Posts by SmartAsset Team
Financial Planning
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…
Tax Filing
Standard Deduction for Married Filing Jointly: Strategy and Examples
One of the biggest tax decisions that a couple can make is whether to take the standard deduction or itemize. The standard deduction offers a straightforward way to reduce your taxable income. In 2025 it’s more valuable than ever thanks to inflation adjustments and new provisions for older taxpayers. Understanding how it works, when to… read more…
Tax Planning
Extra Standard Deduction for Seniors Over 65: Requirements
Turning 65 doesn’t just mark a milestone in life, it can also unlock valuable tax savings. The IRS grants seniors an extra standard deduction. This deduction can lower taxable income by thousands of dollars, helping stretch retirement savings further. Whether you’re newly retired or planning ahead, understanding how this deduction works, and when it makes… read more…
Tax Planning
Standard Deduction for Singles: Strategy and Examples
Filing taxes can feel overwhelming, but one of the most important decisions you’ll make is also one of the simplest: whether to take the standard deduction. For single filers, this deduction offers a powerful way to lower your taxable income without diving into piles of receipts or complicated calculations. Knowing how the standard deduction for… read more…
Financial Planning
Financial Advisor for Women: Services and Examples
A financial advisor who specializes in working with women can help create strategies tailored to the financial challenges that many women experience. From balancing caregiving responsibilities and career changes to planning for longer retirements, this type of guidance focuses on goals that reflect real-life priorities. Support in areas like investing, retirement planning and estate management… read more…
Financial Planning
Home Equity Loan vs. Personal Loan: Which Should You Take?
Both home equity loans and personal loans can help you access the funds you may need for a large expense, but they come with different costs, risks and eligibility requirements. A home equity loan uses your house as collateral and may offer lower interest rates, while a personal loan is unsecured and typically easier to… read more…
Financial Planning
Secured Loan vs. Unsecured Loan: Which Should You Take?
A secured loan is backed by collateral, such as your home or vehicle, while an unsecured loan does not require any pledged assets. Each type of loan comes with its own set of trade-offs. However, the most appropriate option typically depends on your credit and financial goals, as well as the amount you want to… read more…
Trusts
Does a Revocable Trust Become Irrevocable After Death?
A trust can be a valuable way to protect your estate, but there are many considerations to make when choosing the right type of trust for your needs. For example, does a revocable trust become irrevocable upon death? A revocable trust does generally become irrevocable upon the grantor’s death, meaning its terms are no longer… read more…
Inheritance
Trust Fund vs. Inheritance: Which Is Better for Beneficiaries?
When it comes to estate planning, families often wonder whether it’s better to leave behind a trust fund or a traditional inheritance. Both options provide meaningful financial support. However, they manage, distribute and protect their assets in different ways. Understanding these differences isn’t just important for grantors making estate planning decisions. It also helps beneficiaries… read more…
Market Analysis & Economic Trends
Obama vs. Trump: Economy and Inflation
Comparing the economic performance of President Obama versus President Trump reveals how differing policy goals, external shocks and structural conditions shaped U.S. outcomes. Presidents don’t control inflation or growth directly. However, their choices on taxes, spending, trade and regulation can steer trajectories over time. Examining those patterns offers insight for how future shifts might affect… read more…
Health Insurance
Trump Healthcare Plan: Key Proposals for Coverage and Costs
President Trump’s healthcare policies reflect an effort to reshape U.S. healthcare by restructuring Medicaid, paring back subsidy programs and promoting market reforms to lower costs. Many provisions in the One Big Beautiful Bill Act (OBBBA) aim to transfer more responsibility to states, reverse certain Affordable Care Act (ACA) mandates and introduce new cost controls, especially… read more…
Health Insurance
Medicaid vs. Obamacare: Costs, Benefits and Enrollment
Obamacare, formally known as the Affordable Care Act (ACA), is the federal law that created health insurance marketplaces and expanded protections. Meanwhile, Medicaid is a government-run health insurance program for people with low incomes or certain qualifying conditions. They overlap in a few ways, especially after the ACA’s Medicaid expansion, but each has its own… read more…
Health Insurance
Trump Healthcare Proposal: ACA Enrollment Cuts
President Donald Trump’s healthcare proposal signals a shift away from the Affordable Care Act’s current structure, with a focus on reducing federal subsidies and tightening enrollment eligibility. By scaling back enhanced premium tax credits and shortening open enrollment periods, the plan would likely limit access to ACA marketplace coverage for millions of Americans. Supporters argue… read more…
How to Invest
Trump Child Savings Account: How Much You Can Save for a Child
Named after President Donald Trump, Trump Accounts were established under the One Big Beautiful Bill Act to help families build long-term savings for their children. Parents and guardians can contribute up to $5,000 each year for every child under 18, with the limit set to rise alongside inflation starting in 2028. Children born between Jan.… read more…
Retirement Planning
Should You Budget for a Mini-Retirement? Pros, Cons and Examples
A mini retirement is a planned, extended break from full-time work that’s taken before traditional retirement age. Unlike a vacation or employer-sponsored sabbatical, a mini retirement is self-funded and typically lasts a few months to a few years. People often consider a mini retirement during career transitions, periods of burnout or when testing out their… read more…
401(k)
State Tax on 401(k) Withdrawals: General Rules and Strategies
While federal taxes apply uniformly, the way states tax 401(k) withdrawals can vary widely. Some states fully tax 401(k) distributions, while others provide deductions or exclude retirement income altogether. These differences can influence how much of your savings you keep and may even factor into decisions about when and where to retire. A financial advisor… read more…
401(k)
How to Retire Early With a 401(k): Rules and Strategies
Retiring early with a 401(k) requires understanding how to access funds before the standard retirement age without triggering heavy penalties. This involves leveraging strategies like Rule 72(t) withdrawals, the Rule of 55 exception or a rollover for more flexibility. Each method has specific conditions, timelines and tax implications that shape whether early retirement is financially… read more…
Financial Planning
How to Get a Loan If You Have High Debt-to-Income Ratio
Applying for a loan can be challenging, particularly if a significant share of your income already goes toward debt. Lenders evaluate your debt-to-income (DTI) ratio to measure repayment capacity, and a high DTI may limit your borrowing options. However, it does not automatically disqualify you. Understanding how lenders interpret your DTI and reviewing strategies to… read more…
Retirement Planning
How to Build a Retirement Portfolio at Age 70
At age 70, retirement is no longer a distant goal—it’s your current reality. Whether you’re newly retired or reevaluating your strategy, this is an important time to ensure your savings last. While there is no single best retirement portfolio for a 70-year-old, building a portfolio that suits your needs involves prioritizing income, minimizing risk and… read more…
401(k)
Are Part-Time Employees Eligible for 401(k)s?
For years, many part-time workers were excluded from 401(k) participation, leaving them with fewer ways to save through an employer. As flexible schedules and gig work have become more common, this gap has affected a growing share of the workforce. Recent federal law changes now expand access to employer-sponsored retirement plans, allowing more part-time employees… read more…
401(k)
Can You Change Your 401(k) Contribution at Any Time?
Your 401(k) plays a key role in helping you save for retirement, but life events can affect how much you’re able to contribute. A raise, job change, or unexpected expense might lead you to consider adjusting your contributions. Many employer-sponsored plans allow changes throughout the year, though specific rules and timing vary by plan provider.… read more…
Retirement Planning
What to Do Six Months Before Retirement: Checklist
The final six months before retirement are some of the most important. During this window, you’ll want to fine-tune your income plan. This means you should assess your tax exposure, make sure your investment mix supports your goals and double-check your paperwork. Even if you’ve been planning for years, the last stretch before retirement is… read more…
Financial Planning
Financial Advisor for Roth IRA: Services and Examples
A financial advisor for a Roth IRA can provide guidance on contribution strategies, investment selection and long-term tax planning. Because Roth IRAs grow tax-free and qualified withdrawals are also tax-free, how the account is managed over time can make a significant difference. Advisors often help clients decide between traditional and Roth accounts, choose diversified investments… read more…
Financial Planning
Financial Advisor for Bankruptcy: Services and Examples
Bankruptcy is not a common niche for financial advisors, but many advisors offer support to clients who are rebuilding after a filing. Rather than focusing solely on bankruptcy, they usually include this guidance as part of a broader financial planning approach. Advisors can help design budgets, prioritize debt repayment and develop long-term strategies for financial… read more…
Pensions & Other Retirement Accounts
Can a Child Collect the Pension of a Deceased Parent?
When a parent passes away, one of the biggest financial questions families face is whether their children can receive any of their parent’s pension benefits. Unlike life insurance or retirement accounts, pensions have stricter rules that often limit who can inherit them, and children are rarely at the top of the list. Still, there are… read more…