Roth IRA

Overview Research by The Pew Charitable Trusts on individual retirement accounts (IRAs) with automatic enrollment, known as auto-IRAs or Secure Choice accounts, illustrates how retirees could use their auto-IRA accounts to delay claiming Social Security benefits, thereby boosting their monthly and annual payment amounts for life. Pew found that workers who invested 6% of their … [Read more...] about How Auto-IRAs Help Retirees Delay Claiming Social Security

If you pay attention to financial news, you’ve probably noticed that Roth IRAs — and Roth conversions, in particular — are having a moment.OK, maybe it’s been more than a moment.Because of the tax-free growth that Roth accounts offer, they’ve always been an effective retirement planning tool. But two pieces of legislation have made this an especially advantageous time for many … [Read more...] about Is Now the Right Time for You to Make a Roth Conversion?

When it comes to saving for retirement, conventional wisdom calls for starting early and setting aside 10% to 15% of pay annually. But that formula is unrealistic for the millions of workers who take career breaks, including many who have lost jobs over the past year.While the prospect of skipping saving may provoke anxiety, the surprising news is that for many, the impact of … [Read more...] about Stopped Saving for Retirement During the Pandemic? Don’t Panic

Q. My understanding is that my heir to a traditional IRA can keep it for up to 10 years, and not be required to take annual Required Minimum Distributions (RMDs). Is the rule the same for an inherited Roth IRA?— PlanningA. We’re glad you’re asking.The rules are different for Roth IRAs.“A non-spousal beneficiary of an inherited Roth IRA must take RMDs,” said Michael Karu, a … [Read more...] about Do you have to take distributions from an inherited Roth IRA?

In this episode of Motley Fool Answers, host Alison Southwick and personal finance expert Robert Brokamp are joined by tax expert Ed Slott to talk about his latest book, The New Retirement Savings Time Bomb. Also, can using an app influence your financial behavior for the better? And we've got a look at Warren Buffett's latest letter to shareholders. To catch full episodes of … [Read more...] about Protect Your Retirement Accounts From the Tax Man

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

Traditional and Roth IRAs are both tax-advantaged retirement accounts. The main difference between a Roth IRA and a traditional IRA is when you claim the tax benefits the account provides. Traditional IRAs provide an up-front tax break when you contribute to the account, and Roth IRAs defer your tax savings until retirement.  There are also other important differences, … [Read more...] about Roth IRA vs. Traditional IRA: What Are the Differences?

In the spring of 2020, daily life for many changed drastically as the pandemic swirled through the country and world. Living and working conditions started looking different for a great number of folks, unemployment rates skyrocketed, and many were forced to rethink their finances and savings strategies. And, well, those changes can translate to plain old stress. In fact, a … [Read more...] about How To Deal With Financial Stress, Using a 6-Step Checklist

5 Ways a Roth IRA Could Be Your Lucky Charm  Dothan Eagle … [Read more...] about 5 Ways a Roth IRA Could Be Your Lucky Charm – Dothan Eagle

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