Whether you're planning to retire in the next few years or the next few decades, you'll need to do a lot of planning. The more prepared you are, the better.
Deciding whether to take a $400,000 lump sum or monthly pension benefit of $2,000 requires calculating the relative value of each option. Generally speaking, the sooner you can receive the lump sum, the more value it will have since you can invest it over a longer period. The monthly payment option may be more valuable […] The post Should I Take a $400,000 Lump Sum or $2,000 Monthly Payments for My Pension? appeared first on SmartReads by SmartAsset.
Catch-up contributions were first introduced in 2002 as a way for people to save more money for retirement starting at age 50. While the government initially permitted savers to contribute an extra $1,000 to their 401(k), the limits on catch-up … Continue reading → The post Here's How Catch-Up Contributions Can Grow Your 401(k) Over Time appeared first on SmartAsset Blog.
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Retirement typically means shifting your focus from diligently saving your money over the course of years and decades to managing those funds and spending them responsibly. To learn about all the options for handling your Roth IRA in retirement, talk to a financial advisor. If you have a Roth IRA, you have several options for […] The post What Should I Do with My Roth IRA Once I Retire? appeared first on SmartReads by SmartAsset.