Being self-employed gives you a certain measure of freedom, but it definitely doesn’t give you an out on skipping on something as important as saving for retirement. There’s an argument that it makes putting money away that much more critical, because unlike an employee who might have access to a 401K, you’re on your own. […]
Tag: Roth IRA
Contributing to a 401K and an IRA is Allowed, and Why You Should Do It
What we’re discussing in this article: Eligibility of who can contribute to a Roth IRA and a 401K – there are income limits for a Roth IRA, see if you qualify below Other combinations of IRA types like SEP IRAS or Traditional IRAs if it makes sense for you tax-wise An explanation of pretax and […]
How The SECURE Act May Impact Your Retirement Savings Account
If you have money in either a IRA or 401K, you probably already know that eventually you’ll have to take that money out and pay taxes on it, if those accounts are Traditional retirement savings account. But the rules for taking required minimum distributions (RMDs) have always been confusing, especially because they require you to […]
What are the IRA Account Types Available?
There are a handful of IRA account types to choose from. Do you feel confident that you’re familiar with the details of those accounts? For a quick overview of each account type, keep reading. SEP IRA A Simplified Employee Pension Plan, or a SEP IRA, is a retirement plan that’s specifically designed for people with […]
When Withdrawing Funds from your IRA are Penalty-Free
It’s not uncommon that contributions that workers make to their IRA are prematurely withdrawn. An IRA is intended to supplement income in retirement years, but as the future and some circumstances are often out of our control, an IRA is sometimes used in other ways than retirement. Should workers need to take funds from their […]
What are the IRA Types Someone can Hold?
An IRA is an account for individuals. Whether or not they have an employer 401K program that they’re contributing to already, or if they just want to save more money for retirement. There are a lot of reasons why people choose to open an IRA, but the main reason is independence. You’re given a choice […]
Why 2018 is Your Year to Open a Roth IRA
A Roth IRA is a retirement account that allows you to contribute after-tax dollars. The reason retirement savers choose a Roth IRA over a Traditional IRA is summed up pretty easily come retirement. No taxes. Since your funds are taxed before they’re contributed, they’re not taxed again come retirement, unlike a Traditional IRA. There is […]
Taxes, Contributions, and Your IRA: Your Questions Answered
Ultimately, what makes or breaks a decision on what type of an IRA is right for you is taxes. To get the most out of what you’re contributing to your IRA, it’s important to understand what these benefits mean, the limitations placed on them, and what that means to you. IRAs are a powerful tool […]
Don’t Let These IRA Myths Deter Your Savings
How do myths about Traditional or Roth IRAs get started? Typically, you’ve heard myths from an acquaintance who knows someone who knows someone. That person then tells you that they once had either a bad advisor, or had a bad experience, and there starts a rumor/myth. Let’s move past all of that, and get to the […]
It’s Tax Season: Avoiding Big Taxes on Your Investments
Since tax season is in full swing, now is the appropriate time to do a mini series of tax-related articles, right? That’s what we thought, so over the next few weeks, that’s what we’ll be doing. To kick things off, let’s go over taxes on your investments. Taxes can eat into your investment performance in […]