Key Takeaway: A non-prototype retirement account is a type of retirement account that is not associated with an employer. These accounts are designed for self-employed individuals, small businesses, or individuals who do not have access to an employer-sponsored retirement plan. Non-prototype retirement accounts, such as IRAs, SEP plans, and SIMPLE plans, allow individuals to save…

Key Takeaway: Professional management: Target date funds are professionally managed, meaning your portfolio is managed by experienced investment professionals who will adjust the fund’s allocation to match your retirement goals and time horizon. This reliable management can help optimize your portfolio’s performance and reduce your investment risk. Simplification of investment choices: Target date funds streamline…

Key Takeaway: The amount of a person’s pension pot is influenced by the duration of their work and contributions, the type of pension scheme they have, investment returns and fees, and their choice of withdrawal option. The average pension pot in the UK includes the state pension, which provides a basic level of income, and…

Key Takeaway: The retirement age in Florida varies based on the type of retirement plan and benefits one receives. For Social Security benefits, the full retirement age is 67 years old for those born in 1960 or later, while early eligibility can start at 62 years old. Early retirement in Florida can have benefits such…

Key Takeaways: VA waiver on retirement pay refers to the option for military veterans to waive a portion of their retirement pay in exchange for tax-free disability compensation from the VA. To be eligible for a VA waiver on retirement pay, veterans must have a service-connected disability rated by the VA and be receiving military…

Key Takeaway: Pension and retirement are different concepts that often get confused. Retirement refers to leaving a career or work life, while pension refers to a specific retirement plan that may provide a guaranteed income stream in retirement. There are various types of pension and retirement plans, including defined benefit and defined contribution pension plans,…

Key Takeaway: A retirement party should last long enough for guests to properly celebrate the retiree’s career and accomplishments without becoming too tiring or overwhelming. It is recommended to keep the party between two to four hours, depending on the type of party and number of guests in attendance. When determining the length of a…

Key Takeaway: Withdrawing your TSP balance after military retirement involves choosing between lump-sum and installment payments. Weigh the pros and cons of each option before making a decision that fits your financial needs and goals. One option is to keep your balance in TSP to take advantage of the low expense ratios and the flexibility…

Key Takeaway: Diversifying your retirement portfolio is crucial to mitigate risk and maximize returns. By investing in different types of accounts and asset classes, you can minimize the impact of market fluctuations and inflationary pressures. Some common retirement accounts to diversify are Roth IRA, Traditional IRA, 401k plan, and pension plans. Each account has its…

Key Takeaway: Retirement thank you cards are an important gesture: Sending a thank you card to a retiring colleague or loved one is a great way to show your appreciation for their contribution and wish them well in their future endeavors. Choose the right tone and language: Make sure to choose a tone and language…

Key Takeaway: Supreme Court Justices must meet age and years of service requirements to receive full retirement benefits. They must be at least 65 years old and have served for at least 10 years. In addition to meeting the age and years of service requirements, Supreme Court Justices must also have demonstrated good conduct during…

Key Takeaway: To secure a retirement account, it’s critical to understand the basics of retirement accounts and the types of secure retirement accounts. Employer-sponsored retirement accounts, individual retirement accounts (IRAs), and Roth IRAs are three types of secure retirement accounts that can help you achieve your retirement goals. Benefits of a secure retirement account include…