Roth IRA

Submitted by Edward Jones Financial Advisor Kirk DoyleBy now, you know that President Biden has signed into law the American Rescue Plan Act of 2021, a $1.9 trillion package to provide additional relief from the economic and health effects of the COVID-19 pandemic. While several provisions of this legislation may affect you, the one that’s most imminent is the direct payment. … [Read more...] about Put your rescue plan payment to work – Daily Bulldog

What can a ROTH do for me? getty  A Roth IRA is a magnificent planning tool that offers some huge opportunities: ·       Growth and income can be tax-free ·       There are no Required Minimum Distributions for the owner, a spouse beneficiary and a ten- year distribution window for most non-spouse beneficiaries ·       Basis on assets from a Roth are automatically … [Read more...] about How To Build One And What To Do With It

I believe it’s important for people to think about how their retirement planning is affected by taxes — both now and by potential increases in the future. © Provided by Kiplinger The Tax Cuts and Jobs Act, signed into law in December 2017, made changes to income and estate taxes. The cuts are set to expire at the end of 2025. So now may be a prudent … [Read more...] about Good Planning Can Reduce the Chances of Taxes Hurting Your Retirement Funds

The tax filing deadline has been extended until May 17, so Carl Carlson, CEO and Founder of Carlson Financial, is providing tax planning insight.He said tax planning doesn’t just involve whether to put money into a traditional IRA or a Roth IRA or how much to put into your retirement plan at work; it also involves things like Social Security claiming strategies, Roth … [Read more...] about As the tax filing deadline approaches, here are some planning strategies

At some point in their adult lives, often when they're first starting out, many parents have had to learn the harsh consequences of poor money management. It could be the month you fell behind on rent payments or the time you got in over your head with credit card debt. If you want your kids to avoid those same pitfalls, you need to start teaching financial literacy sooner … [Read more...] about Everyday Activities That Can Teach Financial Literacy to Kids

Morsa Images | E+ | Getty ImagesA new set of $1,400 stimulus checks may tempt some recipients who don't really need the money to instead dabble in the stock market.Depending on your goals, a brokerage account may not be your best bet, some experts say.A third round of direct payments was authorized by Congress and President Joe Biden last month through the American Rescue Plan … [Read more...] about Investing your $1,400 stimulus check? Why a Roth IRA may make sense

Many people do not realize they should include the amount and timing of these distributions in their retirement planning or how the additional AGI from these withdrawals can cause their taxes, including those on their Social Security income, to increase.  Except for withdrawals that are received tax-free, such as from designated Roth accounts, the withdrawals will be included … [Read more...] about How to Minimize Taxes When Social Security, RMDs Kick In

Rick Bloom  |  Money MattersIt’s that time of year where many of you will receive your 2020 tax refund. Many look at tax refunds as a bonus or as found money and spend the newfound money frivolously. There is absolutely nothing wrong with rewarding ourselves, especially this year. However, I also encourage you to look at your tax refund as an opportunity to help you get … [Read more...] about These are the smart ways to spend your 2020 tax refund

Even though many people are hurting financially because of the coronavirus pandemic, banks and credit unions saw a big increase in savings. "When the pandemic hit consumers, our members began to save," said Todd Lane, CEO of California Coast Credit Union. "We have seen personal savings rates in 2020 that are double, almost double, from what we saw pre-pandemic." That saving … [Read more...] about Coronavirus Pandemic Spurs Record Amount of Savings in San Diego and Beyond – NBC 7 San Diego

Table bussers, fast food workers, home health aides and others earning low wages could end up retiring with as much as $100,000 apiece if the federal government rolled out “automated IRAs” for everyone, new data suggest. That idea, which sounds so astonishing as to be fanciful, emerges from an early study of the “OregonSaves” automatic-Ira program that has been running since … [Read more...] about Opinion: $100,000 in retirement savings for low-paid workers? It’s possible