Great financial planning requires you to employ two contrasting skills: Focus intently on your end objective, whether a comfortable retirement or a certain net worth; yet remain flexible for the inevitable bumps in the road. How can you balance the two? What financial tools can help you most?
Consolidating multiple retirement accounts into one makes it easier to manage. But do you know what money you can roll over to where? Here’s a breakdown of your options.
So you make too much money to qualify for a Roth individual retirement account. What if you still want to have sources of tax-free income in retirement, which is what a Roth gives you? I present the backdoor IRA, a way to establish a Roth despite the income limits.
We pass many lessons on to our kids, from teaching them how to ride a bike to helping them deal with pressures at school. Yet we rarely discuss one of the best bits of lifelong wisdom: the importance of investing early and often.
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.
You want to leave money to your heirs. When you do so, you don’t want to pay any more to Uncle Sam than necessary. Here’s what to know.
If you have more than one type of retirement savings plan available to you, where and in what order should you contribute to the accounts?
Depending on your income, you can’t just sock away whatever you want wherever you want for retirement. Our first article looked at how much you can save annually in your individual retirement account, hinging on how much you make and what status you use to file your taxes.
Your pay not only determines the size of your nest egg when you retire but also restricts how much you save annually without penalty. Here are your limits for 2015, based on how you file your tax return.
Most of you hold at least one retirement plan. Each type of plan differs subtly from others, but most offer deductibility from current income and deferred taxation on growth. Beyond that, other facts remain true across many of these accounts.