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Which is the best way to handle an individual retirement account (IRA)? Let it sit and earn money, then pay taxes on the withdrawals in retirement? Or roll it over to a Roth IRA? Should I pay the taxes now … Continue reading → The post Ask an Advisor: Help Me Understand the ‘Best Way' to Manage an IRA. Is It Better to Pay Taxes Now or in Retirement? appeared first on SmartAsset Blog.

What is the benefit of having a trust versus a will? We own our home, have a rental property and we have no debt. My husband and I are retired and both have IRAs, over $500,000 in the stock market and approximately $100,000 in CDs. We have three grown children – one is a stepchild. […] The post Ask an Advisor: What’s the Benefit of Having a Trust vs. Will? We Own 2 Homes, Have IRAs and Another $600k in Assets appeared first on SmartReads by SmartAsset.

The Sunshine state is known for being a retirement haven, but things are changing, and now Florida is attracting a new cohort: rich millennials. While endless beaches and warm weather help young...

I am currently in a 12% tax bracket and attempting to convert as much money as I can to a Roth individual retirement account (IRA) without going into the next bracket. I am trying to do this to reduce my … Continue reading → The post Ask An Advisor: Can I Harness the Bear Market to Cut My RMDs and Tax Bill? appeared first on SmartAsset Blog.

Can my new wife draw on her ex-spouse's Social Security in any circumstance after remarrying? Specifically, during the one-year waiting period for my wife to collect on my record, can she collect on an ex-spouse's record? Or can my wife … Continue reading → The post Ask an Advisor: Can My New Wife Draw on Her Ex's Social Security? appeared first on SmartAsset Blog.

Can I avoid getting hit with double taxes on my first two required minimum distributions (RMDs)? I'll turn 73 in January 2024. Do I have until April 1 2024 to take my first RMD? Or do I have until April … Continue reading → The post Ask An Advisor: When Should I Take My First RMD? appeared first on SmartAsset Blog.

I will be 72 years old on Feb. 10, 2023. I have a traditional individual retirement (IRA) account. Most of the money is tied in stocks, and the stocks this year are way down. If I sell to pay the … Continue reading → The post Ask an Advisor: When Taking RMDs, How Do I Avoid Locking in Losses? I'll Be 72 Years Old Soon, and My Stocks Are ‘Way Down' This Year appeared first on SmartAsset Blog.

I lost my job last year and need to take care of a parent. In doing that, I must withdraw money from my retirement. I don't understand the tax implications and penalties. I would also like access to any savings … Continue reading → The post Ask an Advisor: I lost My Job. Can I Tap Retirement Accounts Without Penalties? appeared first on SmartAsset Blog.

My wife and I currently have roughly $250,000, with half in our Roth individual retirement account (IRA) and a few small annuities, and the other half in various checking accounts and a money market account. We are both retired, have … Continue reading → The post Ask an Advisor: My Investments Are ‘Dwindling Away Slowly.' Should We Flee to Cash? appeared first on SmartAsset Blog.

The 10 Most Affordable Cities for an Early Retirement The 10 Most Affordable Cities for an Early Retirement The COVID-19 pandemic has forced many Americans into an early retirement: In fact, the majority of the seven-percentage-point drop in the labor participation this past spring can be attributed to unemployed people who have prematurely decided to exit the workforce for good, according to a paper from the Becker Friedman Institute for Economics at the University of Chicago. And though less ...