Distributions for an inherited 401k plan can be complicated, because there are many factors to consider – your age, the age of the original owner, etc.
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Nobody wants to pay for something, then watch someone less deserving who gets it for free. A dear friend recently raised this situation: are you a sucker for saving, while somebody else spends freely and their kid gets more money from a college? I’ll give a very qualified yes to this—there are a few situations […]
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In “The Personal Finance Industry is a Scam,” a writer for GQ discusses her thoughts on why “Suze Orman’s rant against coffee is the latest in cable-news advice that puts the blame for an increasingly unequal financial system on individuals.” The writer recalled meeting Orman years earlier as an unpaid intern saddled with heavy law school […]
©Bring Clarity to Your Finances™. Spending on Little Luxuries Can Add Up…to More Happiness is a post from Bring Clarity to Your Finances™
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This topic comes from a reader, J., who asks the following question: My wife is 62 and she works a part-time job earning around $23k per year. She is planning to retire in June, and so her total earnings for the year will be approximately $11,500. She would like to begin taking Social Security benefits right after her retirement. The question is this: will her earnings test be based upon her “individual” earnings, or on the higher combined earnings of the two of us (I am still working, earning in excess of the earnings test amount)? Since her earnings of approximately $11,500 are under the $17,640 earnings limit, her earnings would not be reduced – but if the earnings test is based upon both of our earnings combined, her earnings would definitely be reduced. How does this work? My Response Each person’s earnings record is specific to that individual – […]
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On July 4th, the United States celebrates its Independence Day. And if you remember anything from history class, you know that the United States did not complete the process of becoming independent all in a day. It took time but July 4th was chosen to mark the occasion after there was a vote for independence […]
©Bring Clarity to Your Finances™. Fee-Only Financial Planners Have Independence is a post from Bring Clarity to Your Finances™
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