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 accounts for at least five years can take distributions, including earnings, without paying federal taxes. In 2020, people with modified […]
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 IRA. For 2020 if you are a Single filer and earn over $139k (over $206k for married filing jointly) you
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. It is imperative that you try and maximize retirement contributions right from the very outset of your career. This will
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 87 (male) and 89 (female). A Health Savings Account, or HSA, is a unique, tax-advantaged account that can be used
The IRS announced on Nov 6, 2023 that employees in 401(k) plans will be able to contribute up to $23,000 in 2024 up from $22,500 in 2023 The catch-up contribution limit for employees aged 50 and over who participate in these plans stays at $7000. To summarize here is how the 401(k) plan limits will
