- Can I Retire at 60 With $1 Million? Income, Expenses and Example
Retiring at 60 with $1 million is possible for some people, but the outcome depends on how long the money needs to last, how much is withdrawn each year and what other income sources are available. A portfolio of that size may support annual withdrawals of roughly $40,000 to $50,000, before taxes and inflation adjustments.… read more…
- Ask an Advisor: When Can I Stop Saving for Retirement? I’m a 39-Year-Old Military Officer With $722K in Savings
At what point should you stop contributing to your investment and retirement accounts and just let time and compound interest do its thing? I’m 39 (married with a 1-year-old) with $587,000 in a 401(k)/TSP and $135,000 in a Roth IRA. My employer matches up to 5% of 401(k) contributions. I’m planning to sell a rental… read more…
- What Does a Family Financial Planner Do?
Managing money as a family is rarely simple, especially when multiple goals and life changes collide. From saving for college to planning for retirement, financial decisions can feel overwhelming without a clear roadmap. A family financial planner can help bring structure and confidence to those choices—but understanding what they actually do is the first step.… read more…
- Is Breach of Fiduciary Duty a Crime?
Whether or not a breach of fiduciary duty is a crime depends on the facts of the situation, the intent behind the actions taken and whether the conduct violates criminal statutes in addition to civil law. In many cases, breaches of fiduciary duty are resolved through civil lawsuits. However, certain behaviors can expose fiduciaries to… read more…
- Tax Implications of Selling a House Below Market Value
Selling a home below its fair market value can trigger tax considerations beyond those of a standard real estate transaction. When a property is sold at a discount, the IRS may treat part of the difference between the sale price and the market value as a gift. In turn, this can affect gift tax reporting… read more…
- Tax Implications of a Parent Living With You
The tax implications of a parent living with you depend on several factors, including financial support, income levels and household arrangements. In some cases, you may be able to claim a parent as a dependent, which can affect credits, deductions and filing status. Shared housing can also influence eligibility for benefits related to caregiving, medical… read more…
- What Is a 401(k) Trust and How Does It Work?
A 401(k) plan may look like a simple paycheck deduction, but behind the scenes is a legal structure that plays a critical role in protecting your retirement savings. Known as a 401(k) trust, this framework determines how your money is held, managed and safeguarded from day one through retirement. Understanding how a 401(k) trust works… read more…
- Ask an Advisor: I’m 47 With $1.87 Million But I’m ‘Burned Out’ From My Stressful Career. Can I Retire Early at 51?
Help me! I read the column frequently—huge fan! I’m 47, married, and severely burned out after 25+ years in a fast-paced and stressful field. We have $750,000 in a personal brokerage account (I contribute $30,000 annually), $760,000 in a rollover IRA, $210,000 in a Roth 401(k) (plus a $13,000 company match), $150,000 in crypto, $20,000… read more…
- What Are Fiduciary Funds?
Fiduciary funds are assets that one party manages on behalf of another under a legal obligation to act in the beneficiary’s best interest. These arrangements are common in estate planning, retirement accounts, employee benefit plans and situations involving minors or incapacitated individuals. Because fiduciary fund management involves strict duties and oversight, these arrangements can affect… read more…
- Is HELOC Interest Tax Deductible? IRS Rules and Limits
Tapping into your home’s equity can feel like a smart financial move, especially when interest rates on other types of debt are higher. However, when tax season rolls around, many homeowners are surprised to learn that HELOC interest isn’t always deductible. Knowing these rules can help you avoid incorrect assumptions and plan borrowing more carefully.… read more…
- Financial Advisor for Annuities: Services and When to Hire One
Annuities are commonly used to provide retirement income and may offer guaranteed payments or tax-deferred growth. However, annuity contracts differ widely in structure, costs and payout terms. A financial advisor can explain how a specific annuity works, how it fits into your overall financial plan and how it relates to other retirement income sources. What… read more…
- Ask an Advisor: With a Shorter Timeline, How Do I Manage My Money Once I’m Retired?
I would love to see some ideas on managing finances once in retirement. The timeline to invest is much shorter. You have talked about RMDs but how to manage the balance would be helpful. –Karen Retirement marks a fundamental shift in how your savings serve your objectives. During your working years, the focus is largely… read more…
- Ask an Advisor: I Claimed Social Security on My Late Husband’s Record and then Unretired in 2024. Can I Claim a Higher Benefit Now?
I am 68 and claimed my husband’s Social Security when I first retired back in 2023 because when he died in 2022, his benefit was higher than my own. I returned back to work in February 2024 and retired fully in May 2025. Would I be able to claim higher Social Security benefits since I… read more…
- Ask an Advisor: I’m Confused About the 5-Year Rule for Roth Conversions. Does It Apply to Me?
According to an article by Brandon Renfro, there are three 5-year rules for Roth IRAs, but he talks about the first two as they apply to the reader’s question. He explains the 5-year rule for Roth contributions and the 5-year rule for Roth conversions. I’m just interested in the second rule as I’m considering converting… read more…
- Ask an Advisor: How Much Money Can I Earn from Working if I also Collect Social Security Spousal Benefits?
I draw my husband’s Social Security but I’m also working. How much money can I earn for the year? –Janice It’s quite common to collect Social Security retirement benefits and still work. In fact, some people never quit their job. Others may choose to take on part-time or gig work into their 70s and 80s… read more…
- Using a High-Yield Savings Account for an Emergency Fund
A high-yield savings account for emergency fund purposes combines safety, liquidity and higher returns than a traditional savings account. These accounts let your emergency cash grow without locking it away or exposing it to market volatility. Whether you’re starting from scratch or fine-tuning your reserves, knowing how to use a high-yield savings account can strengthen… read more…
- Wealth Management vs. Financial Planning: Services and Costs
Managing your money involves setting goals, organizing your finances and deciding how to use your resources over time. Wealth management and financial planning both support these decisions, but they serve different roles and are often used at different stages of wealth. They also differ in scope, cost structure and the level of ongoing involvement they… read more…
- Ask an Advisor: I Have 2 Annuities and RMDs Looming. What Can I Do to Minimize Taxes and Possibly Reinvest the Money?
I’m 68, single and retired. I started claiming Social Security at 65 and my house is paid off completely. I have two fixed annuities: one for $300,000 at 5.5%, due to mature in 2026, and one for $100,000 at 4.5%, due to mature in 2028. RMDs are looming in five years when I will be… read more…
- Pros and Cons of Claiming a College Student as a Dependent
Claiming a college student as a dependent can affect which education credits and tax benefits are available to the family and to the student. The outcome depends on factors such as income levels, financial support provided and eligibility for specific education-related tax credits. A financial advisor can help evaluate how different filing approaches affect tax… read more…
- Ask an Advisor: The S&P 500 Averages About 10.5% Per Year. Why Wouldn’t I Invest My Entire 401(k) in it?
Looking at long-term performance of the S&P 500, you might wonder why you wouldn’t just invest your entire 401(k) in it. The numbers are compelling: The index has averaged about 10.5% per year historically, and its returns in recent years have been even stronger. So, why not just “go all in?” Do you have a… read more…
- Ask an Advisor: How Can You Make Sure a Financial Advisor Is a Fiduciary?
A fiduciary makes a legal commitment to providing clients impartial and informed guidance on their money. One would hope that anyone holding themselves out to be a fiduciary is, in fact, meeting this standard. Unfortunately, it’s not as simple as financial advisor = fiduciary. Traditionally, “financial advisor” has been used to describe a range of… read more…
- Financial Advisor for Retirement: Services and Examples
Retirement is a new stage of life that may include travel, part-time work, new interests or a slower pace. Preparing for it often involves more than saving, since you may need to think about how your income will change, how long your savings might last and which accounts to use first. A financial advisor who… read more…
- Ask an Advisor: I’m 68 and Collect Survivor Benefits from Social Security. Can I Switch to My Own Benefit for More Money?
I’m 68 and currently receive spousal survivor Social Security benefits. Can I switch to my own Social Security benefit? –Sylvia Sylvia, I’m sorry to hear about your husband’s passing. Thank you for the question, and yes, you can switch to your own benefit. It would make sense to do that if your own benefit is… read more…
- Ask an Advisor: How Much Can I Safely Withdraw at Age 63? I Have $1 Million Plus $75k in Cash and Gold and a Small Pension
I am a 60-year-old male and I want to retire when I turn 63 and move to Colombia. My house will be paid off in one year and I plan on transferring the deed to my son. When I retire, I will have a $400-per-month pension, an estimated Social Security benefit of $2,700 per month,… read more…
- Financial Advisor for Investing: Services and Examples
A financial advisor for investing may help you develop and manage a portfolio based on your financial goals. They can provide guidance on diversification, risk exposure, and potential tax considerations. An advisor may also assist with reviewing your investment approach as your circumstances or the market change. If you want to create an investment plan,… read more…