Do you almost have enough money to retire and want to scale back from the 40-hours-a-week grind? If so, here’s a way for you to get your employer to agree to your phased retirement. Before you approach your employer, you have to think like her. Her main interest is her business. She wants the best [...]
If you are interested in taking money out of an IRA penalty-free, there are a number of ways to do this. But first let’s see why it’s so important to stick to the IRA rules. Let’s say you have $3,500 in credit card bills that you want to pay off with IRA funds. If you [...]
“If I won the lottery I would…” How many times have you completed that sentence (if not out loud, at least to yourself)? Several years ago I met 12 bus mechanics who actually did win the lottery. In fact, they won $12 million – $1 million apiece. Within two or three years most of them [...]
Sooner or later, you’re going to start drawing IRA income. Once you start that process, you’ll want to make sure you’re getting the most money you can. There are two basic principles you need to understand in order to achieve just that: 1. Tap into your taxable accounts first. If you want to invest for [...]
You can make a few very smart moves and significantly cut the taxes on inherited IRA distributions. The best way to show you how to do this is by way of example. Let’s say that you and your two sisters are the named beneficiaries of your father’s IRA. Unfortunately, your father passes away. You now [...]
You might think that in order to achieve early retirement, you have to embrace a harsh and Spartan lifestyle. I don’t accept that premise, and you don’t have to either. In fact, I believe the only way to really reach your early retirement goal is to learn to love the process. Suffering through your life [...]
If you want to know when to take Social Security benefits, the answer is “as late as possible” up to age 70. This is true in almost all cases (I’ll discuss when you should not adhere to this advice.) The issue of when to take benefits isn’t a question of how to maximize your income. It’s [...]
Not everyone can achieve retirement without debt. But if you really want to do it, you can. In fact, if you follow the following 5 steps, you can make sure of it. But please understand that being debt-free isn’t always the most financially savvy step to take. I say that it’s not always the best [...]
There are ways to significantly increase your portfolio income. In a world of near 0% interest on CDs, that’s good news. Here are my top 3 tips on how to do it: 1. Callable CDs If you have no appetite for risk, you’re probably a CD buyer. But if you are a CD buyer, you’re [...]
If you own an IRA and you’re approaching age 70 ½, you’ll be forced one day soon to take an RMD. What is an RMD? It’s a Required Mandatory Distribution, and it’s one of the most important IRA rules there are. In other words, the government will force you to start taking money out of [...]
Subscribe via RSS