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.
Your individual retirement account can constitute one of the richest assets you can leave to heirs. In some circumstances, your heirs benefit if you convert your traditional IRA to a Roth before your death. Whether to convert depends on many of your needs and circumstances.
As you save for your retirement, it’s nice to have a Roth individual retirement account for tax-free income in the future. With the recent guidance from the Internal Revenue Service, there is a brand new method to fund your Roth IRA.
An individual retirement account is a powerful tool to save for retirement outside of an employer plan. If you have an IRA, read on for tips that help you make the most out of it.
You can contribute only so much to your retirement accounts each year. Knowing how much these amounts increase for the coming year makes good sense as you budget your saving and spending.
If you’re like most taxpayers, you have no clue about the most effective tax strategies for these financial vehicles – especially if you lack access to expensive accountants and attorneys. Here’s some guidance.