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Most people would be better off not having mortgages in retirement. Relatively few will get any tax benefit from this debt, and the payments can get more difficult to manage on fixed incomes. But retiring a mortgage before you retire isn’t always possible. Financial planners recommend creating a Plan B to ensure you don’t wind up house rich and cash poorLearn more
If you leave your job and a Simple IRA behind, you have the option to roll over the Simple IRA balance to a Traditional IRA, another Simple IRA plan or, depending on your new employer’s plan, you may be eligible to roll the funds into the 401(k) plan with your new employer.Learn more
In a word, yes. A limited liability company (LLC) is eligible to establish a simplified employee pension (SEP). Keep in mind that plan contributions (including SEPs) are usually based on W-2 wages if the business is a corporation. This means that you may need to pay yourself W-2 wages in order to be eligible to receive an SEP contribution from the business. Check with your tax professional to be sure.Learn more
Many individuals reach significantly higher levels of earning — and spending — in their 30s. Many of them have moved up in their careers, branched out across sectors, started investing, gotten married or started a family, to name a few. All of these events can also drain savings significantly, not to mention cut into retirement plans.Learn more
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