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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There is a common rule-of thumb that 4% can be withdrawn from a IRA or 401K account each year in retirement, and the balance of the account should not go down.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 ...
Know what to expect if you inherit an IRA and how to establish a plan for taking distributions....
Im 56 have $490k in a Roth, $60k in Traditional IRA will collect $1299 in pension in 10 years with an estimated $3900 a month in SS in 10 years. $75k in savings. Can I retire in 10, or will I have to ...
Photo credit: diedoe If the beneficiary of an inherited IRA dies before exhausting the inherited IRA or qualified retirement plan (QRP) through distributions, how are the ongoing distributions to be h...
By Dr. Jim Dahle, WCI Founder Inherited IRA rules changed a few years ago, but Congress and the IRS did a terrible job of really communicating all of the new rules that occurred as a result of the SEC...
More working Americans have a health savings account, but many are not using them to their fullest potential....
Custodial Roth IRAs have become popular for parents looking to help their children build their savings. These accounts offer a ... Read more...
By Dr. Rikki Racela, WCI Columnist The founder of this website is often baffled by the amount of questions/grievances/headaches that WCI followers face when attempting the Backdoor Roth IRA. It seems ...
Thebrief’skey findings are: The 2022Survey of Consumer Financesshows how 401(k)/IRA saving fared from 2019-2022. The answer is not obvious given all that went on: COVID, economic disruption, see...
If you have a big wad in a pretax IRA, sit down with your accountant now....
"When you pay someone for retirement advice, they must give you advice that’s in your best interest, not whether it gets them the best payday," Biden said....
Read Money's review of Red Rock Secured Gold IRA....
According to Becker’s Hospital Review, 74 percent of doctors are either corporate or hospital employees. As of a 2021 study, ... Read more...
Had recently transferred my Roth IRA to a new brokerage firm. The original Roth was opened 10 years ago with yearly contributions. Does the 5 year clock for withdrawals restart in the new Roth IRA acc...
I’m 65 and plan on retiring from full time employment in 26 months. I have a military pension, 900k in retirement savings (mostly in non-Roth, unfortunately), planning on drawing SS when I retir...
When it comes to the question of rolling over a 401K or 403B to an IRA, many people fear making mistakes. It’s true, that retirement account mistakes can be costly. On this episode, we’ll ...
A new law increases tax-free ways to give from IRAs....
By Dr. Jim Dahle, WCI Founder If you work as an independent contractor, meaning you get a Form 1099 each pay period instead of a W-2, you're responsible for your own benefits, including a retirement p...
Start these actions in motion before it's too late....
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. In addition, the limit on annual con...
I’m retiring in 2 years, and I’m a little upset with myself right now. I had a free consultation with Personal Capital about 5 years ago, which was great. They urged me to increase my stoc...
Have you ever been swept up in the wave of unanimous praise for something, only to later discover that nearly ... Read more...
Steve & Sharon in Minnesota are high earners - can they get more money into their Roth IRA without paying more tax? Should Fred in western New York do Roth conversions before required minimum dist...
As of areport in 2021, nearly 6 in 10 U.S. hospitals are nonprofit. If you’re one of the many workers ... Read more...
The service issued its annual adjustments for retirement plans, with some reflecting changes in the SECURE 2.0 Act....
Take these 5 simple steps to become a Roth IRA millionaire. Given enough time anyone can become a ROTH IRA Millionaire....
IRA limit also gets $500 boost while catch-up contribution limit remains the same...
I have a non-Roth Fidelity IRA which I started in 2005 that is comprised of 6 mutual funds. One of those, a now-closed fund managed by Baron Partners, has had tremendous growth over the years - as of ...
SEP IRA and SIMPLE IRA are two popular employer-sponsored retirement plans for small business owners and self-employed individuals. Both of ... Read more...
Today, we talk about if it is reasonable to use 457(b) money to help fund your child's college education, how to do a 401(k) rollover and then how to rebalance it, if it makes sense to do Roth contrib...
Physicians often have high incomes, which can make them ineligible to contribute to Roth IRAs directly. Luckily, there is another ... Read more...
I have a decent 401K from a job I left 6 years ago. I left the money there because it was doing really well. Well, now it's not. It lost money as market took a nose-dive last year. It still isn't doin...
Forum, I am a US citizen, preparing to retire full-time to Europe. One of my concerns is exposure to currency exchange (US to Euro). Does anyone know if it possible to hold Euro denominated investment...
Hello-I’m over 50 so I am allowed to add an additional $7500 a year to the $22500 a year maximum 401k contribution. I am deducting the max 30k a year from my paycheck. Can I also open a Roth IRA...