Ira

Charity

IRA vs Roth vs 401(k): Which Do You Pick?

Jun 16 2024

All offer great tax breaks as you save for retirement. In addition, there are 403(b), SEP and SIMPLE plans and more. But don't worry. It’s hard to go wrong....

kiplinger.com

retirement date keeps creeping up

Jun 16 2024

last year I finally decided to retire in early 2025 I was thinking getting a couple months in so I could max my ROTH IRA. Then got to thinking "ill get my last check for my vacation time in January so...

reddit.com

SEP IRA vs. Solo 401(k): Which Is Better?

Jun 13 2024

Two retirement plans, the solo 401(k) and SEP IRAs, allow small business owners and the self-employed to save up to $69,000 annually....

kiplinger.com

Roth IRA for Youngsters

Jun 10 2024

Photo credit: jb Many times it is among the best of ideas to establish a Roth IRA for your child. This way, your child can benefit from the long-term growth in the account and have a very good head st...

financialducksinarow.com

Understanding IRA Contribution and Distribution Rules: A Comprehensive Guide

Jun 08 2024

A couple receives guidance on managing their IRA Contribution and Distribution. As you plan for your retirement, understanding the rules governing Individual Retirement Accounts (IRAs) is essential to...

theretirementsolution.com

What Is a Home Storage Gold IRA?

Jun 05 2024

Why storing gold at home in a self-directed IRA violates IRS regulations and what to do instead....

money.usnews.com

Real Estate

10 Years to Retirement? Invest in a Roth IRA Now

Jun 05 2024

Lean into a Roth IRA well before your “day one” of retirement....

money.usnews.com

Is It Really Allowed – Making a Non-Deductible IRA Contribution Followed By a Roth Conversion?

Jun 03 2024

Photo credit: diedoe I occasionally receive this question: Can I make a non-deductible IRA contribution, and then shortly after convert the IRA into a Roth IRA? My income is too high for me to make a ...

financialducksinarow.com

Exploring IRA Options: Traditional vs. Roth IRAs

Jun 01 2024

A couple compares the differences between a Traditional IRA and a Roth IRA. Selecting the right Individual Retirement Account (IRA) is a crucial step for your financial future. With various options av...

theretirementsolution.com

5 Ways to Maximize Your IRA & 401K in Retirement

Jun 01 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. Th...

bossretirement.com

The Do’s and Don’ts of Inherited IRAs

May 25 2024

When you inherit an IRA, you likely have a lot of questions. Do you need to take RMDs? When? How long do you have before the account must be cleaned out?...

kiplinger.com

Rmds

401(k) Account Balances Reach Record Levels

May 24 2024

The analysis by Fidelity Investments finds that balances increased across 401(k), IRA, and…...

401kspecialistmag.com

What to Know Before You Inherit an IRA

May 22 2024

Managing the taxes that come with an inherited IRA takes smart planning, especially since the SECURE Act eliminated the 'stretch IRA' game plan for most folks....

kiplinger.com

How Often Do You Check Your Retirement Accounts/Statements?

May 22 2024

IRA, 401k balances and investments...how often do you check them and why? Daily? Weekly? Monthly? When the mood strikes? When there's market news? Out of habit? To update planning sheets? Because you'...

reddit.com

Planning

All eggs in one basket for retirement

May 22 2024

All eggs in one basket for retirement How many folks have their entire retirement funds (cash, 401k, IRA, etc) in one company such as Fidelity? I’m interested in hearing about pros and cons of h...

reddit.com

IRA Heirs Can Delay RMDs Another Year, But Should They?

May 20 2024

The IRS again waived the required minimum distributions for inherited IRAs. But not taking a distribution could cost you more over the long term....

forbes.com

Rmds

10 Steps to Maximize Your IRA

May 17 2024

Follow these strategies to maximize your IRA and minimize the effects of taxes....

money.usnews.com

Spouse May Be Your Best Option for IRA Beneficiary

May 13 2024

Since a surviving spouse gets the most flexibility and tax breaks of all possible beneficiaries (other than perhaps a charity), it seems that choosing your spouse as the beneficiary of your IRA may be...

financialducksinarow.com

Spouse

IRA transfer to survivor spouse

May 10 2024

I inherited my husband's IRA retirement upon his death. I am liable for Federal taxes if I transfer this to my IIRA retirement?...

community.aarp.org

Spouse

The Problem with Naming Your Estate the Beneficiary of Your IRA

May 06 2024

Photo by: jb While it may seem like a simple idea to just make your estate the beneficiary of your IRA, thereby allowing you to make adjustments to your final beneficiaries via your will – there...

financialducksinarow.com

Estate

How Non-Traded REITs Could Give Your Roth IRA a Boost

May 01 2024

In addition to increasing the diversity of your portfolio, adding a non-traded REIT within your Roth IRA allows the resulting dividends to grow tax-free....

kiplinger.com

How often do you take distributions from your IRA / 401K?

Apr 26 2024

Spouse (62) is cutting back to part time soon and will still have health insurance. We're going to start taking distributions from one of the 401Ks to make up for the loss of income. (Funny thing is s...

reddit.com

3 Mistakes Beneficiaries Must Avoid When Inheriting An IRA

Apr 24 2024

The new rules apply to IRA beneficiaries who received an inheritance in 2020 or later. Tax planning can help minimize the taxes you owe on your inheritance....

forbes.com

Mistakes

Surprising Facts To Know About IRA Conversions

Apr 18 2024

Widespread misconceptions and misinformation keep more people from seriously considering IRA conversions....

forbes.com

Charitable Remainder Trust: The Stretch IRA Alternative

Apr 17 2024

The SECURE Act killed the stretch IRA, but a properly constructed charitable remainder trust can deliver similar benefits, with some caveats....

kiplinger.com

Charity

Split-Year Backdoor Roth IRA in FreeTaxUSA, 2nd Year

Apr 14 2024

The previous postSplit-Year Backdoor Roth IRA in FreeTaxUSA, 1st Yeardealt with contributing to a Traditional IRA for the previous year and recharacterizing a previous year’s Roth IRA contributi...

thefinancebuff.com

Boost IRA Retirement Contributions by the April 15 Deadline

Apr 11 2024

April 15 is usually the last day to make 2023 contributions to an IRA. Find out how Robinhood can help investors with a 3% match with Robinhood Gold....

kiplinger.com

Split-Year Backdoor Roth IRA in FreeTaxUSA, 1st Year

Apr 09 2024

The best way to do abackdoor Rothis to do it “clean” by contributing *for* and converting in the same year — contribute for 2023 in 2023 and convert in 2023, contribute for 2024 in 2...

thefinancebuff.com

Split-Year Backdoor Roth IRA in H&R Block, 2nd Year

Apr 07 2024

The previous postSplit-Year Backdoor Roth in H&R Block, 1st Yeardealt with contributing to a Traditional IRA for the previous year and recharacterizing a previous year’s Roth IRA contributio...

thefinancebuff.com

Split-Year Backdoor Roth IRA in H&R Block, 1st Year

Apr 07 2024

The best way to do a backdoor Roth is to do it “clean” by contributing for and converting in the same year — contribute for 2023 in 2023 and convert in 2023, contribute for 2024 in 2...

thefinancebuff.com

Have You Reached 59½? Time to Rethink Your 401(k) Options

Apr 05 2024

A rollover IRA might be in order to help protect your retirement savings from potential (and potentially disastrous) market downturns....

kiplinger.com

Savings

One Way to Use IRA Funds to Invest in Your Business

Apr 01 2024

Photo credit: jb As you know, it is against all the rules to use your IRA to invest in anything which benefits you or a related party. This is one quick way to get your entire IRA disqualified, quite ...

financialducksinarow.com

How to Buy Gold in an IRA

Mar 29 2024

Here's everything you need to know about how to buy precious metals in self-directed IRA....

money.com

How To

Listener Q&A: Lowering Taxes with IRA Conversions, Understanding RMDs & Gifting Strategies

Mar 27 2024

Check out the latest podcast episode on retirement planning and Social Security by listening on “Apple Podcasts” or “Spotify Podcasts” and watch more retirement planning videos...

keilfp.com

Taxes

Rmds

Here's How the Procrastination Penalty Could Cost Retirees

Mar 25 2024

Don't overlook the hidden cost of last-minute IRA contributions....

money.usnews.com

Should I invest in Traditional IRA or only Taxable Brokerage Account?

Mar 17 2024

Hi - tax time coming up and I have until April 15th to decide to put a lump sum into a traditional IRA for 2023. I make too much to reap any tax benefits, but isn’t the fact that this grows tax ...

reddit.com

How To Cut Your Taxes By Putting The Right Assets In Your IRA

Mar 16 2024

Optimum location for assets: IRA, Roth IRA, taxable account...

forbes.com

Taxes

How To

How do you manage withdrawals from your IRA in retirement?

Mar 15 2024

I've read that it's recommended to pull out 4-6% annually from one's IRA to subsidize retirement income. Assuming 6% withdrawal per year at my current value, that nets me an additional $1000 per month...

reddit.com

Withdrawals

How Much Should You Convert to Roth IRA? - 471

Mar 06 2024

Big Tex, Paul in Maryland, and Nick in Alabama all need to know how much money they should convert to Roth to pay as little tax as possible, today on Your Money, Your Wealth® podcast 471 with Joe ...

purefinancial.com

How Much

?? Taking money out of 401(k) plan/IRA to tide you over comes at a cost (AARP Article)

Mar 01 2024

401(k) hardship withdrawals are on the rise, but NEW employer emergency savings accounts could help stem tide. By Tamara E. Holmes. Published February 28, 2024. https://www.aarp.org/retirement/plannin...

community.aarp.org

Planning

Know How To Make A Tax-Free Rollover From 529 Plan To A Roth IRA

Feb 20 2024

A recent law allows tax-free rollovers from 529 plans to Roth IRAs, but there are hurdles to be cleared....

forbes.com

Is there a tax “time bomb” hiding in your IRA & 401K?

Feb 13 2024

The U.S. government has made it easy for you to save for retirement in a traditional IRA or 401K. But there’s a hidden risk that most people don’t see until it’s too late. Putting mo...

bossretirement.com

Taxes

IRA/ 401K Withdrawal 4% rule-of-thumb

Feb 12 2024

There is a common rule-of thumb that 4% can be withdrawn from a IRA or 401K account each year in retirement, and the balance of the account should not go down. What would be the reasons for a retired ...

reddit.com

Withdrawals

Is A Roth IRA Better Than A 529 Plan?

Feb 05 2024

Are you a parent looking for the best way to build a savings account for your child? Here’s a common question many seek the answer to....

forbes.com

Planning

10 Reasons to Save for Retirement in a Roth IRA

Jan 31 2024

Roth IRAs give you a tax-free source of retirement income....

money.usnews.com

Should I Roll My IRA into My 401K to Do a Backdoor Roth? Ep #207

Jan 29 2024

If you have rollover IRA accounts and want to make a backdoor Roth IRA contribution, this episode is for you. There are several steps involved to handle this strategy in the right way including unders...

financialsymmetry.com

When do you stop investing in a 401k or IRA?

Jan 27 2024

I've taken all my 401k and rolled it over into an IRA in Vanguard. Now Vanguard is suggesting I contribute to an IRA. Is that a good idea? Will it reduce my taxes or income? I don't expect I'll need a...

reddit.com

Here Are 6 IRA Moves To Take In 2024 That You Should Review Now

Jan 25 2024

Waiting until near the end of the year to consider your IRA strategies can cost you a lot of money....

forbes.com