You are probably aware of the importance of saving for retirement through a tax-advantaged retirement account. One of the best ways to grow your wealth efficiently is to do so with a Roth IRA which grows tax free — you put after-tax dollars into an investment account, and when it comes time to withdraw the … Read moreHow to Open a Roth IRA or a Traditional IRA
When you leave a job where you have contributed to a 401(k) plan, you have three options for the money: cash out your 401(k), keep it in your current plan, or move it to another qualified retirement account. A qualified retirement account can be your new employer’s 401(k) plan, a Traditional IRA, or a Roth … Read moreHow to Rollover 401(k) to IRA
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
Retirement planning isn’t a cut and dry affair. It is complicated with many accounts to consider. Your decisions can greatly impact the quality of retirement you get to enjoy. What’s even better is that once you decide on a retirement strategy, it is likely to change at some point during your life. Life isn’t static. Your … Read moreShould You Withdraw from Roth or Traditional IRA First?
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 moreThe Real Difference Between Roth and Traditional IRAs
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 moreIRA Withdrawal Rules: Penalty-Free Withdrawal From Traditional and Roth IRAs