Tag: #IRA
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What Counts as Compensation (Earnings) for IRA Contributions?
Retirement is an important phase of life, and regardless of your current net worth, financial planning for your retirement years is necessary. Planning for your golden years is just like planning for any other important long-term goal. It requires decades of hard work, strong resolution, and a mindset to build a sizeable corpus which would ... -
Three Estate Planning Mistakes Investors Make with IRAs and 401(k)s
People make savings and investments keeping in mind the needs of their families. Most of the time, one generation is diligent and resourceful to turn their savings into heritage for the upcoming generations. There are several instances where people are still enjoying the earnings from their forefathers’ investments. However, as someone looking to build a ... -
Importance of Focus for A Successful Financial Life
Focus is elementary in all aspects of life. Whether it is education, relationships, work, or finances, being focused is necessary and irreplaceable for achieving the desired results. It is no secret that motivated and purposeful investors are more likely to attain financial freedom in life. However, people tend to sometimes deviate from the right financial ... -
How Do You Plan to Save for Your Child’s College?
Savings are a great way to ensure that your future remains stable and secure. When we talk about future savings, we often neglect planning for a very important event, i.e. college. With the increasing debt of student loans, planning for education funds is an important part of today’s economy. But surprisingly, according to a survey, ... -
A New Look at Stretch IRAs
An IRA – or an Independent Retirement Account – is an assuring way to save money through tax-deferred earnings. Depending on the plan you chose, an IRA can help you get a step closer to your intended savings strategy for retirement. Out of the many ways in which IRAs help us save money, the most ... -
Common Myths About 529 Savings Plans
Did you know that better education planning can increase the contributions for retirement savings? Starting the process of education planning is fairly simple. But as we progress, we tend to face certain obstructions and constraints that delay our objective timelines. Very often, systematic planning and awareness of the right methods of saving can help overcome ... -
Deciding What to Do with Your 401(k) Plan When You Change Jobs
Changing jobs comes with a tinge of uncertainty and lots of hope. With every new job, you have a chance to excel and move a step forward in your career. What many people do miss out on is the fact that every new job is also a step towards retirement and therefore, can impact your ... -
How to Get Your Required Minimum Distribution Right
Most people spend their entire lives trying to find ways of saving and investing their money so that they can have a comfortable retired life. What they don’t realize is that the withdrawals from many of these schemes can ultimately trigger taxes. Retirement should be a time to relax and enjoy your life’s savings, but ... -
How to Pay for Education Expenses with an IRA?
Individual Retirement Accounts (IRA) and 529 plans or education savings account (ESA) are always kept on the far ends of the financial planning spectrum. While IRAs and 401 (k)s are a common investment tool for retirement planning, 529 plans and ESAs are considered the obvious choice for education funds. In this article, we are going ... -
Things You Need to Know About IRA Beneficiary Designation
An Individual Retirement Account or IRA is an integral part of any financial planning. Not only does it ensure time savings for a relaxed post-retirement life, but it also provides many tax benefits. Most people are wise enough to open an IRA early in their careers. However, they put off one crucial task – naming ...