Mike Piper, author of The Oblivious Investor Blog, explains: “pre-tax contributions that you make to an employer-sponsored retirement plan such as a 401(k) reduce your income tax, but they do not reduce your Social Security tax. The same goes for traditional IRA contributions, as well as contributions to a SEP or SIMPLE IRA. And because…
Day: February 8, 2019
Individual Retirement Account Update
The amount you can invest in an IRA is increased for 2019. You can still contribute for 2018 before you file your income tax return. Quoted from the IRS website: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than: $6,000 ($7,000 if you’re age 50 or…
Thinking of buying a condo? Do your homework first
Having lived in a homeowners association for more than 25 years and having recently bought a condo, I’m well aware of the differences between owning a single family home and living in some type of home owners association. A recent article does a great job of explaining what condo (and HOA) owners need to know…