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Wednesday Q&A Should I cash out my old 401k or roll it into an IRA?
Should I cash out my old 401k or roll it into an IRA? A Winning at Life caller has a question about what to do with an old 401k from an old job. Should he roll it into an IRA or cash out? Get Gregory’s thoughts in this clip from the show. Do you have…
Read MoreThe difference between a Roth 401(k) and a traditional 401(k), and how to decide which retirement plan is right for you
Roth 401(k)s and traditional 401(k)s are similar in many ways, but they differ in how your contributions and withdrawals are taxed. Traditional 401(k)s offer up-front tax breaks; you pay the IRS on withdrawals when you retire. With Roth 401(k)s, you pay taxes on deposits, in exchange for tax-free withdrawals later. When deciding between a Roth…
Read MoreThe ‘Stretch IRA’ Estate Planning Strategy Is Gone. Here Are 4 Other Options.
The Covid-19 era is a mess, and we’re still in the middle of it. But life goes on. So, let’s be more open to doing what we would do in more normal times. What I normally do is give tax advice. Here’s some updated estate planning advice for well-off folks to consider. Evaluate “stretch…
Read MoreOpinion: 10 things you should know about diversification
Picking a winner is harder than you think Holding a variety of assets reduces your portfolio’s overall level of risk. GETTY IMAGES/ISTOCKPHOTO One of the most important ways investors take care of their portfolios is by diversifying their holdings. If you’re not sure exactly what diversification is, or how to make it work for you,…
Read MoreNearing Retirement? Take Another Look at Roth Conversions
Due to lower tax rates and the recently passed SECURE Act, those nearing retirement should consider a Roth conversion. For those nearing retirement, taking the right planning steps is even more important, given the narrowing time frame to leaving the workforce. This current year brings forth planning opportunities to help you achieve your retirement goals…
Read MoreInstead of saving a total sum for retirement, I started thinking about how much I want to ‘earn’ monthly and it made me reassess the way I invest
The stock market fell dramatically early on in the COVID-19 pandemic as businesses closed in the US and around the world. While my stock values fell, other parts of my portfolio were less affected. Most people set a savings target for their retirement, but it’s just as important to consider the cash flow your portfolio…
Read MoreIs Suze Orman right? Is a traditional IRA really the wrong way to invest for retirement?
Financial advisers weigh in on the personal finance guru’s latest warning about individual retirement accounts, and how to use them Personal finance celebrity Suze Orman says retirement savers should steer clear of traditional accounts in lieu of Roth accounts, especially during this global pandemic. But like everything else in personal finance, that advice largely depends…
Read MoreLost your job? Here’s what to do with your 401(k)
Consider all of the options when transitioning a work-sponsored retirement plan. Getty Images Every week, millions of Americans are filing for unemployment due to the COVID-19 crisis. Whether you’ve been with a company for six weeks or six years, if you lose your job, there are plenty of options for what to do with your vested…
Read MoreIf you didn’t save as much for retirement as you wanted last year, you have until July 15 to make contributions
Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. The federal tax deadline is July 15, which means there’s more time to contribute retirement savings to…
Read MoreRetirees Get a Break on IRA Distributions
The IRS is expected to come out with additional guidance, but here’s what we know so far. The coronavirus stimulus package, known as the CARES Act, allows retirees who are 72 or older to skip required minimum distributions from IRAs and other tax-deferred accounts for 2020. Here are answers to questions about the waiver. I took a…
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