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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 The Real Difference Between Roth and Traditional IRAs

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

What Happens If You Contribute Too Much to Roth, IRA or 401k? 6

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

Spousal Benefits and Social Security Strategies for Married Couples

Spousal Benefits and Social Security Strategies for Married Couples 11

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 Spousal Benefits and Social Security Strategies for Married Couples

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

IRA Withdrawal Rules: Penalty-Free Withdrawal From Traditional and Roth IRAs 14

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

3 Benefits of Delaying Your Retirement

3 Benefits of Delaying Your Retirement 20

Recent economic mess and stock market decline left many people wondering if they’ll have enough money for their retirement. Many will just have to adopt a more frugal lifestyle, but some people are lucky enough to have the option to delay their retirement. If you are in this latter group of people, here are several … Read more 3 Benefits of Delaying Your Retirement

5 Things You Don’t Want to Hear From Your Financial Planner

Retirement is just around the corner.  You think you’ve saved enough; but with the recent market drop, you are just not sure. Your retirement accounts have taken drastic blows and now you’re in doubt if you will ever retire. You decide it’s time to sit down with a Certified Financial PlannerTM to see if you … Read more 5 Things You Don’t Want to Hear From Your Financial Planner

Should You Delay Your Social Security Benefits?

Should You Delay Your Social Security Benefits? 28

There was an interesting comment from a reader, ToughMoneyLove, regarding the benefit of delaying your retirement because the Social Security Administration gives you 8% bump in benefits each year. Here’s that part of the comment: For your Mom, she will get an 8% bump in benefits for each year she delays taking SS until age … Read more Should You Delay Your Social Security Benefits?