Ira
Showing 50 results of 247
Converting Retirement Savings to a Roth IRA? Don't Do This
Jan 17 2025
You might want to convert all of your savings to a Roth in one go, but you could end up paying hundreds of thousands more in taxes than you have to....
kiplinger.com
How To Manage Inherited IRA Rules That Can Surprise And Trap Heirs
Jan 17 2025
There’s a host of under-the-radar rules beneficiaries need to know to minimize taxes and penalties and maximize the benefits of inherited IRAs....
forbes.com
State Auto-IRA Savings Could Affect Medicaid Eligibility
Jan 13 2025
Low-income retired couples with less than $3,000 in assets can get Medicaid to supplement their Medicare insurance or pay for a nursing home. This asset cap, set by state governments, mainly applies t...
crr.bc.edu
10 Reasons to Leave Your Heirs a Roth IRA
Jan 09 2025
Including a Roth IRA in your estate plan has clear tax advantages, which can be passed along to your heirs for years to come. But if passed down incorrectly, your heirs won’t reap the full benef...
kiplinger.com
Why You Could Make More In Retirement Than While Working
Jan 06 2025
One of the biggest reasons I was against contributing to a Roth IRA is my belief that most people won’t make more money in retirement than while working. As a result, they’re unlikely to p...
financialsamurai.com
Inherited an IRA? Avoid These Common Mistakes That Can Cost You
Jan 05 2025
Don't get hit with a big tax bill thanks to an inherited IRA. Learn the rules and save....
kiplinger.com
Don’t Need Your 529? Turn It Into A Roth IRA
Dec 31 2024
If you set up a 529 education plan for your children or grandchildren that is no longer needed for education expenses, there is a new game in town....
forbes.com
How to Grow Your IRA in Retirement Rather Than Spend It Down
Dec 30 2024
You really can defer RMDs and lower taxes while at the same time increasing the long-term growth of your IRA. Here's how....
kiplinger.com
Year-End Tax Strategy: A Child IRA Can Help Reduce Your Tax Liability
Dec 30 2024
If you own a business and have young children, here’s a tip with the potential to transfer wealth to the next generation tax-free....
forbes.com
Key 2025 IRS Updates: What You Need to Know
Dec 27 2024
From IRA contributions to Social Security COLAs and the standard deduction, several changes are headed our way. Get ready to make the most of them....
kiplinger.com
Retirement - Social Security and IRA management?
Dec 24 2024
My brother and I are working to develop a retirement plan. Our working class parents never really saved for retirement (my mom worked until my dad died), so our expertise in this area is fairly low. N...
reddit.com
Last-Minute Gift (For A Lifetime) Idea: A Child IRA For Your Kids Or Grandkids
Dec 20 2024
Toys come and go, but opening a Child IRA allows you to give the gift of a lifetime. Here’s what you need to do....
forbes.com
Inbox Questions | When Should You Use An LLC?
Dec 20 2024
We answer a question from a 44-year-old Pittsburgh bus driver earning over six figures annually who maxes out a Roth IRA, contributes 10.5% to a 457 plan, and is covered by a pension. He owns five ren...
sites.libsyn.com
IRA Tragedies: 4 Cases Show The Pain Caused By Overlooking Simple Details
Dec 14 2024
Many people are surprised and shocked when they learn what happens when retirement account owners neglect simple details about the tax code and their accounts....
forbes.com
Have an Inherited IRA? Here is Your Guide to Strategizing Required Withdrawals from Your Account
Dec 13 2024
Learn about distribution rules for inherited IRAs and learn how to strategize your distributions for your financial goals. The post Have an Inherited IRA? Here is Your Guide to Strategizing Required W...
boldin.com
Transferring funds from IRA to Roth after retirement?
Dec 13 2024
I'm 67, and will have to start taking out RMDs from my IRA account at 73. This will give me a big tax hit at that time and subsequently. I was thinking I could pull out $50K/year from the IRA for the ...
reddit.com
How Combining Your Home Equity and IRA Can Supercharge Your Retirement
Dec 10 2024
While many retirees own an IRA and a home, very few are considering how they could work together in a plan for retirement income....
kiplinger.com
Pennies and the Backdoor Roth IRA
Dec 10 2024
What do you do with the pennies your money earns between the contribution and conversion to a Backdoor Roth IRA? Not much. The post Pennies and the Backdoor Roth IRA appeared first on The White Coat I...
whitecoatinvestor.com
IRA vs. 401(k): Should You Pick One — or Both?
Dec 06 2024
An IRA or 401(k) can help you supercharge your retirement savings. We'll help you pick one or opt for both....
kiplinger.com
What is your IRA spend plan in your retirement years?
Dec 03 2024
Should I try to keep my IRA spend down such that my year-end value stays the same every year, goes up with inflation, or draws down to leave just a small amount at the end of my life expectancy. I und...
reddit.com
Don't Leave Your Heirs an IRA Tax Bomb
Dec 01 2024
Your traditional IRA has served you well, but when your heirs inherit it, watch out. Consider some of these strategies to minimize their tax burdens....
kiplinger.com
Mega Backdoor Roth IRA: Supercharging Your Retirement Savings
Nov 26 2024
Ever since I started saving for retirement in 1999, I’ve been a proponent of tax-deferred retirement vehicles like the 401(k) and skeptical of tax-now vehicles like the Roth IRA. Working in bank...
financialsamurai.com
Using An IRA Rollover to Eliminate Federal Spousal Rights
Nov 25 2024
An IRA could be useful to restrict certain inherent rights that are required within qualified retirement plans covered by ERISA. The post Using An IRA Rollover to Eliminate Federal Spousal Rights appe...
financialducksinarow.com
Inherited IRA Rules That Can Surprise And Trap Heirs
Nov 23 2024
Inherited IRAs often incur unnecessary taxes because heirs don't know some key rules....
forbes.com
Will Auto-IRA Programs Affect Medicaid Enrollment?
Nov 19 2024
Given that only about half of private sector workers are covered by an employer-sponsored plan at any given time, 16 states have launched – or are in the process of launching – auto-IRA pr...
crr.bc.edu
Retirement 401(k) and IRA Contribution Limits for 2025
Nov 14 2024
The IRS announced changes to retirement contribution limits to help workers boost their retirement savings with cost-of-living adjustments. Whether you’re saving through a 401(k), IRA, or anothe...
401kmaneuver.com
Is Now a Good Time to Open a Roth IRA?
Nov 13 2024
Think you might want to open a Roth IRA? Roth IRAs offer tax-free growth of your investments and no RMDs, but income limits are low and you have to wait to withdraw earnings....
kiplinger.com
Could your client use the IRA 'bridge' strategy? Here are the numbers
Nov 11 2024
Financial advisors, tax professionals and their clients will need to make careful planning decisions about claiming Social Security benefits and starting distributions....
financial-planning.com
A primer on the IRA 'bridge' to bigger Social Security benefits
Nov 11 2024
A complex mixture of new or expiring laws, intersecting retirement planning questions and the threat of so-called stealth taxes could add up to a highly beneficial strategy....
financial-planning.com
Avoid the 401(k) to IRA Rollover Cash Trap
Nov 08 2024
Many Americans are potentially missing out on retirement savings by falling victims to the 401(k) to IRA rollover cash trap. According to Andy Reed, head of investor behavior research at Vanguard, &ld...
401kmaneuver.com
A Guide to Gold IRA Investment
Nov 07 2024
Planning for a financially secure retirement is crucial. One effective strategy is to invest in a Gold IRA. A Gold IRA, or Precious Metals IRA, is a unique investment vehicle that allows you to divers...
thinksaveretire.com
IRS increases 401(k) limit, keeps IRA limit the same
Nov 05 2024
The amount individuals can contribute to 401(k)s in 2025 has increased by $500 to $23,500, but the IRA limit remains $7,000....
financial-planning.com
401(k) and IRA Contribution Limit Changes for 2025: What to Know Now
Nov 01 2024
IRS inflation adjustments typically mean higher contribution limits for the new year....
kiplinger.com
October 2024 Best of the Web
Oct 28 2024
I have an outstanding collection of resources on a variety of topics this month. We’ll explore financial planning concepts including Roth IRA conversions, building bond ladders, and performing 5...
caniretireyet.com
52 - Laid off - Traditional IRA
Oct 27 2024
I am 52 and I am always thinking ahead. Hypothetically, let's say I have $1 million in a traditional IRA and I get laid off this Fall (before 2025). If I don't earn income in 2025, why would I not tra...
reddit.com
Move 401Ks to an IRA that can give us equal 401k growth after retirement?
Oct 26 2024
I am considering retiring for a second time in a year from now with a fairly small (currently $38k) 401k, after 10 years at my current employer. My wife has already stopped working and left her 401k (...
reddit.com
The post-'stretch' home stretch for Roth IRA conversions
Oct 24 2024
The first Secure Act was a "game-changer for IRAs and Roth IRAs," according to a retirement expert. Here's the compelling case for paying taxes sooner....
financial-planning.com
Here's How to Find Your Way Out of the Inherited IRA Maze
Oct 19 2024
To navigate complex rules on inherited IRAs and RMDs, start by breaking down key terms and common scenarios. A clearer picture of your next steps will emerge....
kiplinger.com
Should You Move Your 401(k) to an IRA Once You Hit 59½?
Oct 18 2024
Some 401(k)s allow for in-service withdrawals at age 59½, opening up greater investment options. Here are three reasons for taking the plunge....
kiplinger.com
How You Could Avoid 5 IRA & 401K Mistakes
Oct 12 2024
How much money have you saved in your IRA or 401K? Making contributions to one of these tax-deferred retirement accounts is easy. But withdrawing this money in retirement… gets complicated.&hel...
bossretirement.com
Will Auto-IRA Programs Affect Medicaid Enrollment?
Oct 11 2024
In recent years, 16 states have launched or are preparing to launch auto-IRA programs that require employers without a retirement plan to auto-enroll their workers in an IRA. Although studies have beg...
crr.bc.edu
Rolling Over an Unnecessarily Complicated SIMPLE IRA
Oct 07 2024
A SIMPLE IRA through a small employer is often set up with an expensive broker. Roll it over to a Traditional IRA after two years. Learn the Nuts and Bolts I put everything I use to manage my money in...
thefinancebuff.com
Distributions in retirement, annual or monthly?
Oct 05 2024
I think I know the right answer but …I plan to retire at some point next year and I know I have to roll my 401k and pension into a IRA but do most pull out the money on a monthly basis or pull ...
reddit.com
Tax-Savvy In-Plan Roth Conversions and Inherited IRA Withdrawals - 497
Oct 01 2024
Should David in Ohio use 457 funds to do an in-plan Roth conversion in his 403(b) plan, and should he hire a financial advisor? Chris in DC needs a retirement and Roth conversion spitball analysis, an...
purefinancial.com
Retirement Income Strategies: IRA vs. Brokerage Withdrawals (The Tax-Smart Choice for Retirees)
Oct 01 2024
Mark asks a common question – What should I do regarding my withdrawal strategy? Should I first pull from my brokerage account or my IRA? There is no one-size-fits-all answer, but James provides...
buzzsprout.com
Roth IRA Tax-Free Withdrawals: 5-Year Rule Explained
Oct 01 2024
James explores the nuanced aspects of Roth IRAs, shedding light on intricacies that can confound even experienced investors. Through a listener question from Manfred, a retiree contemplating a $50,000...
buzzsprout.com
The Average IRA Balance by Age
Sep 29 2024
Knowing how your IRA balance compares to your peers could be the nudge you need to save more for retirement....
kiplinger.com
Run The Numbers, Check Your Facts, Then Check Your Gut
Sep 23 2024
Learn to make smarter financial decisions with math-driven strategies. James Lange shows how Roth IRA conversions and tax planning can maximize wealth and reduce taxes....
forbes.com
Using an IRA Distribution and Withholding to Reduce Estimated Tax Payments
Sep 16 2024
An IRA distribution can be used to reduce or eliminate those pesky quarterly estimated tax payments. See how. The post Using an IRA Distribution and Withholding to Reduce Estimated Tax Payments appear...
financialducksinarow.com
Why a Roth IRA Isn’t Always the Best Choice: A Campfire Conversation
Sep 16 2024
I was sitting around the campfire last weekend, enjoying the warmth of the flames and the comforting crackle of burning wood. My cousin, a financial advisor brimming with enthusiasm, leaned over and b...
dadisfire.com
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About Ira
An Individual Retirement Account (IRA) is a type of investment account that allows you to save for retirement in a tax-advantaged way. There are several different types of IRAs, including Traditional IRAs, Roth IRAs, and SEP IRAs (Simplified Employee Pension).
Traditional IRAs are funded with tax-deductible contributions, which means that you can deduct the amount of money you contribute to your IRA on your tax return. The money in your Traditional IRA grows tax-free until you withdraw it in retirement, at which point you will pay taxes on the withdrawals.
Roth IRAs are funded with after-tax contributions, which means that you do not receive a tax deduction for the money you contribute. However, the money in your Roth IRA grows tax-free and can be withdrawn tax-free in retirement as long as you meet certain conditions.
SEP IRAs are designed for self-employed individuals or small business owners. They allow you to contribute a percentage of your income to a retirement account on a tax-deferred basis.
There are annual contribution limits for IRAs, and there may be income limits that determine whether you are eligible to contribute to a Traditional IRA or a Roth IRA. It is important to consult with a financial advisor or tax professional to determine which type of IRA is right for you and how much you are able to contribute.