Taking money out without the penalty.
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Some financial decisions you make later in life can reveal themselves as big mistakes. Once you hit 60, your financial margin for error is much smaller. You've got fewer years for compound growth to work in your favor and less time…
Leaving a seven-figure 401(k) untouched sounds like discipline, but for one couple nearing retirement, that patience could quietly hand the IRS a far larger cut than necessary. The window to change that math is open right now and closes every… The…
When people think of major retirement milestones, the big three tend to be 62, when Social Security eligibility begins; 65, the year of Medicare enrollment; and 67, full retirement age. However, the decisions that retirees make before a lesser-known but equally consequential age-based…
When a surgeon dies leaving his entire estate to his wife, the family assumes no tax return means no problem. But a single unfiled form can quietly erase millions in exemptions, and most families never discover the mistake until it…
The IRS already has a withdrawal plan ready for anyone who skips making one, and it cares nothing about your tax bracket, your spending needs, or your timing. Understanding what that default schedule actually costs is the first step toward…
One birth-year cutoff could change your retirement tax window. Required minimum distributions have become a moving target. Congress first pushed the starting age from 70 1/2 to 72, then to 73, and the next jump to 75 begins taking effect under current law in 2033. If…
It’s important to have a financial plan at any stage in life, but when you’re nearing retirement, it’s extra critical to get your money in order. It’s also crucial to avoid financial planning mistakes that could be detrimental to your…
If you're retired and drawing funds from a 401(k), IRA, or other tax-deferred account, it's a good time to check your tax withholding. If you're not having taxes withheld from your account and haven't been paying quarterly estimated taxes, it's especially…
Converting a pretax 401(k) before required minimum distributions start sounds straightforward, but the real cost of moving $60,000 a year goes well beyond the tax bracket on that year's return. The biggest 401k decisions tend to get made once and never revisited: when…
Six-figure earners sit at a strange spot in the tax code. Too high for many of the breaks aimed at lower earners, and not quite in the territory where a full team of tax attorneys gets brought in automatically. Jeffrey…