Retirement Planning - The article discusses pivoting strategies when retirement plans don't go as expected [1] - It highlights ways to adjust retirement strategies when facing unexpected challenges [1]

Required Minimum Distributions (RMDs) Overview - Individuals generally must take their first RMD by April 1st of the year after turning 73, with subsequent RMDs required by December 31st each year; those born after 1960 have their first RMD at age 75 [1][2][3] - Failure to take the required distribution may result in a 25% tax on the undistributed amount [2] - RMD calculation involves dividing the total balance of tax-deferred retirement accounts (IRA, 401k, 403b) at the end of the previous tax year by the IRS's life expectancy factor for the individual's age [1][3] - Financial institutions typically calculate and inform clients of their RMD amount by the end of December [7] RMD Exceptions and Special Cases - An exception exists for individuals still working at the company sponsoring their 401k plan; they may not need to take RMDs until retirement [9] - Higher investment returns lead to higher RMDs, as the calculation is based on the account's value at the end of the previous year [10][11] - All individual retirement accounts (IRAs) are now viewed as one giant massive IRA for RMD purposes [13] - Aggregate RMDs from all IRAs must be fully satisfied before any distribution from any IRA can be converted into a Roth IRA, otherwise a 6% excess contribution penalty may apply [13][14] Inherited IRAs and the 10-Year Rule - Beneficiaries inheriting an IRA must empty the account within 10 years of the original owner's death [14] - If the original IRA owner died before their Required Beginning Date (RBD), beneficiaries do not have to take RMDs during years 1 through 9 but must empty the account by the end of the 10th year [16] - If the original IRA owner died on or after their RBD, beneficiaries must take an annual stretch distribution during years 1 through 9 and then take out the remaining balance by the end of the 10th year [17] Qualified Charitable Distributions (QCDs) - Individuals can use their RMD to make a qualified charitable distribution (QCD) to a nonprofit organization [18] - The money must go directly from the IRA to the nonprofit to avoid being counted as taxable income [18][19] - There are limits to QCDs, such as up to $100,000 that can be donated [19]

Well, Federal Reserve officials are split on whether an interest rate cut in July is on the table depending on whether the FOMC holds rates steady or reduces the benchmark rate. What does that outcome mean for your everyday finances. Here to explain and discuss further, we've got Rob Conzo, who is the Wealth Alliance CEO.Rob, good to have you here with us. How does the Fed's benchmark rate affect people's personal finances. Great to be with you, Brad.Um, it's a very misunderstood rate. It's the red the rate ...

Debt Management Strategies - Highlights strategies for managing and paying off debt, including discussions on curbing spending and planning for the future [1] - Features an individual, Sheyna, who successfully paid off $45,000 in debt, offering a real-world example [1] - Explores the snowball and avalanche methods for debt repayment, detailing the benefits of each approach [1] Financial Planning - Addresses the question of balancing debt repayment with investment opportunities [1] - Fidelity Investments provides financial consulting services and resources for debt management and financial planning [1] Fidelity Investments Resources - Fidelity Investments uses platforms like YouTube, Reddit, Instagram, TikTok, Facebook, LinkedIn, Discord, and X (formerly Twitter) to engage with and provide information to its audience [1]

Investment Strategy for Late Starters - Starting to invest late in life is not a lost cause, discipline and strategy are crucial [1] - The biggest mistake is gambling to make up for lost time, prioritize stability and cash flow [2] - Focus on capital preservation and calculated risks [4] - Get a financial plan, including budgeting and automating investments [5] Asset Allocation - Consider high-quality dividend stocks, blue-chip companies, and diversified ETFs [3] - Defensive sectors like healthcare, utilities, and consumer staples are recommended [3] - Bonds or fixed income add stability, especially approaching retirement [4] Specific Investment Examples - Examples include Johnson & Johnson and Proctor & Gamble [3] - XLP or VO ETFs should be core holdings [3] Risk Management - Avoid chasing risky stocks or speculating on the next big thing [2] - Do not go all-in on the riskiest ideas, especially near retirement [3]

Welcome to Wealth. I'm Alec Canal and this is Yahoo Finance's guide to building your financial footprint. Our community of experts will give you the resources, tools, tips, and tricks you need to grow your money.On today's show, we'll check in on oil prices after they jump to their highest level since January. Our very own Nes Fay will explain how that could impact your prices at the pump and more Americans are claiming social security benefits. A financial planner will break down how you should look at tho ...

New graduates are entering into one of the toughest job markets in recent history with unemployment rates for recent grads hitting 5.8% compared to just 4% for all workers. So, it's a crucial time for young people to make smart financial moves. I want to bring in Dena Healey who is the Prize Financial Vice President of Financial Planning and Advice.Great to have you here in studio with us. You have four pillars of advice for new graduates. Study your benefits, establish a strong credit history, develop a bu ...

The new year is a great time to revisit your financial plan and make sure all aspects of your financial house are in order. Join the Insights from Fidelity Wealth Management℠ team as we address this broad subject. Specific topics we'll cover include: - Choosing short, medium, and long-term goal and strategies for achieving them - Creating plans for unexpected events like market volatility, job loss, and inheritance - Ensuring your investment strategy and asset allocation are aligned with your goals - Tax ti ...