Posts by Javier Simon, CEPF®
Retirement
How Are 401(k) Assets Split in a Divorce?
Going through a divorce can be one of the most difficult experiences you’ll ever undergo. But it doesn’t have to ruin your financial future. There are certain steps you can take to protect your nest egg during divorce proceedings, and… Read more…
Retirement
Average 401(k) Return: What You Can Expect
Many retirement planners suggest the typical 401(k) portfolio generates an average annual return of 5% to 8% based on market conditions. But your 401(k) return depends on different factors like your contributions, investment selection and fees. And sometimes broader trends… Read more…
Taxes
How Taxes on Lottery Winnings Work
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 when taxes are due… Read more…
Retirement
How to Calculate Required Minimum Distribution (RMD)
Required minimum distributions (RMDs) are withdrawals you have to make from most retirement plans (excluding Roth IRAs). The age for withdrawing from retirement accounts was increased in 2020 to 72 from 70.5. The SECURE 2.0 Act, though, raised the age for… Read more…
Taxes
How to Fill Out Form 709
If you give someone cash or property valued at more than the 2023 annual exclusion limit of $17,000 ($34,000 for married joint filers), you’ll have to fill out Form 709 for gift tax purposes. But don’t fret. This doesn’t always… Read more…
Retirement
What’s the Difference Between 401(a) and 403(b) Plans?
If you work for a public school or some kind of non-profit organization, you may have access to a 401(a) or a 403(b) plan. Both are retirement savings vehicles that offer major tax breaks. However, they are structured a bit… Read more…
Retirement
Who Should Make After-Tax 401(k) Contributions?
Your employer may allow you to make after-tax 401(k) contributions. These are not tax-deductible like your regular 401(k) contributions, but you can make after-tax deferrals beyond the annual 401(k) contribution limit. Plus, the earnings from these extra contributions grow tax-free.… Read more…
Retirement
How Direct IRA Transfers Work
You can transfer your retirement plan savings directly to a new individual retirement account (IRA) by contacting your financial institution and requesting a trustee-to-trustee transfer. This action moves money from one retirement plan directly to another without triggering any tax… Read more…
Investing
Interactive Advisors Review
Interactive Advisors offers access to automated and actively managed portfolios that mirror those run by major investment firms like Vanguard and Legg Mason. This feature makes it drastically different than other robo-advisor providers that simply use algorithms to create automated portfolios that invest in a small range of passively managed funds based on the user’s… Read more…
Financial Advisor
Google Pledges $800 Million to Coronavirus Relief
Google is pledging more than $800 million to support small-to-medium sized businesses (SMBs), health organizations and researchers in the midst of the coronavirus pandemic. The package includes $340 million in ad credits for businesses with Google Ads accounts. The company’s announcement comes as the government rolls out relief programs for businesses affected by the coronavirus.… Read more…