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As a Small Business Owner, What Are Your Retirement Plan Options?

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. […]

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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 […]

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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 […]

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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It’s not uncommon that contributions that workers make to their IRA are prematurely withdrawn.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 […]

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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. […]

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