FINANCIaL
FIELd NOTES
Why “Full Retirement Age” Is Not a Magic Date
For years when you would open your Social Security estimate, there would be a big number in the top right corner – the amount per month you were estimated to get at “full retirement age” (FRA).
There was a tremendous focus on this specific age, which resulted in many people assuming that was the ideal date to claim benefits…
The New 529 to Roth IRA Strategy Under SECURE Act 2.0
I recently wrote about some of the key changes under the new SECURE Act 2.0, which includes a provision to transfer unused 529 funds to a Roth IRA.
Beginning in 2024, some owners of a 529 will be able to make limited transfers tax-free to the beneficiary’s Roth IRA. There are many rules around who is eligible and how much of the funds can be transferred…
Are You On Track For Retirement – A Quick Checkpoint
How much do you need to retire? The answer varies by individual circumstance but simple rules can be helpful as a starting place. JPMorgan provides a rough estimate based on your age and income level…
Secure Act 2.0 – Everything You Need To Know
On December 23rd, the massive $1.7 trillion spending bill was passed, and it included a retirement bill known as SECURE Act 2.0. At first glance, the SECURE Act 2.0 looks to have an equal or greater impact on current and future retirees. Let’s dive into the highlights…
Most-Read Blog Posts From 2022
As the year comes to a close, I wanted to reshare a few of my most-read blog posts from this past year in case you missed them. Thank you all for your engagement over this year – see you in the new year!
A Unique Widow Social Security Claiming Strategy
Are you a widow or do you know someone who is a recent widow? If so, this strategy may be worth considering between the ages of 60 and 70.
Under Social Security, widows are entitled to a widow benefit as early as age 60, two years earlier than the earliest filing option of 62 for most retirees. The unique strategy that can be used here is filing for only widow benefits while allowing your own Social Security benefit to continue growing until the maximum age of 70…