Archives For Roth IRA

7 Unconventional Ways To Save More For Roth IRA

August 31, 2012 — 12 Comments

Are you making the maximum annual contribution to your Roth IRA?

If not, then odds are you know that you should be. After all, your Roth IRA retirement savings is tax-free money, making it far more valuable in your golden years than your 401k or Traditional IRA.

So why do so many people fail to build up their Roth IRA savings? The most common excuse is, “I just don’t have the money!”

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In Retirement, Roth IRA, Saving Money , ,
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10 Retirement Plan Mistakes to Avoid

August 1, 2012 — 9 Comments

Although I am a financial blogger, I committed many mistakes. although my financial education was solid, still I had my financial bad days. One of them was not having a 401 (k) account or an IRA account as soon as I landed in this country and decided to stay here. Point is, anyone can commit mistakes financially, even experts.

There are many other mistakes people do, USA Today listed a few of them. CBS news claims that their list contains the biggest mistakes. Let me give you some practical advice here for my informed readers. I will not tell you to open a 401(k) account. I know you have a 401(k) or an IRA or Roth IRA, otherwise, that would be the biggest mistake you could do.

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In IRA, Retirement, Roth IRA , , ,
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20 Best Practices for Retirement Saving

July 2, 2012 — 22 Comments

Here are some scary facts on American retirement.

  1. 36% of Americans said they don’t contribute anything to retirement savings , like a 401(k) or a IRA.
  2. 35% of Americans over the age of 65 rely almost totally on Social Security alone.
  3. 55% of American workers have less than $2000 saved for retirement.
  4. Starting this year, social security fund outflow exceeds the total inflow from payroll taxes.
Here’s the US census data on use of retirement saving in american household.

Now, here are 20 steps you should take today to secure your future. First let me introduce you to the terminologies, in case you need.

Retirement Saving Terminology

Rollover:  Thisis the term used for funds that an employee and employer have accumulated and have options to be transferred when the employee leaves the job.

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In Financial tips, Investment, IRA, Retirement, Roth IRA
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What If You Contribute Too Much To Your Roth IRA?

April 27, 2012 — 12 Comments

What happens if you contribute too much to your Roth IRA?

Contribute too much IRA

Believe it or not, it’s much easier to do than you might think. How? Suppose you max out your Roth IRA contribution at the beginning of the year, then as the year progresses, you receive a raise, a bonus, or perhaps your spouse goes from unemployed to employed. All of these events could increase your Modified Adjustable Gross Income (MAGI).

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In Investment, IRA, Retirement, Roth IRA , ,
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Roth IRAs vs. Traditional IRAs: For Filing Taxes and Your Retirement

March 22, 2012 — 2 Comments
This is a guest post from Kellie Englehardt, she sent me this post yesterday and asked if I accepted guest posts. After reading this and gauging its usefulness for your tax return, I decided to publish immediately. 

I sincerely hope at least some of my readers would definitely find it useful. usually I do not post on Thursdays, making an exception today. Enjoy and learn the following.

This year, taxes are due April 17, less than a month away. With the deadline quickly approaching, many people are wondering how they can cut their tax bill. One thing you can do, according to the IRS, is contribute to an IRA. A contribution will not only reduce your taxable income, but it will generate retirement savings as well. It’s a win-win situation.

The great thing about IRAs is that if you contribute before the tax filing deadline, the contribution counts toward your taxes.

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In IRA, Retirement, Roth IRA , , ,
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