Whether you can continue to fund an IRA depends on whether you have anyearned incomeafter you retire. This includes wages, salaries, tips, bonuses, commissions, earnings from self-employment, long-term disability payments, and union strike benefits. Keep in mind that you cannot contribute anything...
you'll pay a 10% penalty tax in addition to paying federal income taxes on the distribution amount. You may paystate taxesas well.67(Again, both Roth 401(k)s and traditional 401(k)s work the same
Regarding the annuity — what you have is called a spousal inherited IRA. You are permitted to buy an annuity with that money just make sure that the transfer takes place directly from the current IRA custodian to the insurance company. There is no 60-day rollover rule when inheriting...
Annuities offer guaranteed income and tax-deferred growth, but downsides may include high fees and opportunity costs. Kate StalterDec. 4, 2024 Where to Retire on $2K per Month In these six overseas destinations, a retiree can live comfortably on a budget of $2,000 per month. ...
You also don't need to file an extra application to see if spousal benefits would give you a monthly boost — you are automatically deemed to be applying as a spouse as well. If you have no work record to qualify on, you can get spousal benefits with the same 50% maximum applying. ...
An elder care lawyer can help structure gifts and transfers in a way that minimizes penalties. To make the most of Medicaid planning, be sure to work with an elder care attorney before you actually need long-term care. Navigating the Medicaid Application Process The Medicaid application process ...
Want a prenup but need clarification on the price tag? Learn what factors impact prenup costs and how to get a valid yet affordable agreement. July 28, 2024 · 8min read If you want a long and happy marriage, start by negotiating a prenuptial agreement ...
You could also try to obtain a financial hardship exemption. This would be done through the Department of Education and requires completing a Request to Stop or Reduce Offset of Social Security Benefits form. Delinquent child support and spousal support The Department of Treasury can also opt to ...
But remember, your benefits ultimately are based on your work and earnings history. Your annual Social Security statement will list your projected benefits between age 62 to 70, assuming you continue to work and earn about the same amount through those ages. If you need a copy of your annual...
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