If you contribute to your 401K account, you may still contribute to a Roth IRA and/or a traditional IRA, as long as you meet the IRA’s eligibility requirements. However, if you wish to contribute to a traditional IRA and take a tax deduction for that contribution, depending on your income, your contribution to your employer’s […]
Tag: self directed ira
Using a Self-Directed IRA to Invest in a Private Company
The Internal Revenue Service puts few restrictions on what assets you can own in an individual retirement arrangement. You can’t use your self-directed IRA to buy life insurance, collectibles, jewelry, alcoholic beverages or some forms of precious metals. But there’s nothing in the law that says you can’t buy an interest in a closely held […]
How a RMD Can Negatively Impact Your Retirement Accounts
If you saved well for your senior years by consistently funding an IRA or 401K, you’re probably quite appreciative of that money now that you’re actually retired and using it. But the last thing you want to do is give up a huge chunk of your savings for no good reason. And if you neglect […]
Inflation Can and Will Deplete Your Self-Directed IRA Income – How to Fight it
Inflation is something most Americans don’t think about much, but it has a significant influence on all of our financial lives. Not only does inflation impact the prices of consumer goods; but the federal government also uses it as a benchmark in determining whether to increase contribution limits to qualified retirement plans or to raise […]
The IRS Has Released IRA Contributions Limits for 2020
Each year, the IRS announces IRA contributions and their limits, Traditional IRA deduction income limits, and Roth IRA contribution income limits. Not only is there a maximum amount that Americans can contribute to their IRAs each year, but not everyone is eligible for both types of IRAs. The 2020 IRA Contribution Limit While there are […]
What are Futures and How Can They be Utilized in Your IRA
Futures trading involves buying and selling contracts for agricultural commodities, foreign currency, metals and other items whose price fluctuates from day to day. Futures traders make money by betting that prices will go up or down and trading the right to buy or sell at a given price. While futures trading is not expressly […]
Financial Mistakes Retirees can Still Make in Their Golden Years
Unbeknownst to a lot of people, some, well into their golden years, still have some financial issues when it comes to their retirement. There are still mistakes to be made, there are still some downfalls and hard times, and there are ways to navigate around those issues unscathed. We’re here today to talk about some […]
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 […]
Rolling Over a 401K to a Self-Directed IRA
A rollover is a transfer of funds from one retirement savings account to another retirement savings account type. The reason that you may want to rollover an account can range from dissatisfaction of the performance of your current account, a change in employment, or maybe you’ve inherited an IRA. Regardless of your reason, there are […]
IRA Q&A: Your Job and your Retirement Savings
Here’s a question that popped into my head just the other day: Can you put money in an IRA or a Roth IRA if you don’t have wage income? And the answer I found is that Individual Retirement Accounts (IRAs) were introduced in the mid-70s to help employees save for retirement and reduce their taxable […]