Planning and saving for retirement typically span decades of a person’s working years. Historically, planning boils down to maximizing contributions to an employer sponsored plan such as a 401(k), 403(b), or 457(b), in addition to an IRA. Traditional vs Roth Is it more beneficial to designate your contributions as traditional…
One of the more exciting provisions of the SECURE 2.0 Act, signed into law December 2022, is the tax-free rollover from a 529 educational savings account into a Roth IRA. This provision became effective in 2024 and will help to reduce or eliminate the problem of having unused funds in…
The fact is most taxpayers like the idea of having tax free income and paying less income taxes. It is true, qualified Roth retirement accounts can provide tax-free income to you during retirement, but what cost might you pay for this gratitude? For example, you contribute $5,000 per year to…
