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Will You Have Enough for a Comfortable Retirement?

Will You Have Enough for a Comfortable Retirement? 3

Retirement is something that many of us worry about. Most of us want to be comfortable in retirement, commanding the resources to get what we need, as well as live a desired lifestyle. Do you think that you will have enough money for retirement? Do think that becoming a millionaire will provide you enough in … Read moreWill You Have Enough for a Comfortable Retirement?

How to Open a Roth IRA Account (or a Traditional IRA)

How to Open a Roth IRA Account (or a Traditional IRA) 5

You are probably aware of the importance of saving for retirement through some sort of tax-advantaged retirement account. One of the best ways to grow your wealth efficiently is to do so with some sort of investment account that allows you to earn money at a faster rate than a savings account (although there is … Read moreHow to Open a Roth IRA Account (or a Traditional IRA)

What is a SEP IRA, Advantages, and Contribution Limits

What is a SEP IRA, Advantages, and Contribution Limits 7

SEP IRA is one of the many retirement plans designed to help self-employed individuals and small-business owners save for their retirements. With a SEP IRA, you can contribute up to 25% of your income with a maximum contribution limit of $50,000 for the 2012 tax year, and $51,000 for 2013. Contributions are tax deductible and … Read moreWhat is a SEP IRA, Advantages, and Contribution Limits

Why You Need an IRA Even if You Have a 401(k)

Why You Need an IRA Even if You Have a 401(k) 9

Most of us like simplicity in life, and that even includes retirement planning. If you actively participate in the 401(k) plan with your employer, you may assume that you’ve got your retirement covered. But as the saying goes, never assume anything. Investing in an individual retirement account (IRA) is an opportunity to supplement your 401(k) … Read moreWhy You Need an IRA Even if You Have a 401(k)

Preparing for the Non-Financial Side of Retirement

Preparing for the Non-Financial Side of Retirement 11

When planning for retirement there’s an overwhelming tendency to focus on the financial side, and as well as should be. Without a solid tax-deferred retirement plan there would be no retirement for most people. But there’s also a non-financial side of retirement that we need to be concerned with too. If we concern ourselves strictly … Read morePreparing for the Non-Financial Side of Retirement

A Guide to Withdrawing Money from Your Retirement Accounts

A Guide to Withdrawing Money from Your Retirement Accounts 14

You’ve made it! All your diligent financial planning, spending less than you earn, and investing has finally paid off. You’ve reached retirement with a nest egg spread out across several retirement accounts. It is time to kick back and enjoy your decades of hard work. As nice as it is to kick back, you must … Read moreA Guide to Withdrawing Money from Your Retirement Accounts

Traditional and Roth IRA Contribution Limits for 2012-2013

Traditional and Roth IRA Contribution Limits for 2012-2013  17

The contribution limit for IRAs increased by $500 for 2013 to $5,500. The maximum you may contribute to your Traditional and Roth IRAs combined is the lesser of $5,500, or the amount of your taxable compensation for 2013 (and $5,000 for 2012). If you are 50 years of age or older before the end of … Read moreTraditional and Roth IRA Contribution Limits for 2012-2013

Maximum 401k Contribution & Catch-Up Limits for 2012-2013

Based on 401(k) Resource Guide at IRS.gov, the combined total contribution you can make to all of your 401(k) plans (including traditional 401(k), Roth 401(k), and individual 401(k) plans) in 2013 increased by $500 to $17,500. The catch-up contribution limit stays the same at $5,500. However, you may be limited by what your employer allows you to … Read moreMaximum 401k Contribution & Catch-Up Limits for 2012-2013

Stopping Retirement Contributions to Get Out Debt

Stopping Retirement Contributions to Get Out Debt 21

There is a general consensus that when it comes to retirement contributions you should start early and never stop. But there may also be times when contributing is either undesirable or even impossible, and you’ll need to take a retirement contributions “time out”. One of those situations is when you are in debt. It’s hard … Read moreStopping Retirement Contributions to Get Out Debt