Eric Reed

Annuities and target date funds are popular assets for households who are either saving for retirement or already in their golden years. How useful each may be for you depends on your financial goals and where you are on your path to retirement.

Say that, as a married couple, you have $1.4 million in your IRAs and, at age 66, expect about $4,100 per month in Social Security . Based on some typical rules of thumb, you might be able to plan on about $108,000 per year of retirement income, but how much you actually need and will be able to take will depend on your specific circumstances.

The only way to avoid Medicare premium penalties is to enroll in a timely manner. Medicare charges a penalty for Part B and Part D enrollees, and

For many people, early retirement means 62. This is the age they can start withdrawing money from their retirement accounts and receive Social Security. For example, let's assume an individual with $425,000 in a Roth IRA, a $1,000 monthly pension, and expect $1,600 in Social Security. Is it going to be enough?

If you’re looking for a tax-savvy way to deal with you required minimum distributions (RMDs), converting them into a Roth IRA isn’t an option. A financial advisor can help you plan for RMDs and figure out if a Roth conversion is right for you. It's relatively common for retirees to need a plan for their […] The post I Was Planning on Taking My RMDs and Converting Them to a Roth, But Was Told I Can’t. Is That True? appeared first on SmartReads by SmartAsset.

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The IRS limits Roth IRA contributions based on household income. Each year, the IRS publishes its inflation-adjusted income caps on Roth contributions.

Each year, the IRS publishes its inflation-adjusted income caps on Roth contributions. This is a range called the "phaseout." Households with income below this range can make a full contribution to their Roth IRA. Above this range, a household cannot make any contributions. Within it, a household can make partial contributions.

In retirement, it's not too late to convert your money into a Roth IRA. The IRS will let you convert qualified funds at any time, as long as you pay the associated taxes. It might, however, be too late to get real benefit from that decision. A Roth IRA works best when it has time […] The post I'm 70 Years Old With $1.2 Million in an IRA. Is It Too Late to Convert to a Roth IRA? appeared first on SmartReads by SmartAsset.

Americans believe they’ll need at least $1.8 million to retire, an increase from last year’s magic number of $1.7 million. However, not very many are confident they'll be able to get there. These are the two top-line takeaways from this year's 401(k) Participant Study published by Charles Schwab, the annual study that tracks important retirement […] The post Americans Say They Now Need $1.8 Million to Retire. Here’s How You Can Get There appeared first on SmartReads by SmartAsset.