Roth IRA

If you’ve got more bills than money, the usual advice is to trim expenses and find additional income. But some ways of raising cash can be a lot more expensive than others. Here are four that should be avoided, if possible, and what to consider instead. If you’ve got more bills than money, the usual advice is to trim expenses and … [Read more...] about Liz Weston: 4 cash-raising pitfalls (and better options)

As TSP participants, we are allowed to roll money over into the TSP from qualified plans and qualifying IRAs both while employed and after separation. We are also allowed to roll money out of the TSP to a qualified plan or a qualifying IRA. This article will be about the ins and outs of rolling money into the Thrift Savings Plan, while a subsequent article will be about rolling … [Read more...] about Rollover Into the TSP from an IRA

Law360 (August 2, 2021, 5:03 PM EDT) -- In Mazzei v. Commissioner of Internal Revenue, the U.S. Court of Appeals for the Ninth Circuit joined the U.S. Court of Appeals for the First Circuit, U.S. Court of Appeals for the Second Circuit and U.S. Court of Appeals for the Sixth Circuit in rejecting the substance-over-form doctrine for transactions involving a Roth IRA and a … [Read more...] about 9th Circ. Adds Pressure To Reject Substance Over Form

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.Managing your finances as a college student is often easier said than done. You may find yourself trying to balance the various expenses of attending school … [Read more...] about Money Apps For College Students

self-employed-401k-iraGetty Images If you're self-employed and looking to turbocharge your retirement savings, you may have more options than you realize.While employer-based retirement accounts have maximum annual contribution limits of $19,500 this year, several types of self-employed retirement plans allow investors to save more than $50,000 a year—enough to make your … [Read more...] about What Self-Employed People Need to Know About SEP IRAs and Solo 401ks

Adjusting your plan Once you have a better estimate of your remaining years, you can tweak your money plan for a longer life. 1. Start saving to go the distance. Use one or more retirement-income calculators to estimate if you're on track, based on factors such as your new longevity expectations, how much you've saved so far, your expected Social Security benefit and other … [Read more...] about 5 Tips to Make Your Money Last a Lifetime

Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.What do you do when your friend owes you money but isn’t paying you back? How do you approach the convo? Have you ever just forgiven your friend’s debt? What happened … [Read more...] about A Week In Pittsburgh, PA, On A $201,000 Joint Income

If you’ve got more bills than money, the usual advice is to trim expenses and find additional income. But some ways of raising cash can be a lot more expensive than others. Here are four that should be avoided, if possible, and what to consider instead.BEWARE RAIDING A RETIREMENT PLAN A big chunk of the money contributed to retirement plans leaks out as hardship withdrawals, … [Read more...] about 4 cash-raising pitfalls (and better options)

Dear Liz: I have a Roth 401(k). Are withdrawals from it the same as from a Roth IRA? And how do I move it to a Roth IRA?Answer: Roth 401(k)s are a type of workplace retirement plan that, like Roth IRAs, allow tax-free withdrawals. But the rules for Roth 401(k)s are somewhat different from those governing Roth IRAs.For example, a Roth IRA allows you to withdraw an amount equal … [Read more...] about Liz Weston: Some rules governing Roth 401(k)s are different from those of Roth IRAs

In 2019, the National Endowment for the Arts reported that artists were almost four times more likely to be self-employed as others in the labor force. Many of those 2.5 million artists also work a second job, or consider their artist work secondary to another job. In 2020, the North Adams Artist Impact Coalition conducted its first artist census, collecting data from 213 … [Read more...] about BUSINESS MONDAY: How do artists make a living?