What is a Roth IRA? A Roth IRA is an individual retirement account in which money grows tax-free; Roth IRA withdrawals in retirement are also tax-free. Savers at least 59½ years old and who hold their…
Posts Published by MoneyAngle
What is a Backdoor Roth IRA?
If you are above the income limits for a Roth IRA don’t assume that you are restricted from opening one. The Backdoor Roth IRA is a tax loophole that allows anyone to open a Roth…
The SECURE Act – What it Means for You
The “Setting Every Community Up for Retirement Enhancement Act of 2019”, better known as the SECURE Act is quite a mouthful isn’t it!! The Secure, Act—signed by President Trump on Dec. 20, 2019—brings the most…
9 Tips to Maximize Retirement Contributions
Retirement is one of the biggest, most common and most talked about goals that people have. After all, your retirement savings determine how comfortably you’ll live in retirement and whether your money will outlast you….
Will vs. Living Trust: What’s Best for You?
Wills and living trusts both allow you to name beneficiaries for your assets. The similarity however ends there. For example, the biggest draw to use living trusts is to avoid probate. Probate is the court…
HSA Contribution Limits 2024
The average couple retiring today at the age of 65 will need close to a whopping $300,000 to cover health care and medical expenses in retirement, according to an estimate by Fidelity, assuming lifespans of…
How to Write a Will
No one likes to think about their own death, but preparing end-of-life documents, such as a last will and testament, can give you great peace of mind now, knowing your wishes will be followed when you’re…
Reverse Mortgage – 101
What Is a Reverse Mortgage? A reverse mortgage is essentially a loan. It allows you to access your home equity and turn it into cash. A homeowner who is 62 or older and has considerable…
Maximum 401k Contribution Limits for 2020
The IRS announced on Nov 6, 2019 that employees in 401(k) plans will be able to contribute up to $19,500 in 2020 up from $19,000 in 2019. The catch-up contribution limit for employees aged 50…
Top Credit Cards For Retirees
Retirement is not a one-size fits all. It is different for different people. It could mean traveling overseas to someone while to others it may mean dining out extensively. To some it may mean farming…