Supplement Your Retirement Outside Retirement Savings Accounts – Five great ideas In addition to Social Security, retirement accounts are a primary resourse for income when you retire. But these aren’t the only tax advantaged tools available to you. Here are five other great ideas to supplement your retirement income. The tax code is very specific in helping you save for retirement through use of IRA’s, 401(k)’s, 403(b)’s, and benefit accounts. …Read More
Tag Archives: savings
Reducing the Savings Account Tax Burden Building a traditional savings account is a tax burdened activity. First you must pay income taxes to the Federal and State government. Each year your interest earned is then taxed at the same rate as your wages. Is there anything you can do to reduce this dual tax burden?
The Coverdell ESA Savings. Lost in the mix? Is this long standing tax advantaged education saving account worth the hassle? Perhaps. Here are some things to consider.
Seven Little Money Savings Ideas Money savings ideas are around us every day. Here are seven that can quickly be put to use to save more of what you earn.
Each year select clients must withdraw minimim amounts from their qualified retirement plans. If you don’t the penalty is a severe 50% in addition to paying regular income tax on the withdrawal. Don’t let this happen to you. Every year thousands of taxpayers are hit with a heavy 50% penalty for not withdrawing enough money from their retirement plan(s). Here is what you need to know to ensure this does …Read More
Roth IRA or Traditional IRA? The answer is never easy, but perhaps asking the right questions can make your decision easier. Here are some thoughts: For most taxpayers, you have until April 15th of the following year to contribute up to $5,500 ($6,500 if age 50 or over) into a Traditional IRA or a Roth IRA. Is an IRA an option worth considering for you? If so, which is better? …Read More