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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...
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...
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?...
The analysis by Fidelity Investments finds that balances increased across 401(k), IRA, and…...
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....
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'...
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...
The IRS again waived the required minimum distributions for inherited IRAs. But not taking a distribution could cost you more over the long term....
Follow these strategies to maximize your IRA and minimize the effects of taxes....
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...
I inherited my husband's IRA retirement upon his death. I am liable for Federal taxes if I transfer this to my IIRA retirement?...
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...
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....
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...
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....
Widespread misconceptions and misinformation keep more people from seriously considering IRA conversions....
The SECURE Act killed the stretch IRA, but a properly constructed charitable remainder trust can deliver similar benefits, with some caveats....
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...
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....
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...
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...
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...
A rollover IRA might be in order to help protect your retirement savings from potential (and potentially disastrous) market downturns....
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 ...
Here's everything you need to know about how to buy precious metals in self-directed IRA....
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...
Don't overlook the hidden cost of last-minute IRA contributions....
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 ...
Optimum location for assets: IRA, Roth IRA, taxable account...
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...
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 ...
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...
A recent law allows tax-free rollovers from 529 plans to Roth IRAs, but there are hurdles to be cleared....
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...
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 ...
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....
Roth IRAs give you a tax-free source of retirement income....
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...
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...
Waiting until near the end of the year to consider your IRA strategies can cost you a lot of money....
Waiting until near the end of the year to consider your IRA strategies can cost you a lot of money....
[Editor's Note: If you’re looking to take immediate steps to increase your income that will continue you on the path toward financial security, enrollment is now open for Expert Witness Startup ...
The Pew Charitable Trusts recently reported that retirement assets in active auto-IRA programs have reached $1 billion. Auto-IRAs, which began in 2017 when Oregon launched its OregonSaves program, now...
Photo credit: jb If you or someone you know has inherited an IRA from a spouse, there are several options available for handling the account. You could transfer the IRA to an inherited IRA, properly t...
As part of our efforts to bring you actionable strategies to help you reach your ideal retirement, we’re tackling a complex question today. The backdoor Roth strategy can be a way to increase yo...
High income earners may face limitations when contributing to a Roth IRA due to income restrictions. However, there are several strategies they can employ to maximize the benefits of a Roth IRA or fin...
By Dr. Tyler Scott, WCI Columnist As the daylight fades ever earlier and the hushed softness of newly driven snow quiets the world around me, I, in only the second winter of my newly blossomed financi...
Recently discussed consolidating my 401(K) into my IRA with my Schwab broker and was told the funds I hold are proprietary to my former employer and cannot be moved. Suggestion was to speak to 401(K) ...
One of our listeners actually has a better mortgage rate than me! However, as they begin to test their retirement budget they have found that the mortgage payment leaves that budget a bit tight. So th...
My wife (who does not work, used to but not in the past 10 years) has a traditional IRA in addition to a Roth IRA. We are going to deposit $7500 for 2023 into one of these accounts and wondered which ...