It’s not uncommon that contributions that workers make to their IRA are prematurely withdrawn.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 […]
Tag: Traditional IRA
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 […]
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 […]
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 […]
Your Big Question About IRA Distributions and Social Security Benefits
Q: Is the income I receive from my IRA distribution included in the calculation that determines how much of my social security benefits will be taxed? A: Generally, yes. If the IRA distribution you receive is taxable, like with a traditional IRA, and not a return of your previous non-deductible contributions, it will be included […]
What is an IRA? Roth or Traditional: Which is Better
An Individual Retirement Account, or IRA, is an account that payments are made into bi-monthly or monthly, earnings such as interest, dividends or capital gains are accumulated, investments can be made with it through a self-directed IRA, and it is meant to supplement income after a person is retired. The account, depending on the type, […]