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'I was mentally and emotionally drained': During my divorce, I made a hasty decision to take early retirement. Can I undo this?

“I was married to my ex-husband for 13 years. He left me for another woman. I was forced to sell our home.”

Texas , United-states , Longview , Washington , Mark-hulbert , Cary-carbonaro , Brandon-renfro , Miklos-ringbauer , Employee-benefit-research-institute , Revenue-service , Dear-quentin , Belonging-wealth-management

Ask an Advisor: I Plan to Retire in Abroad But Need Another $300k-$400k. How Can I Get There?

I’m divorced three times, retired from the military and plan to retire from civil service in about four years at 64 years old. I have $150,000 in a thrift savings plan. I’m saving $900 monthly in this account and would be happy if it grew to $300,000 to $400,000. I’m also starting to put $600 […] The post Ask an Advisor: I Plan to Retire in Abroad But Need Another $300k-$400k. How Can I Get There? appeared first on SmartReads by SmartAsset.

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Ask an Advisor: I'm 60 With $65k in Pension Income and $100k in My IRA. Is a Roth Conversion Worth It?

I'm 60 and I would like to convert some money from my regular IRA to a Roth. I'm aware that the earnings are subject to penalty before five years but I won't need that money until at least age 70. Is it advisable to do so? My annual income from a pension is $65,000 and […] The post Ask an Advisor: I'm 60 With $65k in Pension Income and $100k in My IRA. Is a Roth Conversion Worth It? appeared first on SmartReads by SmartAsset.

Brandon-renfro , Tax-cuts , Jobs-act , Social-security , Roth , Oth-conversion , Axable-income , Ocial-security , Oth-conversions , Inancial-advisor , Ax-bracket

Ask an Advisor: If I Delay My First RMD, Can I Count It as Income for the Previous Year?

If I turn 73 in 2025 and take out my first RMD before Dec. 31, 2025, it would be 2025 income. If I wait until the April 1, 2026 deadline for RMDs, would the withdrawal still count as 2025 income? I still have to take another RMD before Dec. 31, 2026, which would be 2026 […] The post Ask an Advisor: If I Delay My First RMD, Can I Count It as Income for the Previous Year? appeared first on SmartReads by SmartAsset.

Brandon-renfro , Avoid-two-taxable ,

Ask an Advisor: If I Move From New York City to Florida, Can I Afford to Retire?

I’m 54 and would like to retire next year. I intend on moving out of expensive New York City to Florida where I will purchase a home outright with cash for $600,000 to $650,000 (financed from the sale of my home last year). Additionally, I have a 457(b) plan with a $1.4 million balance and […] The post Ask an Advisor: If I Move From New York City to Florida, Can I Afford to Retire? appeared first on SmartReads by SmartAsset.

New-york , United-states , Florida , Miami-beach , Brandon-renfro , New-york-city , Social-security , Sunshine-state , Big-apple , Lorida , Inancial-advisor

Ask an Advisor: We're in Our 70s With Nearly $3.5 Million Invested 'Solely in Stocks.' Should We Switch to a 60/40 Portfolio?

I am 73 and my wife is 70 with one son. We have $235,000 in a savings account and we each have $250,000 in Roth IRAs. We also have $1.675 million in a brokerage account and $1.55 million in a 401(k). Everything other than the two Roths are invested solely in stocks and the two […] The post Ask an Advisor: We’re in Our 70s With Nearly $3.5 Million Invested ‘Solely in Stocks.’ Should We Switch to a 60/40 Portfolio? appeared first on SmartReads by SmartAsset.

Brandon-renfro , Social-security , Brokerage-account , Sset-allocation , Avings-account , Etirement-savings , Inancial-advisor , Oney-market-accounts , Tock-allocation , Tocks-and-bonds ,

Ask an Advisor: We Have $1.2 Million in IRAs and Only $10k in Cash. Should We Use IRA Withdrawals to Build Our Emergency Fund?

I am 64 ½ and have been retired for just over a year. I am receiving Social Security benefits, a bit early, but have not touched my nest egg except to withdraw $10,000, which I placed in a high-interest savings account as an emergency fund. Would it be wise to use part of that cash […] The post Ask an Advisor: We Have $1.2 Million in IRAs and Only $10k in Cash. Should We Use IRA Withdrawals to Build Our Emergency Fund? appeared first on SmartReads by SmartAsset.

Brandon-renfro , Your-emergency-fund , Emergency-fund , Social-security , Rowe-price , Ira-withdrawals , Ra-contribution , Ocial-security , Ra-contributions , Mergency-fund , Inancial-advisor , Etirement

Ask an Advisor: Do IRA Withdrawals Before I Turn 73 Count Toward My RMDs?

Do withdrawals from my pre-tax IRA and/or 401(k) accounts made before I turn 73 count toward my RMDs? Or do RMDs start at 73 without regard to prior withdrawals? I'm 70 now and still working and collecting Social Security, but plan to retire in 2024. – Luis Unfortunately, withdrawals from an IRA or 401(k) before […] The post Ask an Advisor: Do IRA Withdrawals Before I Turn 73 Count Toward My RMDs? appeared first on SmartReads by SmartAsset.

Brandon-renfro , Social-security , Uniform-lifetime , Planning-tips ,

Ask an Advisor: We're in Our 70s With $120k in Savings and Social Security. How Do We Make It Last?

I’m 72 years old and my wife is 70. Over the years, some of our financial decisions were not the best, but we have enjoyed 45 years together so far, having two sons and now two daughter-in-laws and five grandchildren. Our problem is that because we wanted to give our sons the best of everything […] The post Ask an Advisor: We’re in Our 70s With $120k in Savings and Social Security. How Do We Make It Last? appeared first on SmartReads by SmartAsset.

Brandon-renfro , Social-security , Inancial-advisor , Inancial-planning , Avings-account , Ocial-security-benefit , Inancial-decisions ,

Ask an Advisor: Can I Avoid Taxes on an IRA I Inherited From My Sister? I Don't Need or Want Her Distributions Yet

I have an inherited IRA from a 90-year-old sister who had begun distributions before her death. I don’t need or want her distributions yet. Is there a more practical way I can currently avoid the distribution taxes on these funds without adding her distributions to mine until later? I am 86 and currently taking my […] The post Ask an Advisor: Can I Avoid Taxes on an IRA I Inherited From My Sister? I Don’t Need or Want Her Distributions Yet appeared first on SmartReads by SmartAsset.

Brandon-renfro , Managing-inherited , Inherited-ira , Inancial-advisor , Equired-minimum-distributions , Istribution-rules , He-ira , Inimum-distributions ,