Knowing how much you are spending every year is important. If you don’t know how much you spend, how will you ever know if it is enough? Keep in mind that we are not talking about making a budget which is a target for how much you plan to spend.
Did you know that divorce does not need to be hostile or a lengthy court process, with opposing attorneys arguing their case in front of a judge? Two other options allow couples to settle their divorce outside of court - through either mediation or through the collaborative divorce process.
Juliana* owns and operates a small design firm with five employees. She owns two rental properties as well as a pretty large investment portfolio consisting of stocks, bonds, mutual funds, and cryptocurrencies. This past year she sold her primary residence after divorcing her spouse. They paid 500k for the house many years ago and sold it for $1.3 million. She is considering adopting a child this year as well.
So you want to become a landlord? Congratulations. You’ve just signed up for a second job.
Roth conversion is simply the act of converting a traditional IRA account (Or pre tax workplace retirement plan) into a Roth IRA account. As mentioned above, a traditional IRA account is usually funded using pre-tax dollars, meaning the distributions you take from a traditional IRA account in retirement are taxed as ordinary income. A Roth IRA is created using after-tax dollars, meaning the distributions you take from a Roth IRA account in retirement are tax-free (because tax has already been paid).
Did you know that if you are divorced, your ex-spouse might be eligible to receive one-half (50%) of your retirement benefit? And if you should die before your ex-spouse, your ex can receive your full retirement benefit? Read more here to learn the rules about divorced spousal Social Security benefits for your ex-spouse.