Roth IRA

Over Contributed to Your IRA or Roth IRA? Check For Excess IRA Contributions To Avoid a 6% Tax Penalty

1 comment

Even though the average IRA contribution is $3,798, many Americans are still contributing too much to their traditional IRA or Roth IRA account without realizing it. The combined limit for a traditional and/or Roth IRA accounts is $5,000 ($6000 if you are over 50). For married couples, the combined limit is $10,000 ($11,000 if only one [...]

Read the full article →

10 Ways to Boost Your Retirement Savings Starting Now

4 comments

With longer predicted life expectancies, a roller coaster stock market, and more pending job losses, it’s more important than ever to find ways to boost your retirement savings now. Although there may be many obstacles to doing so, even just the few simple tactics outlined here can go a long way to increasing your bottom [...]

Read the full article →

The Best Retirement Plans for Young Workers

5 comments

It’s not breaking news that you should be saving for retirement. Most employed people understand this fact, so hopefully, you are setting some cash aside for your golden years despite the tough economic climate. The tricky part of retirement financial planning is figuring out how much you should actually save and where it should go. [...]

Read the full article →

Am I Saving Enough Money For Retirement and How Much You Should Be Putting Away in 401K or IRA Accounts

19 comments

Nothing is more significant over the long term from a financial planning aspect than ensuring you are setting aside and investing a sufficient amount to take care of your monetary needs in retirement. This can be easy to put off, especially if retirement is far away and taking care of your personal finances is low [...]

Read the full article →

How and Where to Open an IRA or Roth IRA Account and Factors to Keep in Mind

10 comments

I receive a lot of questions on Individual retirement accounts (IRA) based on related posts I have written about. One question that seems to come up often, is how to actually open an IRA account and where is the best place to do so. An IRA (individual retirement account) is your personal savings plan for retirement, offering [...]

Read the full article →

Roth 401k and IRA Retirement Plans Conversion Limits and Rules

5 comments

[Updated] With the recent approval of the Small Business Jobs Act, 401(k) plan participants are now permitted to convert their traditional employee sponsored retirement accounts over into Roth 401(k)s. The change will give many people the ability to better plan for retirement by mitigating tax impacts and leverage benefits currently available via Roth and Traditional [...]

Read the full article →

Traditional IRA versus Roth IRA – 2011 Contribution and Phase-out Income Limits

15 comments

[Updated Nov 2010] The IRS has released the official 2011 401K and IRA Limits. These have been updated based on 2011 cost of living adjustments (COLA) which remained unchanged again this year. The main impact to IRA and Roth IRA plans are the income eligibility/phase-out limits. The table below summarizes the key rules and limits [...]

Read the full article →

Roth IRA 2011 vs. 2012 Contribution and Income Limits and Conversion Rules From Traditional IRA Retirement Accounts

82 comments

[Updated with 2012 Roth IRA Limits] The IRS has released 2012 IRA information and there is no change to Roth IRA contribution limits over 2011 levels. Income ranges have increased slightly meaning more people are eligible to open a Roth IRA account in 2012. Updated details and a comparison to 2011 levels are shown in [...]

Read the full article →

Next Entries →