Self-employment definitely has an upside. You have a lot more control over your life when you work for yourself.
Category: IRA
The Best Investments for an IRA
An IRA is a fantastic way to build long-term wealth, but it can be tricky knowing which stocks or ETFs are best to own in one. There are thousands of publicly traded companies and ETFs to choose from, and they don’t all deserve a spot in your portfolio.
What Happens to an IRA When Its Owner Passes Away?
IRAs were created to help people save enough to meet their financial needs in retirement. But often, people die before they’ve completely used up their IRA money.
How to Drop Into a Lower Tax Bracket
Lowering your tax bill is always a joy. For most taxpayers, it’s fairly easy to trim down your tax liability without breaking the rules .
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Financial literacy and money management are important life skills. Unfortunately, most people never study this in school, leaving many young adults ill-prepared to deal with their finances as they enter the work world, often in their early twenties.
3 Tax Breaks Retirees Won’t Want to Miss
Many seniors struggle financially when they go from earning a salary to living off a more limited fixed income. That’s why it’s important for retirees to take advantage of whatever tax breaks come their way.
The Best Retirement Account You Don’t Know About
An HSA combines the best features of all the various tax-advantaged retirement accounts available. If used correctly, money goes in tax-free, grows tax-free, and comes out tax-free.
3 Tax Mistakes You Don’t Want to Make
With tax season rapidly approaching, many of us are starting to gather our paperwork and work on hammering out our returns. But in reality, tax planning is something you should focus on year-round, and not just during the first few months of the year.
10 Frequently Asked IRA Questions
Individual retirement arrangements, or IRAs, are actively used by only about one-fifth of Americans. While many people have valid reasons for not using an IRA, like having a 401 at work, one of the most common reasons given for not contributing to an IRA is a lack of knowledge about this type of account.
5 Tips for Investing in Your 30s
In your 20s, funding your 401 might have sounded like a good goal for your 30s. Now that your 30s are here, you may be nervously noticing the countless articles on the virtues of investing in your 20s .
Capital One vs. Interactive Brokers: Finding the Best IRA Broker
Individual retirement accounts can be an excellent way to save for retirement. Some offer tax-free growth while others are tax-deferred , but all of them offer more choice in how you invest for the future.
This Roth IRA Benefit Could Be its Biggest Drawback
There are lots of great reasons to love Roth IRAs. Not only do they allow your assets to grow on a tax-deferred basis, but once you reach retirement, your withdrawals are tax-free.
4 Smart Retirement Moves You Can Make Today
Whether retirement is a few years or a few decades down the road, it’s never too early to put some thought into what lies ahead. Here are four things you can do right now to take control of your retirement.
Brokers for IRAs: Comparing Capital One and Merrill Edge
There’s no way around it: Where you open an IRA matters to your investment portfolio, and it affects more than the price you pay. Brokers offer different investment menus, research capabilities, and tools to help you plan for retirement.
Fidelity vs. Merrill Edge: Brokers for Opening an IRA
It’s easier than ever to open an IRA and start saving for retirement. Picking which brokerage firm you should use to open the account is easier said than done, however.
Vanguard vs. Fidelity: Best Brokers for IRAs
Before you open an IRA , it’s smart to shop around for the best broker for your investing style. The brokerage you choose will ultimately affect how much you pay, as well as how many investments you can choose from.
Buying an Annuity for Retirement Makes Sense — Sometimes
The use of annuities inside a qualified retirement plan or IRA has been a controversial practice among financial planners for the past few decades. But new innovations have been added to annuities in recent years, and this has changed the rules of the game in the minds of many planners who once saw annuities as unfit investments for their clients’ retirement assets.
Retirement in 2017: 5 Stats Everyone Should Know
If you read the financial news often, you may have heard about the “retirement crisis” many Americans are facing. While it’s true that the average American doesn’t save nearly enough for retirement, the good news is that this is a fixable problem.
The Top Stock You Should Consider for Your IRA
To be clear, there are dozens, if not hundreds of stocks that could make great IRA investments, depending on your risk tolerance and portfolio diversification. One stock in particular that I have my eye on for my own IRA right now is New York Community Bancorp — more specifically, I already own it but am considering adding to my position now that the stock has declined.
Required Minimum Distributions: Do I Have to Take My IRA Cash?
Tax-favored retirement accounts like IRAs and 401 s can save you thousands of dollars in taxes over the course of your career, because they offer tax deferral on the income and gains that your investments produce while they’re inside the account. However, the IRS doesn’t let you get away with tax-deferred growth forever.
Americans’ Average Social Security Check at Age 70
If you’re deciding when it’s best for you to claim Social Security, and you’re struggling to figure out the best age, you’re not alone. Millions of baby boomers are fast approaching retirement, and most of them are in the same boat as you.
The Miracles of Financial Automation
In this episode of Motley Fool Answers , the team shares some of their best tips for automating your financial life. They cover everything from insurance to retirement accounts and bills to budgeting.
4 Types of Tax Deductions You Probably Don’t Know About
To itemize or not to itemize? That’s one of the most important decisions you’ll make when preparing your tax return. Of course, you can’t make a good decision without understanding itemized deductions and knowing which ones are available for you to claim.
Fidelity vs. TD Ameritrade: Best IRA Companies
Individual retirement accounts can be a great way to save for the future, offering tax efficiency and more choice than employer-sponsored retirement accounts. By opening a self-directed IRA , you’ll be able to choose from thousands of mutual funds, ETFs, stocks and other investments for your portfolio.
7 Tax Breaks You Might Actually Be Able to Use
You may have heard about some of the great money-saving tax deductions allowed by the IRS. The deductions for mortgage interest, charitable contributions, and medical expenses can be especially lucrative if you paid these expenses.
Charles Schwab IRA Review: Is It Right for You?
When you’re ready to start saving for retirement, opening an IRA may be a very wise choice. IRAs are one of the most flexible retirement accounts, and they have some particularly attractive tax benefits, too.
Brokers for IRAs: E*Trade vs. Vanguard
One is known as one of the first online brokers, and the other is famous for pioneering index funds, but they both help millions of people save for retirement with IRAs. In this article, we’ll compare E*Trade’s and Vanguard’s IRA accounts , based on factors like commissions, account fees, and investment selection.
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If you’re like most Americans, you’re going to rely on a mix of income sources in retirement, such as savings, pensions, work, and Social Security. In spite of this multi-income strategy, retirement costs, such as healthcare expenses, and inadequate savings, suggests there’s a real risk out living the money you set aside during your career.
Vanguard vs. TD Ameritrade: Opening an IRA to Save for Retirement
When you’re ready to start saving for retirement, opening an IRA account with a brokerage would be a logical first step. Many brokerage IRAs offer a vast assortment of investment opportunities in stocks, bonds, options, mutual funds, and ETFs, and make it possible to trade from the comfort of your own home.
IRS Form 1099-R: What Every Retirement Saver Should Know
Saving for retirement can take your entire career, but when it comes time to retire, you want to make sure your savings work as hard as they can for you. With tax-favored accounts like IRAs, 401 s, and other employer-sponsored retirement plans, the tax-deferred growth they offer can dramatically boost your savings.
Your 2017 Guide to Retirement Planning
Saving for retirement is a challenge many workers face, but without an amply funded nest egg, you risk running out of money as a senior. Let’s explore your options for saving for retirement so that you can get started as soon as possible.
Saving for College? Consider a Roth IRA
With college costs rising faster than inflation, more and more parents are actively saving to help cover those expenses. And while 529 plans have traditionally been promoted as the go-to college savings vehicle, there’s a lesser-known alternative it might pay to explore: the Roth IRA.
Personal Finance 101: Understanding the Ins and Outs of a 401
There’s no doubt about it: The employer-sponsored 401 is the most popular retirement tool for working Americans. According to data from StatisticBrain.com, as of 2015, 18% of all retirement assets were being held in 401 s, with the value of those assets totaling $4.5 trillion.
Women in New Mexico See Smaller Wage Gap but May Fall Short on…
There’s some good news for women living in New Mexico: On average, women there face one of the smallest differences in wages between the genders of any state in the country. But they still need to put away $1.18 for every $1 a man saves to accumulate an equivalent nest egg in retirement.
Women in New Mexico See Smaller Wage Gap but May Fall Short on…
There’s some good news for women living in New Mexico: On average, women there face one of the smallest differences in wages between the genders of any state in the country. But they still need to put away $1.18 for every $1 a man saves to accumulate an equivalent nest egg in retirement.
Pay Gap Closing but Women May Face Retirement Shortfall
Many Americans struggle to save for retirement, but the gender wage gap makes the prospects for women even more dire: The average woman must save $1.25 for every $1 a man invests to build an equivalent nest egg, a new study shows. For every $1 men earned in 2015, women, on average, made 80 cents, up from 77.5 cents in 2007, according to an analysis of the latest data available from the U.S. Census Bureau.
Pay Gap Closing but Women May Face Retirement Shortfall
Many Americans struggle to save for retirement, but the gender wage gap makes the prospects for women even more dire: The average woman must save $1.25 for every $1 a man invests to build an equivalent nest egg, a new study shows. For every $1 men earned in 2015, women, on average, made 80 cents, up from 77.5 cents in 2007, according to an analysis of the latest data available from the U.S. Census Bureau.
NY Women’s Wage Gap Smallest but Retirement Shortfall May Loom
Good news, women of New York: On average, you face the smallest difference in wages between the genders of any state in the country. The bad news: You still need to sock away $1.13 for every $1 a man in your state saves to enjoy the same size retirement nest egg.
Most Americans Are Dead Wrong About IRAs
There’s no such thing as a one-size-fits-all retirement plan. Because we all have specific, individual needs, what might work for one person might cause another to come up short financially when they’re older.
How a Roth IRA Can Help You Make the Most of Social Security
If you’re earning income by working, and also collecting Social Security, you might be missing out on a valuable strategy that can increase the likelihood of maintaining financial security in retirement. Are you making the most of your Social Security income? If you’re not contributing to a Roth IRA, the answer may be no.