Taylor’d Finance Blog
Welcome to my blog! I’m Taylor Ledbetter, a Paraplanner and Wealth Advisor at Jessup Wealth Management. I joined the team in July 2020 as a financial planning intern. By 2021, I graduated from Wright State University with double Bachelor’s Degrees in Financial Services and Accounting and an Associate’s Degree in Business Administration from Sinclair Community College.
This blog aims to dissect relevant financial planning topics and educate readers. I put a lot of thought into providing insights and strategies to help you enhance your financial lives. Whether you’re looking to optimize your investments, plan for retirement, or manage your budgets, I’m here to guide you toward achieving your financial goals.
If you are nearing retirement age, you are probably wondering when the best time is to take Social Security. The earliest you can take your Social Security benefit is age 62, and the latest is age 70. You can claim your benefits any time in between that minimum and maximum age.
When you retire from a job that includes a 401(k) plan, it is common to roll over that balance into a Traditional IRA. This allows continuation of tax deferral until you begin taking distributions. But if your 401(k) includes publicly held stock in the company you’re leaving, you shouldn’t automatically roll these assets over to an IRA.
A required minimum distribution (RMD) is the minimum amount of money you must withdraw from pre-tax retirement accounts once you reach a certain age. In 2023, the age at which you must begin taking RMDs was raised to age 73. The year you turn 73, your RMD is due by April 1st of the following year.
One of the most common vehicles used for saving for retirement is a Traditional IRA and a Roth IRA. These accounts are great due to the tax-advantaged components and are not employer-sponsored. Which means virtually anyone with earned income can open an IRA account and save for retirement.