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Shocking IRA Blunders: Are You Making These Costly Errors?

An Individual Retirement Account (IRA) can be a powerful tool for securing your financial future, but navigating its rules and regulations can be tricky. Making mistakes with your IRA can lead to significant financial consequences, so it’s essential to be well-informed. To help you avoid potential pitfalls, here are three common and costly IRA mistakes that can easily be prevented: #1 Beneficiary Mistakes An IRA passes on to beneficiaries, not through a will. Therefore, it’s …

How the SECURE 2.0 Act Is Transforming Retirement Savings

The year 2023 has brought about significant changes in retirement saving practices, offering relief to individuals planning for their post-work years. After a challenging period of economic downturn and inflation, the markets and U.S. inflation have stabilized, presenting opportunities for savers at various life stages.

Retirement Planning: Why You Should Start in Your 20s

The median monthly Social Security benefit is $1,827, which likely is far from your current monthly income.

Roth IRA: Why Young Investors Should Open One Today, According to Financial Expert

New York, NY – Investors looking to maximize their retirement savings may want to consider Roth individual retirement accounts (IRAs). Unlike traditional IRAs, Roth IRAs require investors to pay taxes on their contributions upfront, rather than when they make withdrawals in their retirement years. However, this trade-off means that after-tax dollars can grow tax-free for decades, making Roth IRAs a powerful tool for younger investors. Certified financial planner, Clifford Cornell, from Bone Fide Wealth in …

Are you Content With Your Retirement Income?

There are ways to secure retirement income that allows you to maintain your living standard, live a lifetime, adapt to life events, and leave a legacy for your children even in difficult times.

No 401(k) No Problem, Here is how to Retire Comfortably Without One

There is no reason for alarm if you do not have access to a 401(k). However, you will need funds to supplement your Social Security benefit to retire comfortably unless you are one of the lucky few who are incredibly wealthy.

How to Strategically Avoid RMDs: Converting a $1.5 Million IRA into a Roth Account at 62

Atlanta, Georgia – A 62-year-old individual who has amassed $1.5 million in a traditional IRA may be considering the option of converting $150,000 per year into a Roth IRA in order to avoid required minimum distributions (RMDs), which are mandated annual withdrawals that can increase taxes in retirement. RMDs are required by the IRS from IRAs, 401(k)s, and other tax-deferred retirement accounts, typically starting at the age of 73. However, strategic Roth conversions can help …

IRS Announces New Contribution Limits for Retirement Plans in 2024

Inflation is excellent news for those saving for retirement. At least for individuals seeking to maximize their contributions to retirement accounts such as a 401(k), conventional IRA, or 403(b), the following strategies are recommended (b).

How Much Should Retirees Have in an Emergency Fund?

An emergency fund is vital regardless of age, but it can be very costly in retirement. By having an emergency fund, you won’t have to use your IRA, 401(k), or other taxable assets for unforeseen expenses. It can also assure that you will not need to seek employment elsewhere. The key to remaining within your retirement budget is estimating a sufficient amount for your emergency fund. It would be best to determine the appropriate account …

New IRS Rule Affects Required Minimum Distributions

The government knows Americans live longer than they did a decade ago, which will be reflected in the required withdrawal amounts from retirement funds at various ages beginning in 2022.