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Articles by Eric Reed
First-ever New York apologetics conference addresses hard questions of faith
ALBANY, N.Y. (BP) – Responding to culture’s toughest questions about the faith was the focus of the first-ever apologetics conference presented by the Baptist Convention of New York (BCNY), April 24-25, in Albany. More than 250 attended. Frank Williams, BCNY executive director, welcomed attendees saying he hoped they would leave better prepared for Gospel conversations marked by skepticism and hard questions.
What's a Realistic Retirement Budget? I'm 55 With $620k Saved and $68k Income Original
There are two common ways to think about a retirement budget: you can start with the lifestyle you want or the assets you have. By focusing on a lifestyle, you can identify your target retirement income and then build savings to support that goal. For example, using the 4% rule, if your goal is to withdraw $100,000 annually in retirement income your savings target would be roughly $2.5 million ($100,000 ÷ 0.04).
I'm 65 With $950k in an IRA. Is It Worth It to Convert $150k per Year to a Roth IRA to Avoid RMDs and Retirement Taxes? Original
A Roth IRA conversion is available any time you have money in a qualifying pre-tax account. People choose to make a conversion to reduce future required minimum distributions (RMDs), spread taxes over several years and create a source of tax-free retirement income. But the success of this strategy will depend on your timing.
5 Smart Money Moves to Make With Your RMDs Original
Once you begin taking required minimum distributions (RMDs) at age 73, you must withdraw a set amount each year from your pre-tax retirement accounts. If you don’t need that money for living expenses, you can still use it productively. Many retirees choose to reinvest their RMDs in a taxable brokerage account, add to emergency savings, buy income-producing investments, pay down debt, or use part of the funds for qualified charitable distributions to reduce taxable income.
I’m 63 With $1.35 Million in My IRA and a $2,200 Social Security Check. What’s My Retirement Budget?
By your 60s, most of your retirement foundation is already in place. While you may still have a few years to save, building significant new wealth is less likely unless you continue working during retirement. This stage typically shifts focus to taxes, withdrawals, Social Security and budgeting. To help you create a retirement budget, let’s walk through an example of a 63-year-old with $1.35 million in a traditional IRA and $2,200 in monthly Social Security benefits.
Southern Baptist leaders release statement on Charlie Kirk’s death, call for justice
Metadata: Topic(s): National News, SBC NewsFormat(s): Text Articles Share this post: NASHVILLE (BP) – Southern Baptist leaders have released a statement to lament the assassination of Charlie Kirk and call for justice and peace. Kirk, 31, the president of Turning Point USA and a conservative advocate, was assassinated Sept. 10 as he spoke at an event at Utah Valley University. “Political violence is a grave sin and it represents a threat to our nation and its government.
Why church engagement matters for spiritual growth
Metadata: Share this post: What do your church members miss out on when they miss a Sunday at your church? Do they miss out on an event or a production, or do they miss out on a participatory experience that shapes their spiritual lives?
I'm 67 With $870k in a 401(k), $120k in an IRA and a $2,200 Social Security Check. What's My Retirement Budget? Original
Deciding how much to withdraw from your retirement accounts means finding a balance between enjoying life and making your money last. Taking too little leaves you with unused savings, while taking too much risks running out of money later. Taxes also affect how much you can actually spend. To help you create a retirement budget, let’s break down the example of a 67-year-old with $870,000 in a 401(k), $120,000 in an IRA and $26,400 annually from Social Security.
I’m 65 and Started Taking My $2,200 Social Security Check. Can I Still Do a Roth Conversion to Avoid RMDs?
You can make a Roth conversion at any age, and the money that you convert will be exempt from required minimum distribution (RMD) rules. If your only goal is to avoid required minimum distributions – for example, if you want to maximize the long-term value of your estate – this could potentially be a sound option. However, the older you are, and the closer to retirement, the more likely it is that a Roth conversion will cost you more than you will save on income taxes.
How to Invest in X
Social media platform X has been busy this week, with former President Donald Trump returning to the platform for a live conversation with Elon Musk on Monday night, with more than 1 million listeners tuning in worldwide. On Wednesday, Grok, the large language model developed by xAI and available to X subscribers, was updated to version two, giving users wider capability to complete tasks and generate images.
How Much Does a Roth Conversion Cost in Florida? Original
When you make a Roth conversion, the costs will depend on where you live. Converting money to a Roth IRA has a major upside, and a major downside. The benefit is tax-free portfolio growth and income. When you withdraw money from a Roth account in retirement, it will be untaxed and will not apply to your taxable income.
Top 25 Companies by Market Cap Original
For most of the 21st century a handful of large tech companies have dominated the stock market. The names have changed from time to time as NVIDIA replaced Netflix, say, or Google and Facebook rebranded to Alphabet and Meta, respectively. But overall, a few companies collectively account for more than a fifth of the market’s entire value. Six companies on the S&P 500 are currently worth more than $1 trillion each: Apple, Microsoft, NVIDIA, Alphabet, Amazon and Meta.
I'm 62 With $425k in a Roth IRA and $2,600 per Month between Social Security and Pension. Can I Retire Now? Original
For many people, early retirement means 62. This is the age they can start withdrawing money from their retirement accounts and receive Social Security. For example, let’s assume an individual with $425,000 in a Roth IRA, a $1,000 monthly pension, and expect $1,600 in Social Security. Is it going to be enough? As often in retirement, the answer depends on your spending, goals and other factors. With this profile, you can probably anticipate an income between around $44,000 and $60,000 per year.
10 Reasons to Retire Early Original
Picking the right time to retire is one of the most important parts of the equation, second only to building the right savings plan. Leave work too early, and you could outrun your savings; wait too long, and you could outwork your good health. Part of this decision is what “early” means to you. Will you retire at 62 or 50? Will you take Social Security at retirement or wait? Are you just retiring from your career, or will you stop working altogether?
What Is Personalized Investment Management?
Personalized investment management involves building a portfolio that is tailored to your needs. With this approach to investing, you or your financial advisor create a plan and portfolio based on specific goals, options and preferences. It varies from a systematic approach, in which your advisor would help you invest in a series of assets defined by the market and a standard profile.
At What Age Should You Retire From the Federal Government? Original
Federal employees generally receive annuity-based pension funds when they retire. Depending on when you joined the government, this may be supplemented by Social Security and a private savings plan. The amount you receive from these various programs depends, among other things, on how long you worked for the government and at what age you retire. As a rule of thumb, the later you retire the more generous your benefits will be.
Understanding the Wealth Effect and How It Works Original
The wealth effect occurs when you perceive yourself to be getting richer and increase your household spending. This perception does not necessarily correlate with the reality of your spendable income, which may not have increased accordingly. Here’s what you need to know to keep your finances secure. A financial advisor can help you create a financial plan that aligns with your long-term goals.
I'm 65 With $1.2 Million and $2,900 Social Security Check. What's My Retirement Budget?
1 day ago CNN — Beryl just smashed all expectations of what an early season hurricane could become, and it has experts concerned for what could be coming next. Typically, early season storms aren’t indicative of what’s to come later in the season because the necessary atmospheric conditions for powerful storms …
I'm 65 With $1.2 Million and $2,900 Social Security Check. What's My Retirement Budget? Original
As you approach retirement, your financial focus shifts. During your working life, retirement is about goals and planning. You decide what kind of lifestyle you want, figure out what kind of income will support that spending, then build a savings and investment plan to reach those goals. That should be your retirement approach at age 25, 35 or 45. In your 60’s, though, the accumulation stage is largely over.
Retirement Planning Questions You Should Be Asking (FAQs) Original
Making a good plan, any plan, generally starts the same way: You need to ask the right questions. Whether getting a degree, finding a job, buying a house, or anything else, the right place to start is by asking the right questions. It will help you clarify what you want to achieve and the details of how you want to start getting there. The same is true for retirement. When planning for retirement, the best way to start is by asking yourself a few important questions.
Am I Too Late? I’m 65 and Only Have $120k Saved for Retirement
A low-savings retirement is one in which you don’t have enough money in your portfolio to generate a comfortable retirement income. For example, let’s say that you’re 65 and have $120,000 in a retirement portfolio. We’ll assume that this money is in a pre-tax 401(k). This won’t generate a livable income on its own. That doesn’t mean it’s too late to make plans, though, or that you can’t live a secure and comfortable life. But it will take some thought, sacrifice and planning.
I Want to Give Money to My Son and His Wife. How Much Can I Give? Original
Let’s say that you’re an individual who wants to give money to two people, your son and his wife. Maybe this is to help with a wedding, down payment for a home or building a family. You can likely give away a good amount of money without incurring any taxes, but there may be some other hoops to jump through. In 2024, you can give away up to $18,000 to each recipient without needing to report it to the IRS.
I'm 62 With $1.6 Million in My 401(k). Should I Convert to a Roth IRA to Avoid RMDs?
3 hours ago Miriam Todd has no plans to retire. "It’s not for everybody, but it works well for me," she says. At 100 years old, Miriam Todd works more hours than many people a fraction of her age. She’s in her office at her family’s furniture store six days a week, for at least 50 hours total. The job involves …
I'm 62 With $1.6 Million in My 401(k). Should I Convert to a Roth IRA to Avoid RMDs?
Converting your 401(k) to a Roth portfolio will allow you to entirely avoid RMDs. This is a legitimate form of tax planning. However, often there’s a difference between whether you can do something and whether you should; whether it’s allowed, and whether it’s in your long-term best interest. For example, say that you’re 62 years old. You have $1.6 million in a 401(k). If you convert this portfolio to a Roth IRA 10% at a time, you can avoid required minimum distributions on your $1.6 million.
Exchange-Traded Funds (ETFs) vs. Certificates of Deposit (CDs) Original
Exchange-traded funds (ETFs) and certificates of deposit (CDs) are entirely different products. They are purchased through different markets, have different risk and reward profiles, and are even regulated through different sections of the law. In most cases, an ETF is good for growth. These are generally equity-heavy funds based on diversified, often returns-oriented, assets. A certificate of deposit, on the other hand, is good for security.
When to Utilize Value vs. Growth Investing
Value vs. growth investing both involve looking for stocks that are priced below the likely strength of the underlying company with the goal of capturing the asset’s eventual gains. But the key difference between value vs. growth investing is that value investing is a long-term strategy, while growth investing is a short-term strategy. A value strategy is for building wealth over a period of years and maintaining that wealth through stable assets.
How to Create a Dividend Investing Strategy
Unlike capital gains investing, wherein a portfolio generates money when you sell its underlying assets, income investing involves generating income by holding dividend-paying stocks. Income investing can be a good way to generate compounding returns with the goal of living off your dividends without diminishing your capital. However, dividend investing also tends to generate lower overall returns than capital gains investing, and can be more volatile than bond-based income investing.
How Capital Gains Tax on Home Sales Works
If you sell your home for a profit, the IRS considers this a taxable capital gain. This rule applies to all home sales, including vacation or investment properties. However if you sell your primary residence, you may be able to exclude $250,000 of gain per individual from your taxes. As a result, in most cases, it’s unlikely that you will owe taxes on the sale of your home. Here’s how it works. Capital gains are the profits that you receive from selling an asset.
Residential Real Estate Investment Options Original
Real estate can be a good way to diversify your portfolio. There are several ways to access this market, depending on your capital and risk tolerance. Residential real estate can be capital intensive, but can also be potentially lucrative. Buying, selling and renting property can be big business, even at a relatively small level. Even retail investors can access the real estate market through portfolios and fund-based investments.
I’m 65 With $800k in an IRA. Should I Convert $100,000 Per Year to a Roth to Avoid RMDs?
Converting to a Roth IRA can be tricky business. For the right household, this is an excellent way to save money on retirement taxes. A Roth portfolio generates untaxed income, letting you keep more of your portfolio and Social Security. It also has no required minimum distributions (RMDs), maximizing your financial flexibility. But remember that you pay income taxes on all the money you move into this account. For the wrong household, these conversion taxes can swamp any long-term gains.
Types of Alternative Investments for the Wealthy to Consider
For some people, “wealthy” can mean simply meeting their household needs. For others, maybe it’s holding enough money and assets to be considered a sophisticated investor. Whatever your definition of wealth, once you have your future secured through steady, long-term assets, you can choose to explore alternative investments for your investment portfolio. Alternative investments encompass anything that isn’t a traditionally regulated security.
How to Implement Goals-Based Financial Planning Original
As a financial advisor, there are any number of strategies for helping your client to build wealth. One of the most useful is called goals-based financial planning. This is the practice of organizing your client’s plans around specific financial goals and milestones. It’s particularly useful because this is how many households think about their own finances. They consider their money in terms of taking a trip, buying a home, or eventually retiring. Here’s how you can too.
We're 60, Have $1.3 Million in 401(k)s and Will Receive $5,100 Monthly From Social Security. What’s Our Retirement Budget? Original
At its most basic, creating a retirement budget is all about money in vs. money out. You figure out what kind of income you can reliably generate from your combined assets, then compare it against your household spending. If income surpasses spending, you’re set. If not, you need to make some adjustments. Need help creating a comprehensive financial plan for retirement? Speak with a fiduciary financial advisor today. But packed inside that simplicity are countless moving parts.
Rollover IRA vs. Roth IRA Original
With a rollover IRA, you transfer money from a 401(k) or other employer-sponsored account into a new individual retirement account. You can structure this account as a traditional IRA or a Roth IRA based on your preferences. A Roth IRA, on the other hand, is a type of individual retirement account. With a Roth IRA, you fund a tax-advantaged retirement account with after-tax funds. This portfolio then grows tax-free and, in retirement, you pay no taxes on your withdrawals.
How Automated Investing Works Original
Automated investing is the practice of using algorithms to automatically manage your portfolio. It’s a relatively new tool with investing, and is typically used to build long-term, passive portfolios. There are several benefits to automated investing, particularly given that these systems can often build well-indexed portfolios with lower fees than a legacy mutual fund or ETF.
How to Lower Retirement Taxes With Life Insurance Original
There are two main ways to use a permanent life insurance policy for retirement planning. The first is through cash value. You can take money from your policy’s cash account up to the amount of premiums paid tax-free. The second is through a loan. You can borrow against your policy’s death benefit tax-free. This loan will typically accrue interest over time. Here’s how it works. A financial advisor can help you decide which type of life insurance could be a fit for your retirement plan.
How Getting Married Impacts Your Roth IRA
Getting married does not automatically impact your Roth IRA. Your portfolio and its tax status are unaffected by your marital status. However, in some situations, getting married can make you income-ineligible for Roth contributions. Additionally, getting married can mean making different plans around your Roth IRA. Here’s what you need to know. If you and your spouse need help planning for retirement, a financial advisor can help you grow your nest egg.
How Is Alimony Calculated in California (CA)?
This alimony system was built around the idea that the job market significantly disfavored women, so a divorced wife could rarely support herself. As a result, alimony often required a significant division of future income for either life or until the recipient remarried. Most states have changed this system in whole or in part. Alimony, today, is often based on duration of the underlying marriage rather than future remarriage. Here is how California handles the matter.
Should I take a lump sum of $48,000 or an annuity of $462 from my pension?
Buyout decisions have become increasingly common for those with retirement plan. If you receive this offer, the most important questions to address include when you will receive payment and how long your life expectancy will be. The sooner you receive a lump sum payment, the more you will earn in retirement. On the other hand, the longer you live to collect monthly payments, the more they can accumulate over time.
How Can I Reduce the Amount of My RMD Payments? Original
In the year that a required minimum distribution (RMD) is due from a 401(k), IRA or other pre-tax retirement account, you’re required to withdraw a certain amount and pay your taxes due to avoid a 50% penalty. But that doesn’t mean there’s nothing you can do about this, and the associated taxes. With proper planning, you can absolutely reduce or even eliminate the impact of minimum distributions. Here’s how to think about it.
How Much Money The Average Person Has Saved at 50
The answer to this question will depend on your income, expenses and saving habits, among other factors. One reliable source to help you get an estimate could be the Federal Reserve. Here’s what the retirement account data shows and how you should use this benchmark for your retirement planning at age 50. If you’re falling behind on your retirement savings goals, a financial advisor can help you create a personalized plan.
I Have $900k in a Roth IRA and Would Receive $2,200 Monthly From Social Security. Can I Retire at 66? Original
Imagine that you have $900,000 in a Roth IRA and collect another $2,200 per month in Social Security. Can you afford to retire at age 66? A good way to answer this question is to start with your budget. What do you expect to spend on essentials, like housing and fixed monthly expenses, and what will it cost to maintain your lifestyle? Then take a look at your retirement income and see how all those figures compare.
When Does Social Security Increase? Original
Every year, the Social Security Administration (SSA) issues what is known as the Cost of Living Adjustment, or COLA. This is an annual increase intended to keep Social Security benefits in line with inflation. This increase is announced in October of each year and applies to all benefits starting in January of the following year. For 2024, the SSA announced a 3.2% COLA in October 2023. This increase applied to all Social Security and SSI (Supplemental Security Income) benefits starting January 2024.
We’re 66 With $1.4 Million in IRAs, and $4,100 Social Security. What’s Our Retirement Budget? | SmartAsset
Panama 2 days ago A boomer who moved to Panama after years as a bartender in the Hamptons and New Mexico outlines the pros and cons of living in Central America Business Insider - Noah Sheidlower • 2d George Stumpp, 65, worked as a bartender and bar supervisor in Long Island and New Mexico for decades. Realizing his retirement savings could go further in a different country, he settled in Panama. In 2006, he and his wife bought a property on the outskirts of Panama City for $37,000 in cash, …
We’re 66 With $1.4 Million in IRAs, and $4,100 Social Security. What’s Our Retirement Budget? Original
Say that, as a married couple, you have $1.4 million in your IRAs and, at age 66, expect about $4,100 per month in Social Security. Based on some typical rules of thumb, you might be able to plan on about $108,000 per year of retirement income, but how much you actually need and will be able to take will depend on your specific circumstances. Here’s how to think about it, including a breakdown of the numbers.
How Is Debt Divided During a Divorce? Original
During a divorce, debt is handled the same as assets. This means, primarily, that courts will try to follow two rules. First, courts will distribute debt based on its marital and pre-marital status. Debt that someone held before the marriage will, in general, remain entirely with that individual. Debt the couple accrued during the marriage will, usually, be distributed between the parties. Second, courts will attempt to distribute debt evenly.
How Long Does Probate Take in Florida?
On average, it takes four to 12 months to probate a standard estate in Florida. This is normal for most jurisdictions. A standard estate must be open for at least three months. This is the minimum amount of time required for creditor notification. As a result, with additional processing time and delays, a standard estate typically cannot be resolved in less than four months.
Americans Say They Now Need $1.8 Million to Retire. How You Can Get There Original
Americans believe they’ll need at least $1.8 million to retire, an increase from last year’s magic number of $1.7 million. However, not very many are confident they’ll be able to get there. These are the two top-line takeaways from this year’s 401(k) Participant Study published by Charles Schwab, the annual study that tracks important retirement data and gauges American sentiment. If you need help saving and planning for retirement, consider speaking with a financial advisor.
What Is a Life Insurance Annuity? Original
A life insurance annuity is a benefit payment option for a life insurance policy. If you are a beneficiary of a life insurance policy, you may have the option to receive your payout in the form of a life insurance annuity. In this case, when the policyholder dies, the insurance company will place your payout into an annuity contract. You will then receive regular payments and interest against the balance until the account is emptied. Here’s how it works.
I’m 60 With $1.1 Million in an IRA. Is It Worth Converting $100,000 Per Year to a Roth to Avoid RMDs? Original
Required minimum distributions, or RMDs, are a problem for some retirees. If that’s your situation, a Roth conversion may be able to help. The advantage to switching your money from a pre-tax portfolio, like a traditional IRA, to a post-tax Roth IRA is an end to RMD concerns. Since you’ve already paid taxes on the money in a Roth account, the IRS does not require minimum withdrawals. The disadvantage is that you have to pay taxes up front, when you convert the funds.
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