Qualified retirement savings accounts are a great way to build a retirement nest egg. But what happens to the money in the account if the account holder passes away?
When we think about when to file for Social Security, age 68 doesn't often come to mind. After all, it's not a particularly notable age on the spectrum of when to claim benefits.
The advantage of accumulating after-tax assets in a retirement account is that when they are distributed, the amounts will be tax- and penalty-free. However, this benefit is realized only if the necessary steps are taken.
Before parents tell their kids how they should plan for the future, they should be prepared with solid advice—advice they’ve incorporated into their own financial planning, regardless of which life stage they’re in.
