Having a large nest egg in a Roth IRA means you can enjoy tax-free withdrawals from your account in retirement. Roth retirement accounts, like a Roth IRA, are funded with post-tax income (money you’ve already paid income taxes on), and in retirement, your withdrawals are completely tax-free. Unfortunately, the Roth IRA has an income limit that restricts […]
Taking advantage of the mega backdoor Roth IRA can accelerate any employee’s retirement savings. However, not all employees are able to take advantage of this option. It entirely depends on how your company’s 401k plan is set up. In order for a company’s employees to be able to get a mega backdoor Roth IRA, it needs to […]
While regular IRAs only let you invest in traditional assets like stocks, bonds, mutual funds, and ETFs, self-Directed IRAs (SDIRAs) allow you to hold alternative investments in your Roth or traditional IRA, such as real estate, private equity, cryptocurrencies, and precious metals. Self-directed IRAs are special types of IRAs. While they follow the same rules, […]
OVERVIEW An individual retirement account (IRA) can help self-employed individuals save for their retirement. While you’re allowed to have an IRA in addition to a company 401k, it’s especially popular for people who don’t have access to an employer-sponsored retirement plan. There are many types of IRAs, but the most common ones are the traditional IRA and Roth […]
OVERVIEW What is a Roth IRA? A Roth IRA is a type of individual retirement account (IRA) that gives special tax advantages in retirement. Your contributions are made with after-tax dollars, money you’ve already paid income taxes on. You don’t get a tax-deduction when you contribute, but your withdrawals in retirement are completely tax-free. Comparatively, a traditional […]
A Custodial IRA (Individual Retirement Account) is a type of tax-advantaged retirement savings account established for a minor by a custodian, who is usually a parent, guardian, or another responsible adult. The purpose of a custodial IRA is to help minors save for their future retirement or education expenses while benefiting from the tax advantages […]
Are you considering opening and contributing to a Roth IRA for the first time? The Roth IRA account works a little bit differently than other retirement plans. It has many unique tax advantages not available with other accounts. Any individual with earned income during a tax year can make contributions to a Roth IRA, regardless […]
Did you know you’re not the only one who’s allowed to contribute to your Roth IRA? Someone else can contribute into your account for you, just as long as you’re eligible to contribute yourself. How it works In order for other people to be able to make contributions into your Roth IRA, you, the account […]
SIMILARIES DIFFERENCES Both the Roth Solo 401k and the Roth IRA are funded with post-tax dollars. You contribute with income that’s already been taxed, but you don’t pay any taxes when you withdraw from either of the two accounts in retirement. In other words, your money compounds tax free, and then you get to keep […]
