If you have reached age 70 ½ and are taking your required minimum withdrawals, here are some useful tips you may want to use in order to maximize your IRA account: Tip 1: to decrease the fees you’ll have to pay when withdrawing from your IRA, you can merge traditional IRAs from multiple institutions into… Continue Reading
Category Archives: Asset Proection
Funding Your Retirement Through Renting
Want to cushion your retirement? If you live in a house that has a couple of spare bedrooms, you may want to consider renting them. Companies like Airbnb, Vacation Home Rentals, HomeAway, and VRBO can help you do that. Both Airbnb and Vacation Home Rentals charge a small 3% booking fee. People from all over… Continue Reading
The Need for Life Insurance
You may not realize it, but life insurance is important once you get married, buy a house with someone or have a child. Most people purchase a term insurance policy which will pay a set amount to the beneficiary if the policy holder dies within the boundaries of the term. If you are a healthy… Continue Reading
Using Your Assets for Good Can Trigger Medicaid Penalties
If you are in good health and are helping your children or another family member pay for their bills with your money, then fall ill, and apply for Medicaid all within a five year period, you may be viewed as having transferred assets to qualify for Medicaid. If this happens the state will almost certainly… Continue Reading
Widows/Widowers and Financial Responsibilities
When a spouse dies the surviving spouse may be unprepared for the financial responsibilities both spouses used to handle. To prepare, both spouses should know how to budget, understand their investments, retirement finances, social security and know where life insurance policies, safe deposit boxes and keys, and investment accounts are located. Consider attending workshops that… Continue Reading