Posts by Javier Simon, CEPF®
Retirement
How Are 401(k) Assets Split in a Divorce?
Going through a divorce can be one of the most difficult experiences you’ll ever undergo. But it doesn’t have to ruin your financial future. There are certain steps you can take to protect your nest egg during divorce proceedings, and… read more…
Retirement
Average 401(k) Return: What You Can Expect
Many retirement planners suggest the typical 401(k) portfolio generates an average annual return of 5% to 8% based on market conditions. But your 401(k) return depends on different factors like your contributions, investment selection and fees. And sometimes broader trends… read more…
Taxes
How Taxes on Lottery Winnings Work
Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you’ll probably owe more when taxes are due… read more…
Retirement
How to Calculate Required Minimum Distribution (RMD)
Required minimum distributions (RMDs) are withdrawals you have to make from most retirement plans (excluding Roth IRAs). The age for withdrawing from retirement accounts was increased in 2020 to 72 from 70.5. The SECURE 2.0 Act, though, raised the age for… read more…
Taxes
How to Fill Out Form 709
If you give someone cash or property valued at more than the 2023 annual exclusion limit of $17,000 ($34,000 for married joint filers), you’ll have to fill out Form 709 for gift tax purposes. But don’t fret. This doesn’t always… read more…
Retirement
What’s the Difference Between 401(a) and 403(b) Plans?
If you work for a public school or some kind of non-profit organization, you may have access to a 401(a) or a 403(b) plan. Both are retirement savings vehicles that offer major tax breaks. However, they are structured a bit… read more…
Retirement
Who Should Make After-Tax 401(k) Contributions?
Your employer may allow you to make after-tax 401(k) contributions. These are not tax-deductible like your regular 401(k) contributions, but you can make after-tax deferrals beyond the annual 401(k) contribution limit. Plus, the earnings from these extra contributions grow tax-free.… read more…
Investing
Interactive Advisors Review
Interactive Advisors offers access to automated and actively managed portfolios that mirror those run by major investment firms like Vanguard and Legg Mason. This feature makes it drastically different than other robo-advisor providers that simply use algorithms to create automated portfolios that invest in a small range of passively managed funds based on the user’s… read more…
Financial Advisor
Google Pledges $800 Million to Coronavirus Relief
Google is pledging more than $800 million to support small-to-medium sized businesses (SMBs), health organizations and researchers in the midst of the coronavirus pandemic. The package includes $340 million in ad credits for businesses with Google Ads accounts. The company’s announcement comes as the government rolls out relief programs for businesses affected by the coronavirus.… read more…
Personal Finance
Companies Helping Coronavirus-Impacted People
In response to the coronavirus, companies across the country are pursuing coronavirus relief efforts to help people and businesses most impacted by pandemic. Tech companies are donating millions to help small businesses, healthcare workers and COVID-19 patients. Meanwhile, companies outside the healthcare sector are producing hand sanitizer, masks and other products to curb the spread… read more…
Checking Account
Banks Helping Customers Affected by Coronavirus
Banks are loosening up their policies to help cash-strapped customers weather the economic side effects of the coronavirus crisis. In particular, many banks are lowering or temporarily eliminating their fees and account minimums. As you explore what financial institutions are doing to help Americans during the COVID-19 pandemic, it may also be advantageous to explore… read more…
Mortgage
Coronavirus Relief for Mortgage Payments
In response to the financial meltdown sparked by the coronavirus pandemic, Congress passed a historic $2 trillion stimulus package and President Trump signed it into law on March 27, 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act included several provisions protecting homeowners and renters. That meant that if you lost your job due to… read more…
Financial Advisor
Coronavirus Stimulus Checks: How Much You’ll Get, and When
Congress has approved two rounds of stimulus checks. The first round included a $1,200 payment from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law last March. And now, President Trump has signed a second $900 billion economic relief package on December 27 that includes another stimulus check paying up to $600 per… read more…
Financial Advisor
Guide to Coronavirus Student Loan Relief
One of the main provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act was payment forbearance for all federal student loans, as well as 0% interest on those loans until Sept. 30, 2020. That meant no payments were due until that date and there would be no accrued interest until then. Despite these obvious benefits for… read more…
Financial Advisor
What Is The SECURE Act?
The SECURE Act provides more part-time employees with access to tax-friendly workplace retirement plans like 401(k)s. Signed into law by President Trump on Dec. 20, 2019, it also lets individual retirement account (IRA) holders save in these plans indefinitely with… read more…
Insurance
How Much Does Long-Term Care Insurance Cost?
The cost of long-term care insurance is not cheap. A 55-year-old man in the United States can expect to pay a long-term care insurance premium of $2,220 per year on average, according to a 2022 price index survey of leading insurers conducted by the American Association for Long-Term Care Insurance (AALTCI). That will cover $165,000… read more…
Retirement
How Much Do Different Assisted Living Options Cost?
The average cost of assisted living was $4,000 a month in 2018, according to Genworth Financial, which has been tracking costs since 2004. Across the country, though, the price of assisted living varies widely depending on such factors as location,… read more…
Retirement
Types of Long-Term Care Facilities
Though probably the most well-known, nursing homes are just one of many types of long-term care facilities available to seniors. Facilities vary by level of services. Assisted living residences and adult foster care homes are at the low end of… read more…
Investing
CFA vs. CAIA: What Is the Difference?
A chartered financial analyst (CFA) is a financial advisor who has earned the title of CFA through extra accreditation, including a rigorous three-part test, from the CFA Institute . A Chartered Alternative Investment Analyst (CAIA) specializes in alternative investments such… read more…
Estate Planning
How to Create a Living Trust in Delaware
A Delaware living trust helps you bypass probate and can ensure that your assets and property transfer promptly to your loved ones after you die. Creating a living trust may not be needed by everyone, though, so it’s important to… read more…
Estate Planning
How to Create a Living Trust in Nebraska
A Nebraska living trust allows your heirs to receive your estate without the delay or interference of the court. A will, on the other hand, must go through probate before your estate can be distributed. However, it’s important to understand… read more…
Estate Planning
How to Create a Living Trust in Indiana
If you plan to leave a substantial amount of assets and property to your loved ones, an Indiana living trust can simplify the process. By transferring your assets to a living trust, you will enable your heirs to avoid the… read more…
Estate Planning
How to Create a Living Trust in Mississippi
If you’re planning for your estate after you die, you’re probably considering a living trust. This legal document will enable your heirs to skip probate, which could be a lengthy court process in Mississippi. A financial advisor could help you set up an estate plan for your family’s needs and goals. Let’s break down how and… read more…
Estate Planning
How to Create a Living Trust in Missouri
Setting up a living trust in Missouri can help your heirs receive your estate promptly. It does this by avoiding probate, which can take some time in the state, since it has not adopted the Uniform Probate Code. We’ll tell… read more…
Estate Planning
How To Create a Living Trust in Oklahoma
If your estate is worth more than $200,000, you should consider creating an Oklahoma living trust. This estate planning tool allows your heirs to receive your assets without waiting for probate, which takes longer in your state than states that… read more…