IRA – FPW

IRA Contribution Calculator

May 11, 2022May 12, 2022Unknown

Individual Retirement Accounts (IRAs) are a great way to supplement employer-sponsored retirement accounts or for self-employed persons who are responsible for their retirement planning. “Choosing the right retirement account can be complicated—but it doesn’t necessarily have to be. Our IRA Contribution Calculator will take you through what you need to know to make an informed…

Roth IRA conversion calculator

February 24, 2022May 12, 2022Unknown

Bankrate provides a calculator to help you make decisions on converting traditional IRA funds to a Roth IRA (individual retirement account). “A conversion has advantages and disadvantages that should be carefully considered before a decision is made. This convert IRA to Roth calculator estimates the change in total net worth, at retirement, if you convert…

Now may be ideal time to convert a trditional IRA to a Roth

April 5, 2020April 13, 2020Unknown

Investment losses in this unprecedented market decline have been brutal. But keep in mind that if you’ve been invested during the almost 11 year long bull market you may still be ahead. To survive this coronavirus bear market consider converting part or all of a traditional IRA to a Roth IRA. Any amount that you…

Retirement plan limits for 2019-2020

December 11, 2019December 16, 2019Unknown

401(k) contributions The annual contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the Thrift Savings Plan used by federal government employees increased in 2019 to $19,000 (and those limits will be going up another $500 in 2020). If you’re 50 or older, you also can take advantage of a catch-up…

Do 401k and IRA Contributions Reduce My Social Security Benefits?

February 8, 2019March 9, 2019Financial Planning For Women

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…

Individual Retirement Account Update

February 8, 2019March 9, 2019Financial Planning For Women

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…

IRA or Tattoo? Tattoo or IRA?

June 21, 2017March 30, 2018Financial Planning For Women

“What’s an IRA?” the young person planning to get a tattoo might ask.A tattoo is forever, following you into retirement. How many future retirees will look at their sagging tattoos and wish they had saved more for retirement? How much are you spending on tattoos that provide no economic return while claiming you can’t afford…

What mom REALLY needs for Mother’s Day

April 20, 2017March 30, 2018Financial Planning For Women

My New York City sister sent me an email about a Mother’s Day Brunch for “only” $105 per adult and $45 per child! Obviously that’s what the 1% (or 10%) does to celebrate Mother’s Day. What mom really needs is not an expensive restaurant meal, flowers, or another kitchen gadget. What most mothers need, especially…