Roth IRA

Emergencies happen, and that’s why it’s a good thing that retirement accounts such as a 401(k) or an IRA allow you to take hardship or early withdrawals from your account. In tough financial straits it makes little sense to have an account with cash but be completely unable to tap into it.Here’s how hardship withdrawals work and some ways to avoid penalties for using them.What … [Read more...] about 401(k) And IRA Hardship Withdrawals – 5 Ways To Minimize Taxes And Penalties

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.At a time when millions of Americans await their third government stimulus check, some are finding creative methods to stretch their cash.Cash-back credit … [Read more...] about How to Invest Cash Back to Improve Retirement

The IRS has recently moved the federal tax filing deadline to May 17, and if that doesn't get you excited, here's something that will: The extension also allows you another month to make your 2020 Roth IRA contribution. The benefits of contributing to a Roth are quite valuable, as money invested in a Roth grows tax-free forever and stays tax-free when you withdraw it in … [Read more...] about Why Now Is the Best Time to Max Out Your Roth IRA

Booming SPAC market draws SEC scrutiny: The vehicles are touted for democratizing markets by allowing retail investors access to high-growth companies, according to InvestmentNews. But the SEC said they come with distinct risks.Two key tax things an adviser can do for clients this filing season: Roth conversions and backdoor Roths ease COVID financial pain for wealthy earners … [Read more...] about Roth IRA and Bitcoin News for Financial Advisers

This article is reprinted by permission from NerdWallet.  We all want our kids to live long, healthy lives, which is why child life insurance may not feel like a top priority. It’s worth considering, though, as it can lock in low rates and act as an investment vehicle for your children. Learn more about this type of life insurance, and find out if it’s the right choice for your … [Read more...] about Is life insurance for children a good investment for them?

Q. I have been making small conversions from my traditional and rollover IRAs to a Roth IRA for years. Is it allowable to pay the accompanying tax due from funds that come from elsewhere rather than using IRA funds?— InvestorA. Yours is a common question from people who do Roth IRA conversions.Many people don’t even consider using funds from outside the IRA.But it is allowable, … [Read more...] about Can I pay tax on Roth IRA conversions using other funds?

This article is reprinted by permission from NerdWallet.  We all want our kids to live long, healthy lives, which is why child life insurance may not feel like a top priority. It’s worth considering, though, as it can lock in low rates and act as an investment vehicle for your children. Learn more about this type of life insurance, and find out if it’s the right choice for your … [Read more...] about Is life insurance for children a good investment for them?

In mid-March, President Joe Biden signed the third stimulus bill into law, and for the first time, adult dependents — college students included — are eligible to receive a stimulus check.Adult dependents have slipped through the cracks when it comes to stimulus payments and haven’t been eligible to receive any aid up until now, even though many college students have suffered … [Read more...] about Can College Students Get The Third Stimulus Check?

THE WOODLANDS, TX - By 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. What can this money mean to … [Read more...] about Put Your Rescue Plan Payment to Work

It all started with Mr. V, my middle school teacher famous for the stock market game he ran each year for the eighth graders. As a seventh grader, I convinced Mr. V to let me play. I had no idea what I was doing or how to invest, but I became obsessed with the stock market.  As a high school freshman, my father let me help him invest his money. I didn’t have much of a plan and … [Read more...] about Op-ed | From spectator to space investor: How a teen from Maine became a Virgin Galactic shareholder