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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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6 Tax Advantages of Roth IRAs

Any type of retirement investment plan will come with tax stipulations, and many people deal with withdrawal penalties and taxable income from their investments after they retire. Roth IRAs include many tax benefits that can help prevent some of the unfortunate stipulations that many other plans have in place. Tax-Free Income Roth IRAs do not tax income in retirement, for either contributions or earnings. You do, however, have to pay income tax on contributions upfront. Roth IRA users can also add after-tax money at any time and withdraw principal and earnings without taxes on retirement. Flexibility Unlike the traditional IRA, a Roth IRA can...

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10 Ways That Taxes Are Changing in 2018

The new administration is bringing many changes to the country. President Trump recently signed a tax reform bill that will make the most significant changes to taxes that the United States has seen in 30 years. Here are 10 ways taxes are changing in 2018: The Marriage Penalty is Almost Gone In the previous tax legislation, whether two people were married would affect their tax bracket. President Trump’s tax reform bill prevents two people’s tax brackets from changing if they get married. The only people who have to pay the marriage penalty are couples who earn more than $400,000. Higher Standard Deduction and Eliminated...

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Why Millennials Need to Invest in Roth IRAs

The statistics show that Millennials are not investing nearly enough to be ready for retirement when the time comes. Roth IRAs offer millennial investors tax-free investment growth for years, and the requirements for tax-free and penalty-free withdrawals are relatively easy to meet. Millennial investors will benefit from investing in Roth IRAs now, as the rewards of these investments are almost always superior to traditional IRAs. Tax on the Front End One benefit of Roth IRAs is that it is taxed on the front end of the investment, rather than when you withdraw it. Millennials closer to the start of their career than...

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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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Why You Need Short and Long-Term Tax Planning

When it comes to tax planning, retirees can’t only think about the short term or the long term. They must consider both for a financially secure future. To stay in sharp financial shape during the Golden Years, retirees need to understand the difference between annual and long-term tax planning, as well as the benefits of each in regards to retirement. Annual Tax Planning for Retirees Yearly tax planning, or coming up with your strategy during autumn of each year for the following tax season, is important for uncovering attractive tax opportunities. For example, you can realize capital losses, or an investment that...

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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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