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How can you retire with $1 million in assets? It's easy… if you start with $3 million! All kidding aside, the best answer is to make a plan that achieves the savings necessary to get to $1 million. We can help you formulate that plan using the following seven tips.

1. Make Saving and Budgeting a Priority – Saving is a mindset, and a budget is the way to turn that mindset into tangible results. Start by laying out a reasonable budget, looking for ways to cut expenses. Your budget is the building block to get a monthly surplus – and you can't even begin to save $1 million if you can't save anything on a monthly basis.

2. Start Early – Whatever you choose to do, do it right away. Start saving well before retirement and you can take full advantage of compounding interest. By adding regular deposits to your accounts and reinvesting your retirement plan ear...

How To Motivate Millennials To Save For Retirement

5 Common Mistakes in Retirement Investments

Don't Borrow Against Your Retirement Plan!

MoneyTips

How can you retire with $1 million in assets? It's easy… if you start with $3 million! All kidding aside, the best answer is to make a plan that achieves the savings necessary to get to $1 million. We can help you formulate that plan using the following seven tips.

1. Make Saving and Budgeting a Priority – Saving is a mindset, and a budget is the way to turn that mindset into tangible results. Start by laying out a reasonable budget, looking for ways to cut expenses. Your budget is the building block to get a monthly surplus – and you can't even begin to save $1 million if you can't save anything on a monthly basis.

2. Start Early – Whatever you choose to do, do it right away. Start saving well before retirement and you can take full advantage of compounding interest. By adding regular deposits to your accounts and reinvesting your retirement plan ear...

How To Motivate Millennials To Save For Retirement

5 Common Mistakes in Retirement Investments

Don't Borrow Against Your Retirement Plan!

MoneyTips

Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the credit for qualified retirement savings contributions, also known as the Saver's Credit. Note that this program is a tax credit and not a deduction, meaning that the amount you qualify for is subtracted directly from the taxes that you owe.

The credit applies to most retirement plans – 401(k)s, IRAs (both Roth and traditional), 403(b)s, 457(b)s, SIMPLE IRAs, SARSEPs, and other plans. It does not apply to rollover contributions, and any recent distributions that you received from these plans can reduce the amount of your credit. As of 2018, you may also take the credit for contributions to an Achi...

Only 25% Of Americans Know This Simple Tax-Savings Trick

It's STILL Not Too Late To Lower Your Tax Bill

Traditional vs. Roth IRAs and 401(k)s

MoneyTips

Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the credit for qualified retirement savings contributions, also known as the Saver's Credit. Note that this program is a tax credit and not a deduction, meaning that the amount you qualify for is subtracted directly from the taxes that you owe.

The credit applies to most retirement plans – 401(k)s, IRAs (both Roth and traditional), 403(b)s, 457(b)s, SIMPLE IRAs, SARSEPs, and other plans. It does not apply to rollover contributions, and any recent distributions that you received from these plans can reduce the amount of your credit. As of 2018, you may also take the credit for contributions to an Achi...

Only 25% Of Americans Know This Simple Tax-Savings Trick

It's STILL Not Too Late To Lower Your Tax Bill

Traditional vs. Roth IRAs and 401(k)s

MoneyTips

As much fun as it is to hold your tax refund check in your hands as you rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the mail, you will also be less tempted to spend it.

However, there is an even better way to avoid spending your refund. You can have it directly deposited into an individual retirement account (IRA) or purchase U.S. savings bonds with it. Some institutions may allow you to directly deposit your refund into other types of accounts such as 529 College Savings Plans or mutual funds.

IRS Form 8888, "Allocation of Refund," allows you to split your refund into a...

Your Roth IRA 60 Day Withdrawal Window

Don't Get A Surprise Tax Bill From Your IRA

5 Top Myths And 5 Top Facts About Tax Refunds

MoneyTips

As much fun as it is to hold your tax refund check in your hands as you rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the mail, you will also be less tempted to spend it.

However, there is an even better way to avoid spending your refund. You can have it directly deposited into an individual retirement account (IRA) or purchase U.S. savings bonds with it. Some institutions may allow you to directly deposit your refund into other types of accounts such as 529 College Savings Plans or mutual funds.

IRS Form 8888, "Allocation of Refund," allows you to split your refund into a...

Your Roth IRA 60 Day Withdrawal Window

Don't Get A Surprise Tax Bill From Your IRA

5 Top Myths And 5 Top Facts About Tax Refunds

MoneyTips

You probably know about potential IRA tax traps related to withdrawals, rollovers, and estate planning that can saddle you with penalties and surprise tax bills. Did you know that the type of investments you hold could also hand you a surprise tax bill and potentially ruin your IRA status?

The most common of the traps results in tax bills through Unrelated Business Taxable Income (UBTI). The sources of business income from stocks, bonds, and funds such as interest income, capital gains and dividends are exempt from UBTI and the corresponding tax (unsurprisingly called the Unrelated Business Income Tax or UBIT). IRAs that operate a business, have certain types of rental income, or receive income through certain partnerships, are subject to taxation once the total UBTI exceeds $1,000. The purpose is to prevent tax-exempt entities from gaining an unfair advantage on regularly taxed bu...

9 Ways To Reduce Investment Taxes

Tax Refund Direct Deposit

Tax-loss Selling

  • Updated

MoneyTips

You probably know about potential IRA tax traps related to withdrawals, rollovers, and estate planning that can saddle you with penalties and surprise tax bills. Did you know that the type of investments you hold could also hand you a surprise tax bill and potentially ruin your IRA status?

The most common of the traps results in tax bills through Unrelated Business Taxable Income (UBTI). The sources of business income from stocks, bonds, and funds such as interest income, capital gains and dividends are exempt from UBTI and the corresponding tax (unsurprisingly called the Unrelated Business Income Tax or UBIT). IRAs that operate a business, have certain types of rental income, or receive income through certain partnerships, are subject to taxation once the total UBTI exceeds $1,000. The purpose is to prevent tax-exempt entities from gaining an unfair advantage on regularly taxed bu...

9 Ways To Reduce Investment Taxes

Tax Refund Direct Deposit

Tax-loss Selling

  • Updated

The third time’s the charm, as the saying goes. President Joe Biden made good on his campaign promises and signed the third stimulus bill, styled the American Rescue Plan, into law today. The new stimulus package comes with a few caveats. While it features the same income eligibility cutoffs for full stimulus checks as the […]

  • Updated

If you’re new to saving for retirement, all the unfamiliar jargon can be off putting. Here’s a primer on 20 of the most common retirement terms, outlining what they mean and why they’re important. Start here to build your retirement planning confidence. 1. 401(k) A 401(k) is the most popular employer-sponsored retirement savings plan. With […]

For some investors, IRAs may be long-term, hands-off investment vehicles. That doesn’t mean you should ignore them completely. This year, give a little love to your IRA and make sure…

What do your fellow citizens fear most? Almost half of them – 49% – are most afraid of running out of money during retirement, a higher percen…

As an investor, you will have access to accounts that are taxed differently from one another. And it’s possible you could benefit from tax div…

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