Today, many individuals have retirement assets in the form of a 401K, Traditional IRA, or 403(b). In terms of retirement assets, it is important that the best interests of the designated beneficiary be taken into consideration, especially when the named beneficiary is a minor child or grandchild. It is important to never directly name a minor as a beneficiary on retirement accounts, annuities, IRA accounts, bank accounts or insurance policies. Directly naming a minor beneficiary could have negative consequences. Instead, a trust must be created and named for the minor’s benefit. Continue reading “Stretch Benefit For Retirement Assets”
Tag: retirement resources
New York Police Officer Divorce Considerations
It’s a common misconception that police officers divorce more frequently than other occupations. A recent Radford University study revealed that the average divorce rate for law enforcement careers is 14.47 percent, well under the national average for all occupations of 16.96 percent. Despite the fact that police officers divorce no more frequently than other occupations, they do have unique factors that must be taken into consideration when filing for divorce. One of the most important is the equitable distribution of a police pension. Continue reading “New York Police Officer Divorce Considerations”
Divorce Rate Doubles Among Older Couples
According to a 2013 study published by Bowling Green State University, the divorce rate among middle-aged and older adults has doubled between 1990 and 2010. “Gray divorce,” a divorce that occurs among people age 50 years or older, accounts for 1 in 4 divorces in the United States, and nearly 1 in 10 divorcées are age 65 years or older. Continue reading “Divorce Rate Doubles Among Older Couples”
