Roth IRA

Money Cents: Focusing on Roth IRA's  NBC Montana … [Read more...] about Money Cents: Focusing on Roth IRA's – NBC Montana

Minimize taxes on withdrawalsFinally, if you are retired, then it's important to minimize taxes on the income you're taking from investments. This helps you get the most out of your savings.You might have the option to choose from assets in brokerage accounts, a 401(k), or IRA. Withdrawals from all of these are taxed differently, so take that into consideration. If you are … [Read more...] about How to Boost Your Retirement Income When Social Security Only Covers 40% | Smart Change: Personal Finance

Higher taxes getty The Biden administration has proposed big hikes in federal outlays and also in taxes, at least for the upper end of the income spectrum. What would this mean for investors, we wondered? So the best folks to ask are Nicholas Atkeson and Andrew Houghton, principals at Delta Investment Management, in San Francisco. Larry Light: The common thread … [Read more...] about So What Will Biden Tax Hikes Mean For Investors, Anyway?

QuestionMy income for 2021 will be approximately $227,000 of which $161,030 is my RMD (required minimum distribution). This income puts me in the middle of the 24% married filing jointly Federal tax bracket.How much am I allowed to convert to a Roth IRA?Should I take out additional RMDs from my traditional IRA to get to the highest level in the 24% bracket ($329,850)? If yes, … [Read more...] about Ask Bob: How much of my RMD can I convert to a Roth IRA?

This story is part of CNBC Make It's Millennial Money series, which details how people around the world earn, spend and save their money.Steve Adcock wakes up at 6 a.m. every day. He starts his morning with a workout in his home gym before settling down at his desk to check emails and browse social media. By 10, when most of America's other 39-year-olds have logged on for work, … [Read more...] about This millennial couple retired in their 30s with $870k

Minimize taxes on withdrawalsFinally, if you are retired, then it's important to minimize taxes on the income you're taking from investments. This helps you get the most out of your savings.You might have the option to choose from assets in brokerage accounts, a 401(k), or IRA. Withdrawals from all of these are taxed differently, so take that into consideration. If you are … [Read more...] about How to Boost Your Retirement Income When Social Security Only Covers 40% | Personal Finance

There are many vehicles for saving money, but few are as flexible as a Roth IRA. One can have retirement savings, emergency money, and college savings in one convenient place. Let’s explore these options in more detail. Retirement Savings What is a Roth IRA? In its most basic form, it is a retirement savings account where contributions are made with after-tax money and all … [Read more...] about Roth IRAs – The Swiss Army Knife in Your Financial Belt

By Sarah BrennerThe real estate market is hot. It is a seller’s market in much of the country and buyers face challenges. They may need to move quickly or come up with cash fast to make a better offer. They may also need to show adequate resources to get financing. Realtors and mortgage brokers eager to close a deal may encourage buyers to tap any available resource to secure a … [Read more...] about Borrowing From an IRA to Buy Real Estate

With the May 17 filing deadline now in the past, you’ve probably filed your 2020 Form 1040. If so, mission accomplished. Good. But could you have done better? Probably. Let’s discuss.I’m still not on the Roth IRA bandwagon C’mon man! I’ve been telling you for years about the wonderfulness of Roth IRAs. But have you done anything about it? No? Then please get on the bandwagon … [Read more...] about Did you make these common tax blunders? Here’s how to do better next tax season

Question: Trevor in Deer Park: I have a side business but also work for an employer during the week. Can I save money I make with my side business in my work 401(k)?A: You should really keep those ‘buckets’ of savings separate. And there’s actually an easy way to do this, assuming your side business is comprised of just you: Use a ‘Solo 401(k).’A Solo 401(k) is basically just … [Read more...] about The basics of a Solo 401(k)