Westend61 | Westend61 | Getty ImagesIf you are not working and married, you may be leaving tax-deductible money on the table — money that could go towards your retirement savings.While you typically need to have income to open an individual retirement account, there is an exception for married spouses who file their taxes jointly. It's known as a spousal IRA, but it is simply a … [Read more...] about Even if you aren’t working, you may be able to open an IRA. Here’s how
How high-earning professionals from executives to lawyers can use their salaries to build a mega Roth IRA for retirement
Massive retirement savings aren’t just for venture capitalists who hit it big with Silicon Valley startups.Many high-earning professionals in corporate America, from doctors and lawyers to executives and airline pilots, can accumulate a seven-figure or more retirement cache of tax-free profits using a loophole known as a mega backdoor Roth conversion.Those high earners make up … [Read more...] about How high-earning professionals from executives to lawyers can use their salaries to build a mega Roth IRA for retirement
DOL is asking 401(k) plans about uncashed checks
The DOL recently began asking retirement plan sponsors to address the issue of uncashed distribution checks, according to one law firm. Multiple clients of the firm have received letters from the Department of Labor alerting them about uncashed checks issued to participants, often by a company that previously was the plan’s record keeper, said Matthew Hawes, partner at Morgan … [Read more...] about DOL is asking 401(k) plans about uncashed checks
Stock trading could mean a hefty tax bill. What you need to know
Investors may be cheering the stock market's performance over the last year and looking to take a profit from their growing portfolios.But, doing so could mean they owe Uncle Sam.The stock market has been on a tear — today's selloff notwithstanding — since slumping in March 2020 due to coronavirus concerns. On Monday, the S&P 500 doubled its level from the pandemic low, … [Read more...] about Stock trading could mean a hefty tax bill. What you need to know
You’ll soon get a better idea of guaranteed income from your 401k
Workers may soon get a better sense of how much income their retirement savings really will deliver later in life.As mandated in the 2019 Secure Act, 401(k) plan sponsors are preparing to provide illustrations on quarterly or annual statements showing an estimate of how much guaranteed lifetime income — via an annuity — a participant could potentially get out of their current … [Read more...] about You’ll soon get a better idea of guaranteed income from your 401k