When you change employers, you typically have several options for your retirement savings: You can leave the money where it is, roll it into an individual retirement account, move it into a new employer’s plan, or cash it out. Each choice affects your taxes, access to funds, and long-term growth in different ways. Most […]
Retirement
Part 1: What Do ‘Capacity’ and ‘Undue Influence’ Really Mean?
Hi, I’m Bridget MacKay with MacKay Dressler Law Firm. And today, we’re going to talk about two legal concepts that come up often for us in estate planning, but are often misunderstood. And that’s capacity and undue influence. So capacity really goes to whether or not someone understands what they’re doing. And it’s not […]
Smart Options for Your RMDs
You should be aware that if you hold an IRA or are enrolled in a retirement plan, you are obligated to start taking the required minimum distribution from these accounts in the year you turn 73. How much you will withdraw is calculated by dividing the prior Dec. 31 balance by your life expectancy. […]
When To Take Social Security
When you are eligible to start collecting Social Security rests largely on your individual situation. Some people can start taking the benefit as early as age 62 — or age 60 if you are disabled — or wait until full retirement age of 67 to collect the maximum benefit. Another group of people will […]
How to Know When It’s Time to Downsize
You’ve lived in a home you love for many years. It’s the place where you’ve raised your children and created many happy memories with family and friends. While you may not want to admit it, you may have to ask yourself whether it’s time to sell your home and move to a more affordable […]
When Is the Right Time to Move into Assisted Living?
No one wants to think about giving up the independence they have enjoyed all their lives. However, as we age, we experience physical and cognitive changes that may require us to rely on others to complete activities of daily life. When a parent lives independently, this means they are responsible for themselves and can participate […]
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