Is a Roth IRA right for you? Deciding between a traditional or Roth IRA? The traditional IRA provides short-term tax savings, but a Roth IRA might be better for the long-term. Tip Category: Retirement If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth …
Category: Retirement
The Tax-Free Retirement Savings Option
Is a Roth IRA right for you? Tip Category: Retirement If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth IRA. While Roth IRA contributions are not sheltered from current taxes like contributions to traditional IRAs, they offer other tax benefits during retirement. The …
Social Security Planning Starts Now
Even those in their 20s should review this tip! Too many think to pay attention to Social Security only when they near retirement. Do this at your own risk! Even those in their 20s should be taking action. Here are some tips. Tip Category: Retirement Although you won’t become eligible for Social Security until your …
Fund Your Retirement or Your Child’s College?
If you are facing the dilemma of saving for retirement or your child's college education, what should you do? Category: Retirement Towards the end of the year, many are undergoing an annual review of their retirement funds. It certainly was a tough year and one of the decisions many parents are grandparents are facing is …
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Plan Your 2023 Retirement Contributions
Now is the time to plan next year's retirement contributions. Here's what you need to know. Tip Category: Planning As part of your planning for next year, now is the time to review funding your retirement accounts in 2023. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher …
Inflation Spikes Social Security for 2023
How much you pay and checks received are all going up! Tip Category: Retirement The Social Security Administration announced a whopping 8.7% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2023. This is on the heels of a 5.9% increase last year. The increase is based on the rise in the …
Retirement Basics: Understanding Tax Efficient
In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates! One of the basics when considering how to fund your retirement is to be as tax efficient with your income …
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NON-Retiree Retirement Ideas
Want money when you retire? Here are some tips. Here are five common retirement planning ideas and what you can do to take advantage of them. The key is retirement planning starts now, not decades from now when you are reaching retirement age.1. Having a planSurprisingly, most do not know how much money is needed …
Make Your Child a Tax-Free Millionaire!
Give your child a jump-start on retirement. Open a Roth IRA as soon as they start earning money to take advantage of compound interest and favorable tax treatment. Want to jump start your child's retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn …
Roll it Before You Pull it
Tips to avoid IRS penalties on 401(k) retirement plan distributions While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior to reaching age 59 1/2. …
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