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Thumbnail - High cost of living (HCOL) vs. Low cost of living (LCOL) Pros and Cons

High cost of living (HCOL) vs. Low cost of living (LCOL): Pros and Cons

What’s the difference between high cost of living areas versus low cost of living? High cost of living areas (HCOL) are considered more expensive to live in than low cost of living (LCOL). Homes, gas, food, and other daily expenses are more expensive. Typically, salaries are higher in HCOL areas, but your purchasing power tends …

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Thumbnail - Retirement planning near me (Find the best Advisor)

Retirement planning near me (Find the best Advisor)

How do I find retirement planning near me? Find retirement planning near me by finding a fee-only adviser via the National Association of Personal Finance Advisors (NAPFA). Alternatively, search Google or ask friends and family for recommendations. Ensure you are working with a certified financial planner working to a fiduciary standard. Imagine, understanding who to …

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Thumbnail - What is a custodial Roth IRA (Open retirement account for minors)

What is a custodial Roth IRA? (Open retirement account for minors)

What is a custodial Roth IRA? A custodial Roth IRA is an individual retirement account for minors, managed by the custodian until the minor reaches legal age. The contributions are post-tax and the contributions and earnings are considered tax-free. Contributions can be withdrawn at any time, but earning withdrawals must be qualified.  Imagine, setting up …

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Thumbnail - Can I retire at 55 (How much money you need to retire)

Can I retire at 55? (How much money you need to retire)

Can I retire at 55? You can legally retire at 55 if you have enough saved for retirement. Keep in mind, there is a 10% early withdrawal penalty for 401k withdrawals before 65 and IRA withdrawals before 59.5. Reduced social security benefits are not available until you reach 62 years old. Imagine, being able to …

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