David Marotta Quoted on Yahoo Finance Story About Gen Y Savings
Because of inflation, today’s 20-year-olds will need over $7 million to have the same lifestyle when they retire.
Because of inflation, today’s 20-year-olds will need over $7 million to have the same lifestyle when they retire.
The majority of stocks are no longer held directly and shareholders are not legal owners but are called beneficial owners. We explore what these changes mean for the average investor.
The study shows that 21 percent have saved nothing for retirement.
Willful violations of ERISA legislation carry criminal penalties of up to a year in prison for the plan sponsor and a fine of up to $100,000 for the corporation.
Opening an account is the first step in getting started in investing.
It’s important to know the limits so you don’t over-contribute and incur tax penalties, but contribute just the right amount (based on your income) for your future standard of living.
Most financial planning articles about annuities pull their punches.
A complete guide to using Roth IRAs to build lasting wealth.
It is a common assumption that your last will and testament determines who gets your stuff when you die. What you may not know is the vast majority of your assets may be transferred to others regardless of the instructions in your will.
If you are 50 years or younger will you see any of your retirement money?
Both economists and reasonable citizens understand that reforming our Social Security system is inevitable.
Blaming the 85% with 100% of the wealth for the poverty of the remaining 15% is unreasonable. The two are unrelated.
A backdoor Roth IRA contribution requires some extra steps but allows high-income earners equal access to the tax-free benefits of a Roth IRA.
A dollar saved on your taxes is better than a dollar earned which causes you to pay more tax.
The DMV was my second stop in the name-change process because it makes subsequent name changes easier.
How much can you save in 15-minutes? Ready. Set….
Your lifespan is decreased by 1.8 months for each year you retire early.
Mr. Roth can also help with transferring gifts to your heirs, setting up your first emergency reserve account, and paying for a new house or college expenses. But don’t ask him to iron your clothes. That’s where he draws a line.
Most people do not use all their skills at their place of work, so these other skills become hobbies. I am no exception. What I need to pursue these other dreams is financial independence, that is, decoupling my need to eat from my skill as as an artist.
Today’s carnival is all about retirement: saving for it, where to open accounts, how much to withdraw once you do retire, and more. Read on for more details!
As the wife of a 2013 college graduate and a 2012 college graduate myself, I can boldly say this was the most helpful advice given to me.
$3 million today has the same buying power as $500,000 in 1970.
For families with complexity to their finances, hiring a tax professional actually saves them money. Wealth managers bring benefit to such families in the same way.
If you look beyond the short term, making this move is pretty clearly worse than using a high-interest credit card to pay your bills.
Do any of these ideas suggest any incentive for the highly productive to continue producing?
This edition of the Wealth Management Carnival deals with investments, how-to tips, advice for college students, and a checkup on 2013 New Year’s Resolutions.
These kittens have retirement plans. Be more like these kittens.
Q: I am looking for a way to get into the distressed real estate market. What recommendations do you have about investing IRA or 401(k) funds in rental houses?
It is a crisis fabricated 100% by politicians. And avoiding the fiscal cliff is being used hypocritically for additional political gain.
There is a backdoor way to contribute to a Roth IRA for those who are not income eligible. This method requires the following steps:
The victors in the recent election have declared it open hunting season on the rich, which they evidently believe will solve our spending problems. Tax hikes everywhere are aimed at the most productive members of society.
This article reviews the coordination rules which govern the maximum contributions to 457, 401(k) and Thrift Savings Plan. Information on 403(b) plan maximums is also included.
Knowing which assets to give away to your beneficiaries can save your estate and your beneficiaries big tax bills, even if you have a small net worth. If you plan on making a gift to charity from your estate, you can be even more tax savvy with your giving.
This week’s carnival deals with retirement plans and plans to retire. We hear some talk about retirement accounts, a blueprint for retiring early, and that baby boomers are going back to work.
It may surprise you that proceeds from retirement accounts and insurance policies are not divided according to the terms in your will. Instead, these assets pass directly to the beneficiaries you named on the account.
There is a separate set of rules for those under age 55 or who are looking to distribute from an IRA. These rules focus on an exception called Substantially Equal Periodic Payments (SEPPs).
Many families seek financial planning advice specifically for retirement. But if they wait too long, they miss an important tax-planning opportunity. A great strategy is to take advantage of the time between retirement and Social Security at age 70, the so-called gap years.
During the 2007 – 2009 financial crisis, many stable value funds were on the brink of disaster due to risks that were unknown to the average investor.
Do I start planting investments and then refrain from giving for ten years?
Franco Modigliani won the Nobel Prize for a simple technique that squirrels know intuitively from birth. You have to squirrel away some nuts during times of plenty so you can survive during times of scarcity.
There are two opposing approaches to limit your AMT tax. The obvious strategy is to lower your income so you avoid this AMT bull’s-eye. The less obvious approach is to raise your income.
Here are three questions that every small business owner should answer before establishing a new retirement plan.
Q: I recently landed a job that will allow me to begin saving. My company offers a 401(k) and a 3% match, but I also have college debts of $15,000 and a credit card balance of $650. How do you recommend I proceed?
You may be a good candidate for a Roth conversion in 2012 if you can answer “yes” to any of these statements.
You have now created an efficient money-generating machine, and you should start enjoying your success.
Computing your net worth annually is like taking a sextant reading to chart your course toward financial security. Net worth gives you a snapshot of how much money would be left if you converted everything you owned into cash and paid off all your debts.
Financial resolutions usually don’t even last until the end of January. Making a permanent change in our behavior requires both time and a steely resolve. We can only develop financial character one action at a time. Here are seven practices to take you from pauper to prince or princess if you add one each year.
“We tax cars, land and corporations. It is a good thing that people don’t have to pay them!”
I’m turning 45 this year and the reality is hitting me that I am now about halfway through my working career. Am I on track to retire at age 65?
There are four minor advantages to using exchange traded funds instead of mutual funds.