Roth IRA

Phil Blancato on how to financially prepare for the future. Retirement is an exciting milestone to reach, but if you don't plan for it properly, you could wind up cash-strapped and stressed. A big part of planning wisely, however, is avoiding dangerous myths that could lead you astray. Here three common ones -- and how to avoid falling victim to them. 1. You can live on Social … [Read more...] about These myths could wreck your retirement — but they don’t have to

PEORIA, AZ, UNITED STATES, April 21, 2021 /EINPresswire.com/ -- Having an IRA is a great way to create wealth over a long period of time. However, many Americans do not know how to manage their returns on an IRA. Fortunately, Darcy Bergen is here to explain some information about managing your Roth IRA that looks to maximize your income in the long term. The first thing that … [Read more...] about Darcy Bergen Explains How to Manage Your IRA

Your Social Security benefits will probably serve as an important source of income once you retire. And one way to stretch those benefits is to limit the amount of taxes you pay on them. Depending on your income, you may be subject to federal taxes on your benefits. But the state you retire in will dictate whether you're taxed on your benefits at the state level. Image source: … [Read more...] about 37 States That Don’t Tax Social Security Benefits

This story is part of CNBC Make It's Millennial Money series, which profiles people around the world and details how they earn, spend and save their money.When the Covid-19 pandemic hit New York City in early 2020, Emma Sadler didn't need to wait long to find out whether or not she was keeping her job. The 29-year-old was told that her role as a restaurant manager for Union … [Read more...] about How a 29-year-old single mom earning $75,000 in NYC spends her money

The signing of the American Rescue Plan Act of 2021 promises to extend our nation’s 20-year trend of deficit spending and possibly set a new annual deficit record.Bill Clinton’s four years of balanced budgets were helped by two seldom discussed factors that no longer exist. The Republican-controlled Congress cooperated in increasing taxes and reducing the military budget. He … [Read more...] about Do preemptive tax planning ahead of Biden changes

By Matt StratmanRoth conversions have been growing in popularity over the past few years. The recent tax cuts have allowed many to pay the taxes today at a lower rate and convert into a Roth where their money will grow tax-free. A Roth conversion can be an excellent strategy for many people who want to reduce their future tax bill, avoid required minimum distributions, or use … [Read more...] about 3 Things to Consider Before You Do a Roth Conversion

When it comes to retirement planning, a common question these days is “in light of all that’s going on, how should I take my retirement drawdowns?” By “going on,” consumers are mainly referencing the potential increase in income taxes and concerns with the future of Social Security. Add the recent spate of early retirements due to the pandemic, and there’s a heightened interest … [Read more...] about 2021 Retirement Drawdown Strategies For Low-Income Retirees

Christy Bieber  |  The Motley FoolMaximizing your Social Security benefits can go a long way toward making your retirement years more secure. After all, these benefits will last for the whole of your life, so you won't have to worry about them running dry as you reach your later years.But how can you get the largest Social Security checks possible? Just follow these four tips – … [Read more...] about How to get a larger Social Security check

This diary is part of our hour on solutions for the retirement savings gap. Listen here. Tens of millions of Americans struggle to save for retirement, for all sorts of reasons.MEGHNA: And in order to save for a comfortable retirement, ideally beyond Social Security, the system as we have it now works best when you start saving early, so that you can take advantage of the magic … [Read more...] about ‘I’m Just Going To Keep Working’: One American’s Story Navigating A Broken Retirement System

AB Digital Planning for taxes in retirement is a lot like asking a child to eat their vegetables. While both parties don't appreciate the task they've been presented with, not doing so could lead to some bad consequences. Especially not paying taxes. For those who are retired or approaching retirement, it's important to understand that there are many ways to minimize taxes … [Read more...] about 3 Tips For Minimizing Taxes And Maximizing Retirement