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Javier Simon

Banking, Retirement and Investing Expert

Javier Simon is a banking, investing and retirement expert for SmartAsset. The personal finance writer's work has been featured in Investopedia, PLANADVISER and iGrad. Javier is a member of the Society for Advancing Business Editing and Writing. He has a degree in journalism from SUNY Plattsburgh. Javier is passionate about helping others beyond their personal finances. He has volunteered and raised funds for charities including Fight Cancer Together, Children's Miracle Network Hospitals and the National Center for Missing and Exploited Children.

Posts by Javier Simon:

by Javier Simon Jan 14, 2020

The SECURE Act provides more part-time employees with access to tax-friendly workplace retirement plans like 401(k)s. Signed into law by President Trump on Dec. 20, 2019, it also lets individual retirement account (IRA) holders save in these plans indefinitely with tax-deferred growth. In addition, the SECURE Act makes it simpler for employers to place annuities into their retirement plans. Annuities can offer guaranteed income streams in retirement. But because annuities and other aspects of this sweeping new law can be complex, it’s best to discuss how the SECURE Act may affect you with a financial advisor. Most changes take effect January 1, 2020 while some begin in 2021. Read more

by Javier Simon Dec 10, 2019

A 55-year-old can expect to pay a long-term care insurance premium of $2,050 per year on average, according to a 2019 price index survey of leading insurers conducted by the American Association for Long-Term Care Insurance (AALTC). That will cover $164,000 in benefits when the policyholder takes out the insurance and $386,500 at age 85. (Policies often include an inflation rider.) However, long-term care insurance costs vary widely, depending on factors like your age, health condition and the specific policies of your insurance carrier. The AALTC estimates that a single 55-year-old can pay around $1,325 to $2,550 a year for a policy. That’s why it’s important to shop around to find the best rates and terms. You should also speak with a financial advisor who can help you plan the future. Read more

by Javier Simon Dec 09, 2019

The average cost of assisted living was $4,000 a month in 2018, according to Genworth Financial, which has been tracking costs since 2004. Across the country, though, the price of assisted living varies widely depending on such factors as location, facility size and amenities. If you’re not sure whether or how you can afford this type of living arrangement, our free matching tool can connect you with a financial advisor. Here’s what you need to know about the costs. Read more

by Javier Simon Jan 08, 2020

Though probably the most well-known, nursing homes are just one of many types of long-term care facilities available to seniors. Facilities vary by level of services. Assisted living residences and… Read more

by Javier Simon Jan 14, 2020

A chartered financial analyst (CFA) is a financial advisor who has earned the title of CFA through extra accreditation, including a rigorous three-part test, from the CFA Institute . A Chartered… Read more

by Javier Simon Oct 31, 2019

Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you’ll probably owe more… Read more

by Javier Simon Oct 01, 2019

A Delaware living trust bypasses probate and can ensure that your assets and property transfer promptly to your loved ones after you die. The costs of setting up a living trust can be high, though,… Read more

by Javier Simon Oct 01, 2019

A Nebraska living trust allows your heirs to receive your estate without the delay or interference of the court. A will, on the other hand, must go through probate before your estate can be… Read more

by Javier Simon Sep 30, 2019

If you plan to leave a substantial amount of assets and property to your loved ones, an Indiana living trust can simplify the process. By transferring your assets to a living trust, you will enable… Read more

by Javier Simon Sep 30, 2019

If you’re planning for your estate after you die, you’re probably considering setting up a living trust. The legal document will enable your heirs to skip probate, which is considered a lengthy court… Read more

by Javier Simon Sep 30, 2019

Setting up a living trust in Missouri can help your heirs receive your estate promptly. It does this by avoiding probate, which can take some time in the state, since it has not adopted the Uniform… Read more

by Javier Simon Sep 30, 2019

If your estate is worth more than $200,000, you should consider creating an Oklahoma living trust. This estate planning tool allows your heirs to receive your assets without waiting for probate,… Read more

by Javier Simon Aug 26, 2019

Generous company 401(k) matches are great. But if your retirement plan offers few investment options or has high fees, even the best 401(k) match may leave your retirement savings coming up short.… Read more

by Javier Simon Aug 20, 2019

Not to be confused with the appraised value of your home, the assessed value is what the government uses to calculate property taxes. Meant to be utilized regardless of market conditions, the… Read more

by Javier Simon Aug 15, 2019

Chase You Invest Trade is a primarily app-based tool that allows you to create your own investment portfolio. When you open an account, you get 100 commission-free online stock and exchange-traded… Read more

by Javier Simon Aug 19, 2019

A high-net-worth individual (HNWI) is generally someone with at least $1 million in cash or assets that can easily be converted into cash. Most financial institutions provide HNWIs with exclusive… Read more

by Javier Simon Aug 21, 2019

SEP IRAs and solo 401(k)s are tax-deferred retirement savings vehicles for small business owners. They’re similar to each other but with one big difference. With a solo 401(k), a self-employed… Read more

by Javier Simon Jun 12, 2019

If you want to move your individual retirement account (IRA) balance from one provider to another, simply call the current provider and request a “trustee-to-trustee” transfer. This moves money… Read more

by Javier Simon Jul 25, 2019

The IRS allows you to withdraw contributions from your Roth IRA penalty-free to buy your first home, plus up to $10,000 of earnings. But most financial advisors would recommend tapping into your… Read more

by Javier Simon Aug 21, 2019

You can have a 401(k) plan and an individual retirement account (IRA) at the same time. In fact, you can contribute up to the annual limit to each account, thereby maximizing your retirement savings.… Read more

by Javier Simon Jun 12, 2019

House auctions generally involve the sale of foreclosed homes at possibly below market value. They can serve as a low-cost gateway to homeownership. But home auctions also involve plenty of risk.… Read more

by Javier Simon Aug 21, 2019

For a Federal Housing Administration (FHA) loan to be approved, the home must pass an FHA inspection and appraisal. That means it must be worth the purchase price and have such basics as electricity,… Read more

by Javier Simon Jun 12, 2019

Renting out your house can open up a new stream of income and tax breaks. But it also adds another layer of responsibility. You’ll need to stay on top of repairs, maintenance and rent collection. But… Read more

by Javier Simon Jan 13, 2020

Flipping houses is popular, and not just on reality shows. Last year, the average gross profit for house flipping was $65,000, according to property research firm ATTOM Data Solutions. This… Read more

by Javier Simon Jan 15, 2020

Default risk in bond investing refers to the chance that a bond-issuing company or government would fail to make its debt and interest payments. As a bond investor, you can lose 100% of your… Read more