Tips and resources that everyone can use
Knowledge Is Retirement Power
Interested in finding ways to give back to your community during retirement? Joining AmeriCorps Seniors may be an option to consider. This extensive volunteer program has opportunities available for older adults throughout the United States. In fact, AmeriCorps Seniors engaged more than 170,000 volunteers in national service in all 50 states in 2021. Individuals who sign up to be a volunteer can use their expertise and strengths to help others or learn new skills and participate in other available service opportunities. Each program provides any needed training and support at no cost. For more information, check out their website at https://americorps.gov/serve/americorps-seniors.
Q&A
What happens if I inherit a traditional 401(k) from a parent?
If you are a named beneficiary of a deceased 401(k) account owner, typically you have the option to leave the inherited 401(k) account in the plan. However, most nonspouse beneficiaries must take the full payout from the inherited 401(k) within 10 years from the account owner’s death. And, if the deceased was taking required minimum distributions each year, the beneficiary must continue taking them. In addition, distributions from an inherited 401(k) are typically included in a beneficiary’s regular taxable income. To understand all your options for inheriting a traditional 401(k) and the potential tax consequences, it’s important to consult with a tax advisor or financial planner.
Tools & Techniques
Along with the prices of almost everything else, car insurance rates are up nearly 5% in 2022, according to approved rate filing data from S&P Global Market Intelligence. Staying aware of your coverage needs and understanding your policy can help you make sure you have the right financial protection for your lifestyle and budget. Talk to your agent about developing a strategy to lower your premium to a more acceptable level. For example, you may be able to trim your bill substantially if you sign up for a safe driver program through your insurer. Typically, this requires monitoring your driving habits through your smartphone or an in-car device.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
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©2022 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this newsletter are those of Kmotion. The articles and opinions are for general information only and are not intended to provide specific advice or recommendations for any individual. Nothing in this publication shall be construed as providing investment counseling or directing employees to participate in any investment program in any way. Please consult your financial advisor or other appropriate professional for further assistance with regard to your individual situation.