Mark Henricks

Imagine that you’re 60 years old with $800,000 in retirement savings and $4,000 in monthly living expenses. However, you want to wait until age 65 to claim Social Security, so you need to find a way to generate additional income for five more years. Whether you plan to delay Social Security or not, a financial […] The post How Do I Cover $4,000 in Monthly Living Expenses? I’m 60 With $800k in Retirement Savings, But I Won’t Collect Social Security for 5 Years appeared first on SmartReads by Smar

With $1.4 million in your IRA at age 65, you have a robust nest egg that could potentially fund a secure retirement of 25 years or more. However, making sure that money lasts will require prudent planning. You’ll need to assess your income needs, balance investment risk and return, secure supplemental insured income streams, account […] The post I'm 65 With $1.4 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life? appeared first on SmartReads by SmartAsset.

Does dressing down send productivity up? Put the staff of Open City Communications on a fashion show runway during a typical workday last summer, and

From a legal and regulatory standpoint, it is never too late for a Roth conversion. Under the rules, you can transfer retirement funds from a tax-deferred account such as a 401(k) to a Roth IRA at 69 or any other age. Whether it makes financial sense to do that is another matter. To determine this, consider first what your future tax rate is likely to be, since you may be better off not converting now if tax rates or your income go up much. Conversion may also impact Medicare premiums and estate plans, so it's important to understand all the implications before you execute a strategy.

Figuring out when you can afford to retire often comes down to determining whether your assets will produce enough annual income to support your lifestyle and spending needs. If you need help deciding when to retire, connect with a financial advisor and have them build you an income plan based on your unique financial situation. […] The post I Have $500k in a Roth IRA, and Will Receive a Combined $2,000 a Month From a Pension and Social Security. Can I Retire at 62? appeared first on SmartReads

Making a retirement budget calls for considering not only income but also expenses. With $2,700 monthly from Social Security and $715,000 in 401(k) accounts invested and distributed conservatively, a couple may be able to expect about $61,000 in annual income. This is close to the annual expense level reported by the average retiree. However, individual […] The post We’re 66 With $715k in 401(k)s and $2,700 Social Security Between Us. What’s Our Retirement Budget? appeared first on SmartReads by

Retirement typically means shifting your focus from diligently saving your money over the course of years and decades to managing those funds and spending them responsibly. To learn about all the options for handling your Roth IRA in retirement, talk to a financial advisor. If you have a Roth IRA, you have several options for […] The post What Should I Do with My Roth IRA Once I Retire? appeared first on SmartReads by SmartAsset.

If your wife is eligible to collect a spousal benefit, whether or not it is paid automatically can depend on when each of you claims benefits. If your wife claims benefits on her own employment history after you are already getting Social Security payments, Social Security will determine whether a spousal benefit or a benefit […] The post I Will Claim a $3,750 Social Security Benefit. Will My Wife Automatically Get a Spousal Benefit? appeared first on SmartReads by SmartAsset.

If you're nearing retirement and you have a sizeable IRA balance, you face some significant decisions surrounding required withdrawals and taxes. Converting a traditional IRA into a Roth account is one move that can increase your planning flexibility. And even at 64 years old, shifting an account from a tax-deferred to tax-free status can result in greater control over income distributions, as well as potential estate planning benefits.

SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below.