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The Real Difference Between Roth and Traditional IRAs

There is a limit which is set by the IRS every year for both Roth and Traditional IRA accounts. The current IRA contribution limits for those under 50 is $5,000 and for those over 50 it is $6,000. This allows for what is called a catch up. What is important in making the decision between … Read more

What Happens If You Contribute Too Much to Roth, IRA or 401k?

What Happens If You Contribute Too Much to Roth, IRA or 401k? 5

You can find countless approaches to save for retirement. For example, you can open a Roth IRA with a financial planner, contribute to a 401k through your company, contribute to a self-employed retirement plan, make investments through a discount brokerage firm, or a combination of the preceding. Having various retirement plans to pick from provides … Read more

Spousal Benefits and Social Security Strategies for Married Couples

Spousal Benefits and Social Security Strategies for Married Couples 9

While aspects of social security benefits can be complex for individuals, the matter often gets more complicated for married couples. To plan out the best strategies for dealing with social security when it comes to marriage, there are important things you need to know. First of all, there are terminologies used when discussing social security. … Read more

IRA Withdrawal Rules: Penalty-Free Withdrawal From Traditional and Roth IRAs

IRA Withdrawal Rules: Penalty-Free Withdrawal From Traditional and Roth IRAs 11

Traditional IRAs can give you a tax break and grow tax-deferred. Roth IRAs are funded by after-tax money and grow tax-free. Along with your 401(k), IRAs will likely constitute the bulk of your retirement savings. But IRAs can also be used for non-retirement purposes. If you’re buying your first home or paying for college, you … Read more