Roth IRAs are one of the most fruitful investment accounts for people trying to develop a healthy nest egg. Among their numerous benefits, the tax-free growth and retirement distributions with Roth IRAs can set you up for maximum retirement earnings.
Unfortunately, high-income earners are generally barred from taking advantage of a Roth IRA. In 2020, single earners with an annual income exceeding $139,000 were limited to a traditional IRA only.
Not everyone wants to spend the next 30 years paying a mortgage. Most of us want the wprivilege that comes with homeownership but feel it’s a lot to have to carry for so long.
Wouldn’t it be great to be a homeowner and not have to carry the burden of a 30-year mortgage for, well, 30 years? What if you’re pretty close to retirement but still foresee a lengthy mortgage payment in your future?
Student loan debt in the United States is over one trillion dollars and growing. Millions of people are carrying the burden of student loans. Many still can’t see the light at the end of the tunnel when it comes to paying them off.
Paying off your student loans can be difficult. With high interest rates and different rules than other types of loans, student loans are a tricky business. For those that want to be done with them at last, we have some great tips for paying off your student loans in less than five years.
There are many reasons why you may want to determine how much your business is worth.
You may be approached by a proposed buyer. You may want to sell and invest the money for your retirement. You may want to know it for insurance purposes.
If you are retired or getting close to retirement, chances are you are familiar with budgeting. There are many techniques for budgeting out there, but the basic idea is to balance your income and expenses. One way to do this is to think about your expenses as percentages.
Budget percentages, as made popular by radio personality Dave Ramsey, help you understand where your money is going. The goal is simple: keep your expenses in each category within a certain percentage of your income. Most people who follow this method adhere to 10 common categories.
The business world uses the term 401(k) often. Many employers offer their employees these retirement accounts as a benefit to working there.
Some employers even offer 401(k) matching. This benefit is exactly as it sounds. An employer matches the amount of money that you contribute to your 401(k). So, you put money into your 401(k), and then your employer does the same.
Financial circumstances can shift unexpectedly to where you might end up digging into your savings accounts. Sometimes the necessity to cover bills and expenses today outweighs the benefits of saving for tomorrow. After all, you cannot save for tomorrow without providing for today.
If you have an IRA or another tax-advantaged retirement account such as a 401(k), you can make an early withdrawal through what’s called Rule 72t. This article will explain the basics of a Rule 72t withdrawal so that you can better determine if it is right for you.
If a business wants to hire and retain top-performing employees, it needs to offer substantial benefits. While options like healthcare and paid time off are enticing, nothing is quite as appealing as tax breaks. High-earning workers typically want to save as much money on taxes as possible while maintaining investment opportunities.
Fortunately, that’s accomplished through deferred compensation plans. These plans can come in many forms and offer specific advantages (and potential disadvantages). This article will dive into how these plans work and why they can be so attractive.
Not everyone can qualify for a traditional life insurance policy. Depending on your health and lifestyle, an insurance underwriter might be reluctant to approve your application for a policy.
If you have only applied to a company or two, don’t give up on a traditional life insurance policy yet. Every company has different standards that they follow, and something that disqualifies you from one might not disqualify you from another.
Retirement should be fun, and make life a bit more simple. You shouldn’t be struggling to live off of the money you have.
How do you expect to get by after retiring? You may only rely on a small income from your social security.
