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Recent Articles on Retirement
Should I file for Medicare while I’m still working?
Deciding when to file for Medicare is a critical decision for those approaching retirement age. While Medicare primarily serves as health insurance for individuals aged 65 and older, there are situations where you might consider enrolling while you are still working. In this article, we will explore the factors to consider when deciding whether to file for Medicare before retirement and the potential advantages and disadvantages of doing so. Understanding Medicare Eligibility Before diving into the decision-making process, it's essential to understand when you are eligible for Medicare. Generally, individuals qualify for Medicare at age 65. However, there are exceptions [...]
How much is too much in my ESOP?
Are you worried you have too much in your company ESOP plan? It's important to understand your Lockheed Martin Employee Stock Ownership Plan (ESOP) as part of your overall financial picture. In this article, we will provide insights and practical tips to help you assess and manage your Lockheed plan effectively. What is an ESOP? Before we dive into the assessment process, let's clarify what the plan actually is. An Employee Stock Ownership Plan (ESOP) is a retirement benefit plan offered by companies to their employees. It allows employees to become partial owners of the company by providing them with [...]
What is a backdoor Roth IRA?
What is a backdoor Roth IRA? This has become a common question I get with investors that might be over the income limit to contribute to a Roth directly. To be totally clear, a backdoor Roth IRA is more of a strategy than a type of account. A Roth IRA is a type of account investors can use to save for retirement that offers tax-free growth and tax-free withdrawals in retirement. However, not everyone is eligible to contribute to a Roth IRA because of income limitations. Related: Traditional IRA or Roth IRA? For example, in 2023, if your income is [...]
What’s the difference in a Traditional IRA and a Roth?
What's the difference between a Traditional IRA and a Roth IRA? Individual Retirement Accounts (IRAs) are tools that many investors use to save for retirement. However, not all IRAs are created equal. The two most popular types of IRAs are the Roth IRA and the Traditional IRA. While both types of accounts offer tax advantages, they differ in several important ways. In this article, we will discuss the differences between the Roth and Traditional IRA to help you decide which one may be right for you. As always, each investor's situation is different, so you'll want to consult with your [...]
What you should know about The Secure Act 2.0
Having trouble sleeping at night? Enjoy reading enormous stacks of congressional papers? Well, you are in luck! Last month, congress signed into law Secure Act 2.0, which made a few big adjustments to help Americans increase the amount of money they are saving for retirement. The entire bill was over 4,000 pages so I thought I'd summarize a just a few key points that might affect those getting close to retirement and those already living the retired life. However - there were over 90 provisions in the bill that affect retirement plans so the below is in no part a [...]
The Rule of 55 – Can I take money out of my 401k earlier than 59.5?
I love getting reader questions (thanks KW!)- and I got a great one this week that I thought I would write a few quick words on. "Does my Lockheed 401k allow 'the rule of 55?'" This rule has become more popular as people try to retire earlier and need to access their retirement funds. What's the Rule of 55? Usually, if people retire earlier than 59.5, they have to be careful how they take their funds from their retirement accounts. In most cases, you'll pay a 10% penalty tax for taking out funds from your retirement nest egg as well [...]