Personal Finance

When people hear the term “401(k) millionaire,” they often assume it takes special investment skill or unusually high income. The truth is far simpler. According to Fidelity, more than 650,000 Americans now have over $1 million in their 401(k) accounts alone—a record high. Most of them aren’t professional investors. They’re regular employees who followed a few basic rules

Planning for education costs can feel overwhelming. Tuition, room and board, and everyday living expenses continue to rise, putting enormous pressure on families who are already juggling today’s household budget and tomorrow’s retirement savings. Fortunately, recent changes in the law have made one powerful tool—the 529 plan—more flexible than ever. In this post, we’ll look at:–

When someone inherits an IRA, the tax rules vary greatly depending on who the beneficiary is. In this post, we focus on non-spousal beneficiaries and the “10-year rule” introduced under the SECURE Act. If you are a spouse inheriting an IRA, we covered those rules in our previous blog post, so be sure to check that article as

When a spouse inherits an IRA, the rules and options available differ significantly from other beneficiaries. In this article—the first installment of our “Inherited IRA Series”—we’ll focus on cases where the surviving spouse is the sole beneficiary of the IRA. Why IRA Inheritance Rules Have Become Confusing Recent changes under the SECURE Act and its successor, SECURE Act 2.0, have

Did you know that your Medicare premiums can go up if your income is above certain thresholds? If you’re nearing retirement—or already enrolled in Medicare—this is something you can’t afford to ignore. In this post, we’ll explain what IRMAA is, how it affects your Medicare premiums, who’s at risk of paying more, and what you can do

It’s common to assume that retirement expenses will rise steadily each year due to inflation. But research suggests otherwise. In fact, many retirees spend the most in the early years of retirement—and then gradually spend less as time goes on. Why This Matters If you’re projecting your retirement budget by simply adding 2–3% inflation every

Lonnie Hubbard, sitting in prison and stripped of his assets from an illegal drug operation, was stunned to receive a letter from the IRS. It claimed he owed $275,000 in taxes and penalties—on money he no longer had. Hubbard v. Commissioner Even though the government had seized his IRA as part of his criminal sentence,