There are so many benefits that come with the Roth IRA conversion. Roth IRA today has become so incredibly popular and there is a reason for that. The contributions to the Roth IRA are usually made with the income that has already been taxed, which means two things; 1) there will be no initial tax benefit to the money, and 2) that money will grow tax-free. Another reason why the Roth conversions are popular today […]
All employees and entrepreneurs are eligible for the 7702 plan. Basically, this plan may be used as a retirement savings plan, but not so often. This plan derives its name from Section 7702 of the Internal Revenue Code and does not constitute any type of tax-deferred savings plan such as 401(k) or 403(b) plans. Understanding the Section 7702 The section defines the criteria that the cash value of the life insurance policies have to meet […]
With the current market fluctuations mostly due to the pandemic, many people are concerned about their retirement options. In most cases, when there is a recession or when we speculate high chances of a recession, the most natural thing that most people do is to evaluate their retirement savings plan. Statistics show that the majority of Americans say that it is crucial protecting their retirement savings. At least, 72% of Americans agree that it is […]
Undoubtedly, by now we are all familiar with the quote, “think outside the box” but very few people pay attention to what that quote actually means. We rarely question why it is a good thing and how it can be beneficial to your line of work or business. Thinking outside the box means that you are simply allowing more perspective and are willing to view things differently, consider different solutions and methods to fulfill your […]
The CARES Act was the third phase in Congress’ response to the COVID-19 following the Corona Virus Preparedness and Response Supplemental Appropriations Act, 2020 and the Families First Coronavirus Response Act (FFCRA). In addition to providing emergency relief for the millions of small businesses in the country, the 2 trillion CARES Act, also relaxed several retirement plan rules which helped the plan holders to gain some access to their account balances without penalty. The Client […]
