Active investors from any generation are more likely to avoid tax problems by choosing a self-directed IRA with checkbook control. According to researchers, millennials in their 20s and 30s described as active investors are likely to withdrawal from their IRAs. Taking early withdrawals from retirement accounts often means a 10 percent tax penalty. In contrast, baby [...]
For anyone in the 50 and over crowd, or approaching 50 this year, there is an opportunity to make retirement contributions that exceed the regular contribution limits. This is known as a catch-up contribution. Catch up contributions are like an extra boost for those nearing the end of the race and getting ready for retirement. Taking advantage [...]
Haven’t made a recent contribution to your IRA (individual Retirement Arrangement)? There’s still time! You still have up until April 15th to make a 2014 IRA contribution and take a deduction on your 2014 tax return. Yearly IRA Contribution Limits Your total contributions for a Traditional and Roth IRA cannot exceed $5,500, or $6,500 if you’re over the age [...]
This week during the State of the Union address President Obama announced his new retirement program (MyRA). MyRA was implemented under executive order so unlike the proposed automatic IRA, Obama's new plan doesn't require legislation or congress approval. MyRA is clearly a plan to start shifting retirement dollars into a government controlled fund similar to [...]
