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…
Category: IRAs
A condensed crash course in estate planning with implications for inherited IRAs
Wow, that’s a long title for a blog post but the link below to Inheritance and IRAs is a good refresher/reminder on tasks to complete…soon, maybe before the fast approaching end of the year. The importance of having a will The tax implications of inheritance for spouses and other beneficiaries The different scenarios that can…
Now may be ideal time to convert a trditional IRA to a Roth
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…
Mom doesn’t need flowers or a new kitchen gadget for Mother’s Day!
Mom needs an Individual Retirement Account (IRA)!Whether employed or not, as long as a spouse is earning income, Mom can open an IRA to help provide financial security/financial freedom in later life. Typically one must have earned income to fund an IRA but not if a spouse has earnings.Typically dad is accumulating credits toward Social…
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…