A Roth account allows you to contribute after-tax dollars, meaning you pay taxes on the money upfront, but your investments can grow tax-free, and qualified withdrawals are also tax-free.

With the right tools in place and the guidance of an experienced estate planning attorney, a comprehensive estate plan can accomplish all these objectives and more.

An ETF, or an Exchange-Traded Fund, is a type of investment fund that holds a collection of assets – such as stocks and bonds – and trades on stock exchanges, similar to individual stocks.

The ideal time for you to claim Social Security benefits will depend on several key factors, including your current savings and other income, marital status, health and live expectancy, work status, and overall retirement goals.

Under the SECURE Act 2.0, most non-spouse beneficiaries are required to withdraw all funds from an inherited IRA within 10 years of the original owner’s death.

Not every financial professional is a fiduciary. Many, like insurance agents and stockbrokers, recommend products that are appropriate but not always the best for your long-term success. In contrast, fiduciaries are legally required to act in your best interest and prioritize your long-term financial well-being.

RMDs are typically taxed as ordinary income in the year they’re taken. The required age for RMDs is currently 73, not 70. You are permitted to withdraw more than the RMD amount, just not less.

As a rule of thumb, financial planners typically recommend contributing about 15% of your annual income to your 401(k) or another qualified retirement plan. If that’s not feasible, aim for at least 10%.

Generally, Medicare and private health plans don’t cover long-term care costs. You will be personally responsible for the costs unless your income level qualifies you for Medicaid. There are several ways to pay for long-term care, including long-term care insurance, hybrid policies, and personal savings.