Financial Power Blog

What are RMDs?

What are RMDs?

RMDs are your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ before January 1, 2020). Roth IRAs do not require withdrawals until after the death of the owner. If you have an IRA, you will probably need to take a distribution at some point in the future. This means that according to the IRS's life expectancy estimates, you will need to withdraw a...

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Benefits from Social Security

Benefits from Social Security

A lot of people ask "what is social security and what does that have to do with me" well, it has something to do with all of us. If you work for a company, social security is coming out of your check and if you are self employed, you are paying into social security when you file your taxes.  So what happens when you pay into it? You get a check during your retirement age. Now I can't say if Social Security will be around forever, but currently you're are paying into social security so here's the deal, Social Security benefits are...

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Treasury Bills vs Bonds

Treasury Bills vs Bonds

Here is an article from differencebetween.com that focus on bonds and treasury bills   Treasury Bills vs Bonds Treasury bills and bonds are both investment securities issued by the government in order to raise funds for the running of the government and to pay off any outstanding government loans. The major similarity between these securities is that they are issued by the same party, and any individual who purchases these securities is essentially lending money to their country’s government. Regardless of their similarities, treasury bills and bonds are quite different to each other in terms of their characteristics. The following...

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What is a Revocable Living Trust?

What is a Revocable Living Trust?

A Revocable Living Trust is a legal agreement that outlines how you want your assets to be allocated upon your passing. It is also known as a "inter vivos" trust since it was established while you were still alive and able to amend it at any point while you are still alive.   Many different kinds of families can benefit from revocable living trusts. Some individuals use them to start a new family estate, while others prefer to divide their assets among their children or adult children in separate estates. Others utilize them when a kid experiences an emergency financial...

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