IRAs

You must compute the RMD for each IRA separately each year if you have more than one. You can, however, combine your RMD amounts from all of your IRAs and withdraw the total from one IRA or a portion from each of them. You don’t have to take an RMD from each IRA separately. Do […]

Traditional IRAs compel you to take minimum withdrawals starting at age 70 1/2, whereas Roth IRAs have no such requirements. So, if you retire and have other assets to live off of, you can keep the money in your Roth and let it grow for as long as you like. Do you have to take

Some properties of Roth IRAs may make them an appealing method to save for college. However, putting money into a Roth IRA to save for college could backfire, reducing your eligibility for need-based financial aid. A Roth IRA is a type of retirement account created by the Taxpayer Relief Act of 1997, which went into

This is week four of You Ask, I Answer. If you listen to my podcast, you’ll notice that I frequently advocate a Roth IRA. It’s a fantastic method to save for retirement. This is a question I’ve been getting from several of my listeners: Suze, I understand you adore the Roth IRA, but my salary

While a 401(k) or other employer-sponsored retirement plan can serve as the foundation of your retirement savings, an IRA can also be beneficial. Is it smart to have both a 401k and Roth IRA? Both 401(k) and Roth IRA investment growth is tax-deferred until retirement. This is beneficial to most participants since, once they retire,

The good news is that choosing appropriate investments for your IRA doesn’t need you to be an expert investor. If you’re still concerned, you might open your IRA with a robo-advisor, who would choose your assets for you depending on your objectives and risk tolerance. Can a financial advisor manage my Roth IRA? Rather of

Only if a distribution (withdrawal) was made during the year will a Form 1099-R be sent. This includes Traditional, Roth, and SEP IRAs. In May, you will receive a Form 5498 documenting any contributions (deposits) you made to your IRA account during the tax year. You will not receive tax paperwork for your retirement account

However, as encouraging as all of this is, there is a compelling rationale for having an IRA in addition to your 401(k) (k). An IRA not only allows you to save more money, but it may also provide you with more investing options than your employer-sponsored plan. Additionally, if you have a Roth IRA, you

Contributions to a Roth IRA aren’t deductible, but gains grow tax-free, and eligible withdrawals are tax- and penalty-free. The requirements for withdrawing money from a Roth IRA and paying penalties vary based on your age, how long you’ve held the account, and other considerations. To avoid a 10% early withdrawal penalty, keep the following guidelines

While a 401(k) or other employer-sponsored retirement plan can serve as the foundation of your retirement savings, an IRA can also be beneficial. Is it better to have a 401K or IRA? The 401(k) simply outperforms the IRA in this category. Unlike an IRA, an employer-sponsored plan allows you to contribute significantly more to your