An IRA is one of the most common retirement savings accounts on the market. But for many investors, who are accustomed to relying on an employer-sponsored 401(k) or a similar plan, choosing between IRAs can feel like a mystery, and the choice between a Roth IRA vs traditional IRA option can feel like a puzzle […]
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When you switch jobs, you don’t have to leave your 401(k) plan behind. There are four options for an old 401(k). These include: Cashing it out Keeping it with your former employer Rolling over your old 401(k) into a new employer’s 401(k) plan Doing a 401(k) rollover into an Individual Retirement Account (IRA) Each of […]
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Most people only think about traditional and Roth IRAs when searching for a suitable individual retirement account option. However, other attractive IRAs could help you save and increase your benefits. Today, we take a comprehensive look at the seven different kinds of IRAs to help you pick a suitable option. Traditional IRA Although traditional IRAs […]
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This content is for informational purposes only and not intended to be investing advice. One of the ways you can fund your retirement plan is by using the Individual Retirement Account (IRA). You can establish an IRA as long as you earn income. Understanding what IRAs are and the different types will help you make […]
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Traditional IRAs and Roth IRAs are both great retirement vehicles, each with attractive perks. They allow you to save extra retirement savings apart from your employer-sponsored 401k. However, which plan should you choose over the other? In general, Roth IRAs and traditional IRAs differ based on their income limits and the timing of the tax […]
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The COVID-19 pandemic isn’t just impacting every aspect of our everyday life. It’s also impacting our future. In fact, 1 in 5 Americans are now saving less for retirement due to COVID-19. But on the other hand, 16% of Americans say they’re now saving more for retirement due to the forced spending decrease. Of course, […]
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Retirement is a sensitive subject for most people as it’s a life stage where a person has to adjust their life in a big way. No one is ever ready for the psychological impacts, especially if their career is tied to their identity. Financial security is also a serious concern for many pre-retirees who worry […]
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What is a Roth Individual Retirement Account (IRA)? Tax-favored retirement savings are possible with a Roth IRA, which provides you with some enticing incentives to start saving for your golden years as soon as possible. An after-tax contribution to a Roth IRA allows you to invest in a variety of assets and collect the money […]
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COVID-19 has certainly set some retirement savers back. About 17% of Americans are saving less for retirement due to COVID’s impact on their finances, according to a survey by The Penny Hoarder, and one third of Americans also say they will retire later than initially planned because of COVID, according to a study from Age […]
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Millennials have an average of $51,300 in personal savings and $63,300 in retirement accounts, well behind baby boomers, who have an average of $102,400 in personal savings and $138,900 in their retirement accounts. Then, there’s you. You did your best and scraped as well as you could, but the total comes out to $500,000. And […]
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For many Americans, an IRA or qualified plan is the best way to save money for the future. These accounts are straight-forward, traditional, and easy to use, which is a large part of why Roth IRAs are so appealing to the average person. A lot of the time, people opt to open an IRA account […]
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