will your pension reduce social security benefits, and many more. Retiring with a pension and social security only? … Read more
You can have as many Roth IRAs as you want. However, your contributions to the Roth IRAs can not exceed $6000 annually. Roth Individual Retirement Arrangements are a great way to save for retirement. However, IRAs can be pretty complicated. That’s why there is so much confusion regarding them. One such confusion is how many … Read more
To Collect Pension From Former Employer contact your former employer and request a distribution form for receiving your pension fund. Lost a job years ago but didn’t collect the pension? Or just lost a job but not sure how to collect your pension? Don’t worry. I am here to help. Because in this post I … Read more
Yes, it’s possible to rent in retirement. However, renting without a fixed income can be tricky so you have to show proof of funds, provide a hefty advance amount or present a guarantor to the landlord for renting. Renting a smaller apartment can be a smart choice to cut costs in retirement. However, normally most … Read more
To protect your nursing home from taking your house you can form a life estate, put it in an irrevocable trust, purchase long-term care insurance or use a Medicaid asset protection trust, or transfer all your assets before. However, the process is not as easy as it sounds. So, reading this post can surely help. … Read more
After Getting Fired Before Retirement, if your age is less than 60 then you might need to find another job, apply for unemployment, find a health insurance solution, etc. If you are above 62 or more then you can apply for Social Security benefits, talk with a financial advisor for managing the 401(k) or your … Read more