Retirement Planning For The Millennial Generation
TweetThe other day Peter and I ordered breakfast from McDonalds, and we were so saddened by the woman who took our order. She was a sweet old lady about 85 years of age. “Why is this woman still working?” I thought to myself. Perhaps she was bored in retirement, maybe she was lonely or worse [...]
TweetTax free withdrawals Contributions and earnings from ROTH IRA’s are NOT subject to taxes and penalties once the account holder reaches an age of 59 1/2 years old. The only requirement is that the ROTH IRA contributions are “seasoned,” which means that the money has to have been in your Roth IRA for 5 years [...]
Tweet With all the rules and regulations in place for retirement accounts, it’s no wonder why planning for retirement is so overwhelming. One common question that is asked is “Can you contribute to a 401k and a ROTH IRA?” The answer of course depends on your income. Let’s start with the 401k. Everyone can contribute [...]
Tweet What is a ROTH IRA? A Roth IRA is a special type of individual retirement account that is generally not subject to taxation once age 59 1/2 is reached. The ROTH IRA is funded with “post-tax dollars” which means that you pay taxes on your income as usual, and then make a contribution into [...]
Tweet What is a Traditional IRA? A Traditional IRA is an individual retirement account that allows the individual to make contributions with “pre-tax” dollars, up to a specified annual limit determined by the IRS. What are the Tax Advantages? Traditional IRA contributions are tax deductible, which means it lowers your taxable income. The savings in [...]
