Expert insights from our team

Yes, you’ll have to take distributions from an inherited IRA by a certain deadline, regardless of whether it’s a traditional or Roth IRA. The amount you must take from the inherited IRA and its deadline vary depending on the beneficiary.

If it’s been at least five years since you first funded a Roth IRA and you’re 59½ or older, your Roth IRA distribution is tax- and penalty-free. If you don’t meet both criteria, though, the taxation rules are a bit more complex.

There are two types of 529 plans, and nearly every state offers at least one. Generally, a prepaid tuition plan lets the account holder buy units or credits toward the beneficiary’s tuition at a participating public school. Under the tax rules, if funds in a section 529 plan are not used for education, the earnings are taxable and subject to a 10% penalty.

An annuity is a financial product that offers a unique combination of security, income, and tax benefits. It's a contract between you and an insurance company where you make a lump-sum payment or a series of payments. In return, the insurer agrees to make periodic payments to you immediately or at some point in the future.

Are you divorced? The good news is that former spouses will have virtually the same Social Security options they were eligible for when married, provided they meet specific criteria.

Maximize social security benefits. Protect your wealth and health with long-term care (LTC) coverage.

What’s driving this unexpected trend? The collapse of pensions and the lack of savings by people nearing retirement age are the two primary culprits.

What happened to the carefree attitude surrounding our finances? It’s simple: we got older. As the years go by, finances can get more complicated. Knowing where your money is going and whether or not it’s working for you when it gets there is a better question asked sooner rather than later.

Before you save, you should create an emergency fund with 3-6 months worth of expenses. Before you save, you should secure financial protection for your income in the form of life insurance. Before you save, you should eliminate your debt to maximize your saving power.

Are you taking a gamble on your retirement with any of these bad ideas?‍