Whether you hope to fund part or all of your child’s college education, here’s how to get started. When families talk about college, the subject of money is never far behind. Seeing so many graduates overloaded with student loan debt, with 19% of borrowers owing more than $50,000 upon graduation, can be pretty scary for parents and students alike. As parents, you think the best thing you can do for your children is to encourage […]
Typically, a Roth IRA account is not a savings plan or vehicle for your kids, but it can be! These accounts are extremely ideal for children as they’ll have decade’s worth of contribution growing tax-free. But, the best part about the Roth IRA accounts is that they are also very flexible, which means the contributions you make to the Roth IRA accounts can be withdrawn tax-free and penalty-free at any time! Interesting Facts about Roth […]
It is no longer a surprise that people are approaching their retirement age without much in their retirement savings account. Is there something you can do to salvage the situation? When you are on the other side of 40, time will seem like it’s flying but do not panic, this article will help you catch up. First of all, it is important that you understand that you are not alone. A study by the National […]
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 […]
As part of the Tax Cuts and the Jobs Act that were enacted in 2017, Congress eliminated the provision that made it possible for people to undo a Roth conversion. This conversion was called a recharacterization. This means that when deciding to convert your traditional IRA, it better be a conscious decision. Fortunately, if you made the decision to convert your traditional IRA prematurely, Roth conversions are almost always a good idea. Converting something in […]
