James Suazo, ChFC®, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I have an inherited IRA. How soon do I have to take distributions?”, originally published on November 30, 2021. If your inherited IRA falls under the 10-year rule, the IRS has clarified the rule in their publication 590-B...
What 5 things should you be thinking about at the end of the year when it comes to your finances? 1. Review your personal budget and commit to a savings plan for 2022...
The Social Security Administration (SSA) announced on October 13, 2021, that it will be increasing Social Security (SS) and Supplemental Security Income (SSI) benefits by 5.9 percent in 2022. This cost-of-living adjustment (COLA) will begin for 64 million SS beneficiaries in January 2022 and for approximately 8 million SSI beneficiaries, on December 30, 2021.
Nicholas Scheibner is quoted on this topic in an article in NJMoneyHelp.com by Karin Price Mueller, originally published on May 20, 2021. It is confusing to differentiate between the Roth IRA and the non-deductible traditional IRA. Here are some key points that might help clarify things:
Nicholas Scheibner is quoted on this topic in an article in NJMoneyHelp.com by Karin Price Mueller, originally published on September 15, 2020. A 60-second read by Nicholas Scheibner, CFP®: If you want to transfer your 401(k) to a Roth IRA, here are three things to consider, other than the tax rates, before making a Roth conversion:
Nicholas Scheibner, CFP® is quoted on this topic in an article in NJMoneyHelp.com by Karin Price Mueller, originally published on February 24, 2021. If you are uncertain about what to do with your 401(k) from a former employer who discontinued their plan, and how to invest it for retirement, here is a 3-point checklist of investing new money that may help answer your questions:
What 5 things should you be thinking about at the end of the year when it comes to your finances? 1. Review your personal budget and...
Nicholas Scheibner is quoted on this topic in two separate articles in NJMoneyHelp.com by Karin Price Mueller, originally published on June 1, 2020 and July 6, 2020. Can you borrow from your Social Security? Can I get my spouses’ Social Security when they pass away? Even from my ex-spouse?
Nicholas Scheibner is quoted on this topic in two separate articles in NJMoneyHelp.com by Karin Price Mueller, originally published on March 4, 2020 and March 23, 2020. There are some things to keep in mind regarding the SECURE Act rules for inherited IRA beneficiaries and the 10-year distribution window:
Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 Trillion economic stimulus package from the U.S. Government. It addresses the economic impacts of the COVID-19 (coronavirus) outbreak, providing help for both individuals and businesses. The CARES Act provides:
If you are like many working Americans, you are in the middle stages of your journey towards financial independence. This is the time to redefine your financial path to ensure the steps you are taking are leading towards your desired destination. Although you may have several more years to go, it's time to begin coming up with specific and measurable retirement goals.
Nicholas Scheibner is quoted on this topic in an article in NJMoneyHelp.com by Karin Price Mueller, originally published on January 30, 2020. The SECURE Act changes the rules for workers who are over age 70 ½. If you have earned income, you can contribute to your IRA at any age.