An IRA, or individual retirement account, is a way to build retirement savings if you don’t have a 401k plan offered through work, if you want to diversify your retirement savings with an additional account, or if you want an account that will remain constant even if you change jobs. TurboTax Premier searches for more than 400 tax deductions, to make sure you get every credit … [Read more...] about Can I Make Spousal IRA Contributions for Retirement?
Roth IRA
3 Lessons You Can Learn from Peter Thiel’s $5 Billion Roth IRA
Peter Thiel's $5 billion Roth IRA fortune is probably one of the hottest retirement topics of the summer. The Silicon Valley titan reportedly tucked money away in a Roth IRA to accumulate 1.7 million shares of PayPal Holdings (a company he co-founded) in 1999, according to data released by ProPublica. His $1,700 initial investment was worth $3.8 million a year later. Now, he's … [Read more...] about 3 Lessons You Can Learn from Peter Thiel’s $5 Billion Roth IRA
Rethink the Order of Your Retirement Account Drawdowns. It Can Save You on Taxes.
Conventional wisdom says retirement savings should be spent with a focus on drawing down taxable accounts early in retirement. Many seniors can slash their lifetime tax bills by ignoring this advice, however, and charting a more considered approach. The standard advice for retirees has long been to tap savings in taxable brokerage accounts and bank accounts first while not … [Read more...] about Rethink the Order of Your Retirement Account Drawdowns. It Can Save You on Taxes.
Why delaying Social Security is the smartest retirement play
Dear Liz: If someone delays applying for Social Security after their full retirement age, the common thought is that their benefit grows by 8% a year until the age of 70. It accrues by that much only if you continue to work, right? I was unceremoniously laid off during the pandemic and I am holding off as long as I can before applying. I will be 67 at the end of this month. But … [Read more...] about Why delaying Social Security is the smartest retirement play
Can You Have Too Much Money in Your Checking Account?
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.Opening a checking account is one of the very first steps you take when starting your personal financial journey.With a checking account, your paychecks can … [Read more...] about Can You Have Too Much Money in Your Checking Account?