Category: IRAs & Qualified Plans

IRAs & Qualified Plans

ROTH IRA vs. Traditional IRA: Which is Better?

Reminder: April 15th is the last day to make your IRA Contributions for the previous tax year. I must be living in a bubble. I thought everyone had a least one IRA, ROTH IRA or qualified retirement account. Most people I meet have more than one, yet it turns out that half of working age …View Article

New Retirement Plan Contribution Limits for 2020

The IRA contribution limits are remain at $6,000 for folks who are under age 50 and $7,000 for those 50 and above. Many other retirement plan contribution limits are being increased in 2020. Let’s have a quick review of the different retirement savings plans, and provide insights on some of the frequently asked questions about …View Article

ROTH Conversions: More attractive under new tax law

There is no investment account more loved than the ROTH IRA. The promise of tax-free growth followed by tax-free withdrawals is hard to beat. My other two favorite features of the ROTH IRA are: 1) You can withdraw your contributions, but not the growth, before age 59 ½ without penalty (unlike every other retirement account), …View Article

Which Investments Belong In an IRA?

People frequently want investment recommendations. Less often do they concern themselves with which investments belong in which types of accounts. This is known as “asset location,” for those of you who like financial jargon. Investments generally grow faster in IRAs because Uncle Sam is keeping his hands off your earnings each year. Eventually, you pay …View Article

401k Plan – The First Place to Save for Retirement

Saving money is hard enough. I would hate for anyone to neglect saving for retirement because he or she is unsure of the best way to do so. There are lots of savings options such as IRAs, ROTH IRAs, rental real estate, precious metals, or simply building up a big stash of safe liquid money …View Article

Required Minimum Distributions: FAQs

All our lives, we are taught to save for the future. Required Minimum Distributions (RMDs) are your signal that the future has arrived. Really, it is a signal that Uncle Sam would like to collect his taxes. Nevertheless, many retirees find it a bit strange that they must withdraw from their retirement accounts whether they …View Article

IRA Contributions- FAQs

NOTE: IRA Contribution limits listed in this article are for the 2019 tax year. Everyone wants to minimize his or her taxes, and one way to do this is to contribute as much as possible to tax-deferred retirement plans. The company-sponsored varieties (e.g., 401k, 403b, 457, SEP & Simple IRA) are all great because they …View Article

401k – The Accidental Savings Plan

Do you ever wonder what may be buried in the 40,000 new laws that were passed last year? Frequently, a few sentences that did not seem to be a big deal at the time turn out to have huge impacts on people’s lives. One example was a minor change to the IRS tax code in …View Article