Roth IRA

How This Certified Financial Planner Used His Roth IRA to Turn $11,000 into $270,000 [100% Tax-Free]  mySanAntonio.com … [Read more...] about How This Certified Financial Planner Used His Roth IRA to Turn $11,000 into $270,000 [100% Tax-Free] – mySanAntonio.com

Retirement can easily cost over $1 million, and in some cases, $2 million or more. Saving that much on your own is a monumental task. Fortunately, most people don't have to go it alone, because they can count on Social Security to provide monthly benefit checks.  But if you want to get the most out of the program, you need a strategy. Here are three tips you can use to maximize … [Read more...] about 3 Social Security Strategies to Bankroll Your Retirement

HIGH POINT, N.C. (WGHP) — Having money is one of the things people need to prepare for now as they look ahead to retirement. A new study is out, and it found that the average age for people to hang up their hats in North Carolina is 63. Nationwide, it’s about 65. There’s a lot of financial planning services, and many of them are geared towards taxes. That has a lot of … [Read more...] about Do you want to convert to a Roth IRA? Successful Aging has some advice for you

Many Americans don’t save enough for retirement, but at least according to the IRS, it’s perfectly possible to save too much. Tax law limits the amount you are allowed to donate to your retirement account, and overdonations may be punished. Uncle Sam also doesn’t want you to leave money in your account for a long time. People who fail to withdraw enough from their retirement … [Read more...] about What to do if you save too much for retirement | Nation / World News

For higher-income investors, the "backdoor Roth IRA" maneuver has become an annual ritual--a way to get money into a Roth IRA account even if they earn too much to make a direct Roth IRA contribution. But high-income, heavy-saving investors should also take a look at aftertax 401(k) contributions, which, when rolled into an IRA, become what is sometimes called a "mega-backdoor … [Read more...] about The Time Is Right for Aftertax 401(k) Contributions

The 401(k) plan comes in two varieties - the Roth 401(k) and the traditional 401(k). Each offers a different type of tax advantage, and choosing the right plan is one of the biggest questions workers have about their 401(k). It can be a surprisingly complicated choice, but many experts prefer the Roth 401(k) because you'll never pay taxes again on withdrawals. © Luis … [Read more...] about Which one is better for you?

What you need to know before day trading Day trading spiked during the coronavirus pandemic, but it's risky business - especially if you don't know what you're doing. FOX 5's Dana Fowle explains some of the pitfalls of the practice. ATLANTA - A lot of new habits formed while we were hunkered down over the last year. Many good ones. But some folks used the time at home to … [Read more...] about Day trading rose during the pandemic; here’s what you need to know

Many Americans don’t save enough for retirement, but it’s entirely possible to save too much — at least according to the IRS.Tax laws limit how much you’re allowed to contribute to retirement accounts, and excess contributions can be penalized. Uncle Sam doesn’t want you to leave the money in the account too long, either. Those who fail to take enough out of their retirement … [Read more...] about What to do if you save too much for retirement

If you're a dad, you may be in line to get some nice gifts on Father's Day. But your greatest gift may be your ability to help your children. One way of doing that is to get them started in the world of investing – and making a few investments on their behalf.   Here are three possibilities:   529 plan – If you invest in a … [Read more...] about Father’s Day gifts / iBerkshires.com

Photo: eamesBot (Shutterstock)Roth IRAs and 529 savings plans are great for saving for college—both are taxed upfront, allowing you to withdraw the investment after it’s grown much larger due to compound interest, without getting hit with a huge IRS bill. But which one is better? Like most choices involving your portfolio, their are trade-offs to each, as Roth IRAs offer more … [Read more...] about What’s the Best Way to Save for College, a Roth IRA or a 529 Plan?