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IRA Withdrawal How-To

Submitted by Rick Kahler on Thursday, March 12, 2015 - 3:00pm

Last year I reached a milestone age: 59½, old enough to withdraw money from my individual retirement accounts with no penalty. While this felt bittersweet, it did remind me of the importance of timing when it comes to taking money out of retirement accounts. Withdrawing at the wrong time can create serious tax consequences.

Young Pros: Plan for Future

Submitted by Taylor Schulte on Friday, March 6, 2015 - 3:00pm

Even as steady paychecks begin to roll in, young adults face a tough road: a volatile and inherently chancy savings vehicle in investments and a retirement that, although far off, will likely cost an unprecedented fortune. What can you do if you’re just starting out?

401(k) Vs. Roth IRA

Submitted by Mary Beth Storjohann on Tuesday, March 3, 2015 - 12:00pm

Most Gen-Yers don’t know what types of retirement accounts to start with. I break down the pros and cons of two most popular ones - 401(k) and the Roth individual retirement account - to help you decide which is right for you.

The Tax Deferral Dilemma

Submitted by Joseph A. Clark on Wednesday, February 11, 2015 - 3:00pm

Your decision to defer taxes via a 401(k) or traditional individual retirement account seems to make sense today for your future. Deferring taxes in an IRA can certainly reduce the taxes you owe in the current year. But predicting the impact of tax deferral in the future becomes more complex, and may cost you more in the long run.

Why to Avoid 401(k) Loans

Submitted by Roger Wohlner on Monday, February 9, 2015 - 12:00pm

Many 401(k) plans allow you to take a loan against what you saved. Such money, though, comes with catches. Overall, tapping your tax-advantaged retirement savings is a bad idea because it saps your retirement kitty.

New Year, New Tax Rules

Submitted by Lewis J. Walker on Tuesday, February 3, 2015 - 12:00pm

It’s a new tax year, and many deductions, exemptions and other Internal Revenue Service provisions have changed. Be aware of them. Some will cost you more, some will help you.

Entering 2015, we begin the paper chase leading up to filing tax forms for 2014. As we account for last year, start planning now for 2015. Time flies. This century already is 14% gone.