Posts Tagged ‘IRA’
2020 IRA Contributions Extended To May 17
In Today’s Show:
1) Clarification: The deadline f…
Q & A: IRAs for your Children
Q & A: IRAs for your Children Establishing a retirement plan for a child might, initially, sound a bit strange—or at least premature. Truly, it is not. Establishing an IRA for your children or grandchildren can help them achieve financial independence in retirement and, possibly, for the rest of their lives. That claim may raise…
Read MoreWhen Not to Name Your Spouse the Beneficiary of Your IRA
When Not to Name Your Spouse the Beneficiary of Your IRA By Robert Cavanaugh In most cases, naming your spouse as the beneficiary of your IRA makes the most sense. However, depending on your wishes, other beneficiary arrangements may do a better job of accomplishing your goals. First, let’s take a quick look at the…
Read MoreThe Roth Way to Riches
The Roth Way to Riches By Roy Lewis With all the recent tax-code changes, it seems a number of taxpayers have forgotten the Roth IRA. That’s a shame, because it’s far more than an ordinary retirement savings account. Roth IRAs are tax-favored accounts to which qualified taxpayers can make non-deductible, after-tax contributions. Those contributions can…
Read MoreUnpleasant Tax Surprise for Thousands of IRA Holders
Unpleasant Tax Surprise for Thousands of IRA Holders Imagine getting a letter in the mail telling you that you owe more than $24,000 in taxes, with about a fourth of that total being because of late penalties. That’s the kind of surprise that nobody ever wants to get. However, that’s exactly what happened to one…
Read MoreThe Roth IRA Advantage: A Closer Look
The Roth IRA Advantage: A Closer Look Since its debut in 1997, the Roth IRA, naturally enough, has been sold mainly as a retirement account. To be sure, the prospect of a stream of tax-free income to support a comfortable retirement is a powerful stimulant. To earn that freedom from taxes, you do have to…
Read MoreSelf-Directed IRAs: Handle With Care
Self-Directed IRAs: Handle With Care IRAs – both traditional and Roth – are powerful tools for financial, retirement, and estate planning. But what if you’re not satisfied with your IRA’s performance? One way to “turbocharge” its benefits is to use a “self-directed” IRA, which is permitted to hold alternative investments that offer higher potential returns.…
Read MoreWhich Type of IRA Is Best: Pre-Tax or Roth?
Which Type of IRA Is Best: Pre-Tax or Roth? When it comes to retirement savings account it’s the age-old question: pretax or Roth? For starters, no two situations are exactly alike, so there is no one-size-fits-all answer to this question. It will all depend on your situation and your financial goals. However, there are some…
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