Category: Retirement Planning

Phased out of a Roth IRA? Here’s How to Use the Backdoor and Avoid Tax Traps

UPDATED FOR 2019 I’m a big fan of Roth IRAs: They offer the most flexibility and best future tax advantages for retirement money… Earnings are never taxed You can withdraw your contributions at any time without penalty You don’t have to take the money out after you hit retirement age As long as you’re working, you...

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Quick Guide: How to Open a SEP-IRA in 4 Easy Steps

UPDATED FOR 2019 If you’re self-employed, have no employees, and are looking for a place to stash a lot of retirement cash without a lot of hassle, look no further than the SEP-IRA. This amped up retirement savings plan works well for freelancers and side-giggers. (If you have employees, it’s still a good plan, just...

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Why Your Kid Needs a Roth IRA

If your child earns income from a job – even if it’s working for you – it’s time to open a Roth IRA. Better than a regular savings account, all the money invested through a Roth IRA grows tax-free. And since your child almost certainly qualifies for the lowest possible tax rate (if income taxes...

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How to Plan for the Biggest Retirement Spending Surprises

It’s the most common financial fear: No matter how much cash you have stashed away for retirement, you’ll run out of money. You’re right to be worried. That happens too often to ignore…and it’s usually due to surprise expenses that derail the best-laid plans. Yes, market downturns and low investment returns can threaten your future...

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8 Things to do before 2018: Your year-end financial checklist

From changing tax laws to the Equifax hack, 2017 has been a year of financial anxiety for so many of us. You can take control of your financial situation and set the stage for a fruitful 2018 by taking these 8 steps before December 31. Stash as much money as you can in your retirement...

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It’s Time to Rebalance Your Retirement Accounts

The stock market had a banner year – great for portfolio growth, less great for asset allocation. And that means it’s time for your annual retirement rebalance. Asset allocation is all about keeping different kinds of investments (like stocks, bonds, or real estate) in your retirement portfolio. That strategy helps protect you against total losses...

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