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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 […]

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It’s not uncommon that contributions that workers make to their IRA are prematurely withdrawn.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

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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, […]

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