Now is the perfect time to top up your retirement accounts to ensure you are well-positioned for the future. Before the end of 2024, aim to top off retirement savings plans and take your RMDs if appropriate. Retirement account changes to make before 2024: Until December 31, you can contribute up to $22,500 to your … Read more
Grandparents often worry about the financial future of their beloved grandchildren, especially with rising college costs and economic uncertainty. To ease these concerns, there are several effective ways for grandparents to give money to their grandchildren. Here are seven options that can provide peace of mind and support your loved one’s financial well-being. 1) UTMA … Read more
Cryptocurrencies have surged in popularity, with many considering them potential retirement investments. A 2024 Investopedia Financial Literacy Survey revealed that about a third of investors below age 55 intend to depend on cryptocurrency for retirement. The volatile nature of the crypto market raises concerns about the use of cryptocurrencies for retirement. In 2024, Terra blockchain’s … Read more
It is common for Americans to struggle with debt while saving for retirement. According to various surveys and reports, many Americans have an obligation that they are trying to manage while also saving for retirement.
High-income individuals are prohibited from making direct contributions to a Roth IRA. If your income prevents you from making Roth contributions, a backdoor Roth IRA conversion might be a terrific method to take advantage of.
President Biden’s spending package contains increased access to retirement plans, new restrictions for 529 accounts, and matching payments for student loans. In 2023, after a bad year for retirement savings, new legislation may make it slightly simpler to set away funds. The amendments, which were included in an omnibus funding measure signed by President Joe … Read more
Retirement is a stage in life that every working individual looks forward to, but it can be scary for unprepared people. Many factors should be considered when planning for retirement, including how you will support yourself financially. Fortunately, many retirement income sources are available to help you plan and save for the future.
For some, retirement might feel so distant as to be unimportant to address today. However, many would argue that it is impossible to start saving too early, as the earlier you begin, the sooner you may be able to retire.
There isn’t much time left for lawmakers to Pass the Secure 2.0 Retirement Act. After the November elections, lawmakers will make a final effort to approve Secure 2.0, the most important retirement reforms Congress has contemplated in years.
In most cases, you are already familiar with traditional IRAs and Roth IRAs, but you are not sure exactly how they differ and how they are the same. Here’s a quick breakdown of Roth vs. traditional IRAs.