Roth IRA

Saving and investing for retirement is tough enough, but it’s only one part of the retirement game, according to Ed Slott, author of The New Retirement Savings Time Bomb.In fact, that part is just the “front nine” of the retirement game. The “back nine” is getting the money out of your retirement accounts in the most tax-efficient manner possible. And to do that, you need only … [Read more...] about 5 Easy Ways to Protect Your Retirement Savings from Taxes

If you buy through our links, we may earn money from affiliate partners. Learn more.In 1998, Jeremy Schneider got a job working at a summer camp where he earned over $1,300. His dad, Bob Schneider, decided to use the opportunity to teach his son about investing. Just one year earlier, in 1997, the Roth IRA retirement account was introduced as part of the Taxpayer Relief Act. … [Read more...] about 3 lessons a son learned from his father that helped him retire early

Taxes are a critical factor when saving — and spending — in retirement. Taking a little extra time to think about what your tax situation in retirement might look like can save thousands of dollars.  Retirement Tip of the Week: While saving for retirement, weigh the pros and cons of using different types of accounts for investing, and what the tax implications of those accounts … [Read more...] about Thinking about taxes and your retirement? Try a Roth

I invested a teensy bit extra after the March 2020 stock market crash, but I didn't do more because I was scared. Not by the stock market -- I knew it would bounce back. What terrified me was the unemployment numbers. Every week, millions more people were suddenly out of work.  I scrutinized my savings and spending. As it turned out, what I'd called my "six-month emergency … [Read more...] about My Roth IRA Investing Strategy for the Next Stock Market Crash

Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.Today: a scientist who makes $106,000 per year and spends some of her money on a cinnamon latte. Content warning: this diary discusses an eating disorder.Occupation: … [Read more...] about A Week In Pennsylvania On A $106,000 Salary

You Just Got an Extra Month to Fund Your 2020 Roth IRA  Kenosha NewsOften-Overlooked Way to Fund Your Roth IRA Has Many Advantages - MD Magazine  MD MagazineYour take-home salaries could shrink sharply from April with India’s new definition of wages — but companies a  Business Insider IndiaTrading versus Investing: What’s the … [Read more...] about You Just Got an Extra Month to Fund Your 2020 Roth IRA – Kenosha News

Q: I am 73 and single. Looking at my taxes for 2020, I think I can save a few bucks by putting money in an IRA. I don’t have a 401(k) or anything like that, and make some money working part time so if I understand it, I can make a deductible IRA contribution now. Is that true? Is that smart? — Gene in Mobile A.: Gene, Working seniors, regardless of their age, … [Read more...] about I’m 73, single and work part time, should I put money into an IRA?

A Roth IRA is a uniquely powerful retirement-savings tool because you won’t pay taxes on the money you withdraw during retirement.Different types of annuities accomplish different things and have distinct pros and cons—like the Swiss army knife of personal finance. Since they’re so varied, one type or another can work well for a Roth IRA.What kind of annuity works for a Roth? … [Read more...] about Often-Overlooked Way to Fund Your Roth IRA Has Many Advantages

Watching your retirement account grow can be exhilarating.However, if it's a 401(k) or individual retirement account holding pre-tax contributions, don't forget Uncle Sam owns a portion of the balance you see. "All too often, investors look at their traditional 401(k) statement forgetting that they have a partner invested there alongside them," said certified financial planner … [Read more...] about The government owns a piece of your traditional 401(k) or IRA

Dear Liz: I was a fortunate individual and able to save enough money to cover my expenses for at least six months in case I became unemployed. Now I am retired with a fair amount of guaranteed monthly income through my Social Security and pension benefits. Any suggestion on what to do with that savings account now that it has served its purpose?Answer: Emergency funds aren’t … [Read more...] about Here’s why emergency savings funds never go out of style