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Retirement

5 Ways to Plan for Early Retirement

After decades of hard work, many people are thrilled by the prospect of early retirement. It is possible for almost anyone, if you are willing to do some planning. However, because the planning often begins when you are still years away from retiring, it can be difficult. Follow these five rules to set yourself up for early retirement. Save Money Now Even though retirement may seem incredibly far off, it is important to start saving money now, especially if you want to retire early. Do not wait to start until you are only a handful of years away from retiring. Cut...

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Gain Flexibility in Your Investments with a 401(k) Rollover

When your company offers a 401(k), it’s a convenient way to invest and plan for retirement. However, there’s a limit to how you can invest in a 401(k), so it’s better to roll over your 401(k) into an IRA account, preferably a Roth IRA. Some reasons to do a 401(k) rollover include: Lower fees Less taxes More ways to invest Benefits of a 401(k) Rollover Lower Fees Some 401(k)s that come from employers charge hefty administrative fees. It’s not enough to turn people away from using it, but it can add up. Plus, there are better options out there, such as an IRA....

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Converting Your IRA to a Roth IRA

One of the most important things to do throughout your career is to plan for retirement. When you set up your retirement account, there are two Individual Retirement Account (IRA) options: a traditional IRA and a Roth IRA. Some people start with traditional IRAs and switch to a Roth account later. Both have advantages and disadvantages, but there are several benefits of a Roth account that may be worth the switch. Traditional vs. Roth IRAs A traditional IRA is better suited for people who want tax deductions on their contributions and then pay the tax when they take withdrawals. The Pros of a...

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How to Maximize Your Roth IRA Contributions

Many people are unaware of the importance of healthy spending and saving habits, as well as how to set up and contribute to an IRA account. When it comes to retirement planning, an IRA account is essential for saving money and building wealth. A Roth IRA account allows you to contribute $5,500 annually and up to $6,500 if you’re over 50. Although there are limitations on how much money you can put into your account, there are strategies you can utilize to make the most out of your Roth account. Convert Other Assets into Your Roth IRA There may be a limit on...

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Do Roth Conversions Satisfy Required Minimum Distributions?

As the likelihood of higher tax rates increases, many proactive investors are looking to the Roth Conversion as a way to protect their retirement assets and plan for retirement. As they do so, one question sometimes arises: Does the amount that you convert to a Roth IRA count towards the Required Minimum Distribution?  The short answer is no. Here is an example: Let’s say you want to shift $30,000 from your IRA to your Roth in a given year. Let’s also say that in that same year, you have a Required Minimum Distribution of $20,000. Before you can do any Roth...

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Tax Benefits of Rolling Your 401(k) Into an IRA

Your company’s 401(k) retirement plan is a great investment choice. However, there are many good reasons to consider rolling your 401(k)-retirement plan into an IRA. The process is simple, and you may find some tax benefits for making the switch. Understanding your options and the possible tax implications can help you make a well-informed decision. Less Confusing Rules One issue with a 401(k) plan is there is little to no standardization, meaning your 401(k) has the potential to work in a way completely different from the way your friend's, who is employed at another business, 401(k) works. Even if you have a...

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New Retirement Planning Rules You Need to Know

The rules have changed when it comes to retirement planning. Skyrocketing medical expenses, changes to social security, and a constantly rising cost of living make the retirement process much different than it was just 10 years ago. The best way to really understand the current situation lies in a thorough examination of the old rules and how retirement planning rules have changed. For example, traditional wisdom said save 10% of your income and work for around 40 years, then you can retire in comfort. Now, that often isn’t enough. The old rules involved investing mostly in bonds when approaching retirement....

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How to Make Sure Your Retirement Planning Covers Healthcare Costs

The combination of losing steady income, and incurring more healthcare costs as you age, is one that strikes fear into the hearts of many retirees. With a fixed income and the need for more frequent care, you may wonder how you’ll pay your medical bills. Even in great physical health, there may come an emergency that sets your budget back. Thankfully, you can enjoy your golden years without fearing healthcare costs. Here’s how… Accurately Calculate Healthcare Costs Many retirees find themselves in difficult positions because they fail to plan for just how much healthcare will cost. Most companies pay about 75 percent of...

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How to Know When You Can Afford to Retire

It’s a long journey across your professional career to the promised land of retirement. One of the big questions you face is whether you’re finally ready to make the transition. Individuals have to decide when they’ve achieved their professional goals but also when their retirement income, pensions, and social security will be enough to live on for the rest of their lives. Knowing where you stand can help you make smart, informed decisions. Ready? Let’s dive in… Know Your Destination What are you looking for in retirement? Are you planning to load up the RV and drive cross country? Are you looking forward to getting away...

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10 Surprising Retirement Stats

Americans haven’t done a good job planning and saving for retirement. A surprising fact is that many older Americans, particularly the hard-working Baby Boomer generation, have done worse than the subsequent generations they so often criticize. Still, the overall picture remains bleak. Here are 10 surprising retirement stats to consider: One in three Americans are unprepared for retirement[1] Thirty-three percent of the United States population is not ready for retirement, having saved nothing at all for their post-work years. Beyond that, 56% of Americans have less than $10,000 saved, and fewer than 20% have saved more than $200,000. The average amount saved by...

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