Whether with traditional savings or Roth IRA, saving for retirement is one of the most important financial goals that a person can have. It is a very long-term goal, but it is one that makes a huge difference in terms of financial stability, ability to retire, and quality of life in retirement. While it might…
This year, Congress is considering passing the Securing a Strong Retirement Act of 2022. This is known as Secure 2.0. The Act was designed to make it easier for Americans to reach their retirement goals. As of April 14, 2022, the bill was still with the Senate. It is built on the foundation provided by…
Taxes often throw a complicated factor into long-term investments. One of the most important long-term financial goals that people should have is saving for retirement. Retirement can seem distant, especially for young people, and the existence of Social Security might make it feel like saving doesn’t need to be a priority. However, Social Security won’t…
Most people know that they need to save for retirement, but they don’t know, between Roth IRA and traditional savings, which type of retirement account is best. Comparing your options is a wise decision, so you know the rules that govern these retirement accounts. The main differences are the amount of money people can contribute…
Have you wondered about opening a child IRA account for your child? Many people aren’t sure whether the idea is practical or legal. In fact, if you want to teach your kids the value of saving and give them a considerable head start on building a retirement account, opening a custodial IRA makes good sense….
Long-term retirement savings and investing is a complex topic, and one of the most challenging parts is trying to work out the best way to save money without paying too much in taxes. The government provides two different types of retirement savings accounts that have different tax treatments: Roth accounts and traditional accounts. You can…
New proposals to the federal spending bill could impact the tax advantages of Roth IRAs. The main elements of the proposed bill are that they would eliminate the so-called “back-door” conversions of traditional retirement accounts to a Roth. So let’s see how this might affect your retirement account. Roth Conversions Explained The main difference between…
Life changes, especially as you reach retirement. Perhaps you preferred the advantages of a traditional IRA over the Roth IRA when you were younger and raising a family. Now, as retirement is approaching, you see the benefits of a Roth IRA, but is it too late to do anything about it? When Not to Convert…