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PODCAST68: How do I create more sources of income in retirement?
Get your complimentary guide to go with this episode: Wondering How to Create Income in Retirement? :
Read MorePODCAST67: What is a Roth Forever Clock?
Get your complimentary guide to go with this episode: Will Your Money Last As Long As You Do? :
Read MoreThe Right Retirement Plan: Do I Choose a Traditional or Roth 401(k)?
If your workplace offers a Roth 401(k) retirement savings plan in addition to a traditional 401(k), picking between them comes down to taxes. My friend Abby recently finished her graduate degree and just started a new job as a business analyst. After reviewing her company’s employee benefits package, she called to ask two specific questions:…
Read MoreBest Ways to Generate Tax-Free Income in Retirement: Think About This Stuff Now
Nobody wants to pay taxes on hard-earned income in retirement, including you. Here’s what you can do to sidestep paying taxes in retirement. Nothing feels more deflating than having to pay taxes on every penny you’ve ever saved and invested. If you have the wherewithal to think about how you’d like to receive your retirement…
Read MoreInheriting an individual retirement account? Here’s how to avoid a tax bomb
KEY POINTS The Secure Act of 2019 added new rules for inherited IRAs, requiring many heirs to withdraw the balance within 10 years. Without tax planning for IRA distributions, higher earners may reduce their net inheritance. Financial experts say account holders and beneficiaries may lessen the sting with proactive tax moves. While inheriting money is…
Read MoreShould I roll my Roth 401(k) into a Roth IRA?
Q.: I’m thinking of retiring and rolling my Roth 401(k) to a Roth IRA. A co-worker says if I roll it to a Roth IRA, I can’t touch it for five years without penalty. I thought penalties ended at 59½. I’m 68. Can you clear this up for me? Sam in Dallas A.: Sam, I’ll try. …
Read MoreA Little-Known ‘Back Door’ Trick for Boosting Your Roth Contributions
An additional after-tax contribution to your 401(k)—now allowed in the plans of many large employers— can grow tax free if it’s moved to a Roth account If business titan Peter Thiel’s $5 billion tax-free individual retirement account has you jealous, here’s a way to build a pot of tax-free retirement savings without paying much in taxes: A…
Read MoreInherited an IRA? You Could Pay Major Taxes if You Don’t Follow the New Rules
Did you inherit an IRA or know you’ll be the beneficiary of an IRA? Know the rules outlined by the SECURE Act so your money doesn’t get eaten up by 50… Do you expect to inherit the contents of an individual retirement account (IRA)? If you are not the spouse of the individual who died…
Read MoreSpecial-Needs Trusts: How They Work and What Has Changed
Trusts give parents of special-needs children additional options for extending care and financial assistance. But you might need some expert help. Can you explain how a special-needs trust works? We have an adult child on disability and have been told we can set up a special-needs trust for her. We have an individual retirement account…
Read MoreWhat’s The Best Retirement Account? Why It Might Be The Roth IRA
Saving for retirement is one of those things you know you should do, but why worry about something that’s 30 or 40 years away? That’s a problem for Future You. If you’re in your 20s and 30s and that’s your stance on stashing cash for retirement, you’re not alone. Lots of young people back-burner saving. After all,…
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