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Posts tagged Jenn King

Roth Withdrawals – I’m ready to get that tax free money….

Roth Withdrawals – I’m ready to get that tax free money….

You took great advice from a friend years ago to open and start contributing to a Roth IRA. Over time you have employed other strategies like Roth Conversions and Backdoor Roth IRAs to boost your Roth IRA balances. Now it’s time to start drawing from those dollars. In a previous blog post, Roth IRA Owners Beware of the 5-Year Rule we touched on the 5-year Rule that must be adhered to in order to ensure that your distributions from your earnings are TAX FREE when you take them. Because after all, isn’t that the greatest benefit of owning a Roth IRA?

IRAsGuest UserSeptember 29, 2022Roth IRA Series, Jenn King

Mega Backdoor Roths – What makes them so MEGA?

Mega Backdoor Roths – What makes them so MEGA?

This must be an important topic because why else would the word MEGA be in the title? There’s Megatron - leader of the Decepticons, Mega Man of the video game series and state lotteries title their big jackpots as Mega Millions. So, this must be a BIG DEAL, right?

Well, it is and so much so that you’ll see political parties trying to ax this strategy every so often. But until that happens, it’s important to know what this is, how it works and when you would want to use this strategy.

IRAsGuest UserAugust 25, 2022Jenn King, Roth IRA Series

Why Choose a Roth IRA

Why Choose a Roth IRA

You’ve been told that it is important to save for your retirement, so with your first job you started contributing to your 401k at work. This was a great option as your company had matching dollars for the dollars you contributed AND it helped to lower your income for income tax purposes. You’ve done a great job saving and are looking for other options to save for retirement. Where to save those additional dollars now?

IRAsGuest UserJuly 14, 2022Roth IRA Series, Jenn King

Medicare Advantage: Thank you for the advice Joe Namath, but is this the right plan for me?

Medicare Advantage: Thank you for the advice Joe Namath, but is this the right plan for me?

While private health insurance plans have been a part of Medicare since the mid 1960’s, they didn’t become what they are today until the Balanced Budget Act of 1997 and the introduction of Medicare+Choice that eventually was named Medicare Advantage in 2003. Medicare Advantage was designed to give recipients an alternative to “Traditional” Medicare. As of 2021, 42% of the Medicare population is enrolled in Medicare Advantage.

Health InsuranceGuest UserJune 23, 2022Jenn King, medicare series

Medicare Part B: Medical Insurance

Medicare Part B: Medical Insurance

For those who have been covered by group insurance for all their working years, transitioning to Traditional Medicare’s Part B can be a little confusing as there are nuances about Part B enrollments, costs, etc. that should be understood BEFORE you turn 65. We hope to explain some of those nuances here.

Health InsuranceGuest UserMay 25, 2022medicare series, Jenn King

Short Term Health Insurance Plans: A good option to bridge the gap before Medicare?

Short Term Health Insurance Plans: A good option to bridge the gap before Medicare?

Short Term Health Insurance Plans are health insurance plans that fill that short term gap in health insurance coverage you may have anywhere from 3-6 months up to a year. These plans were more recently in the news when President Trump signed an Executive order in August 2018 allowing these plans to cover individuals for up to one year versus the previous 3-month regulation, however, these plans have been in existence for decades.

Let’s discuss how this health insurance option might work during your pre-Medicare years and what things you should consider when evaluating this option.

Health InsuranceGuest UserApril 7, 2022health care for early retirement, Jenn King

COBRA Insurance: A good option for Pre-Medicare Retirees?

COBRA Insurance: A good option for Pre-Medicare Retirees?

Maybe you’ve heard of COBRA as a back up health insurance plan if you were to ever lose your job, but have you considered how COBRA can also help you make that transition into retirement a little easier?

Health InsuranceGuest UserMarch 4, 2022cobra, medicare, Jenn King, health care for early retirement

Railroad Retirement Benefits and Your Military Service Time

Railroad Retirement Benefits and Your Military Service Time

The history of Railroad Benefits dates back to the 1930’s, with the National Railroad Retirement program being established by the 1937 Railroad Retirement and Carriers’ Taxing Act. Our country soon after entered WWII which was followed by the Korean War, then the Vietnam War, and so on. Many Railroaders were drafted or volunteered for service during these wars… would their Railroad Retirement be negatively impacted by that pause in their time working for the Railroad?

RetirementGuest UserSeptember 20, 2021railroad, Jenn King

Railroad Retirement “Current Connection” – Why is this important?

Railroad Retirement “Current Connection” – Why is this important?

The idea of a Current Connection comes up in the Railroad Benefit conversation often. But what does this have to do with your benefits?

RetirementGuest UserJuly 16, 2021railroad, Jenn King

Railroad Retirement Survivor Benefits – Will my family be taken care of if I pass away?

Railroad Retirement Survivor Benefits – Will my family be taken care of if I pass away?

Survivorship planning can include a plan to replace future lost income, take care of existing debts and possibly provide a legacy to your heirs. For those still working, a big part of funding those goals will come from your Employee Benefits. How does this work for Railroaders? Is there anything that a Railroader beneficiary will receive that is different than the average worker?

RetirementGuest UserJune 16, 2021railroad, Jenn King

Railroad Retirement Benefits and Taxation Does it work any differently when I finally retire?

Railroad Retirement Benefits and Taxation Does it work any differently when I finally retire?

We are coming to the end of tax season and you have your taxes already filed, right? GREAT NEWS – or hopefully soon it will be great news! You are about to retire from the Railroad industry and the thought pops up – do I know how my railroad retirement benefits will be taxed? Other than my income amount, will my next years’ tax return look different that last years? So much of what I’ve read online is SO confusing! Let’s try to simplify and first examine how your benefits are taxed.

RetirementGuest UserMay 13, 2021railroad, Jenn King

Railroad Retirement Benefits for My Spouse?

Railroad Retirement Benefits for My Spouse?

We’ve discussed how your railroad retirement benefits, Tier I and Tier II, work in a previous blog. Your spouse has been by your side for many of those railroad years and you know they are supposed to receive some type of spousal retirement benefit. But what will they receive?

RetirementGuest UserApril 14, 2021railroad, Jenn King

Understanding Your Railroad Retirement Benefits at CSX

Understanding Your Railroad Retirement Benefits at CSX

Here you’ll find a monthly blog series to help you navigate the world of railroad benefits: coordination with Social Security, how spousal/ex-spousal benefits work, benefits for your dependents, taxation, and so on. Since this is the first article, we’ll start with the basics of RAILROAD RETIREMENT BENEFITS.

RetirementGuest UserFebruary 12, 2021railroad, Jenn King

What should I do with my 401(k) when I retire?

What should I do with my 401(k) when I retire?

So, you’ve finally let the company know that you are ready to retire. You’ve given them notice of your last day and now they are scrambling to make sure they are prepared for your departure.

You’ve already done your planning. You know your plan looks great and you are ready to take some well-deserved time for yourself. But have you thought of everything? What about that 401k – what are your options? Should you rollover your IRA or keep it in the plan? Or maybe you cash it out and take that trip of a lifetime you’ve always wanted to do? Let’s take a look at your options.

401K, RetirementGuest UserNovember 23, 2020Jenn King, 401k and IRA