When you leave an employer for non-retirement reasons, for a new job, or just to be on your own, you have four options for your 401(k) plan: Roll the assets into an individual retirement account (IRA)...
Tag: IRA
Roth IRA vs. 401(k): What’s the Difference?
Roth IRA vs. 401(k): An Overview Both Roth IRAs and 401(k)s are popular tax-advantaged retirement savings accounts that allow your savings to grow tax free. However, they differ where tax treatment, i...
Is an IRA a Qualified Plan?
A qualified retirement plan is an investment plan offered by an employer that qualifies for tax breaks under the Internal Revenue Service (IRS) and ERISA guidelines. An individual retirement account (...
We Are 70 Years Old, Have $99K in Retirement Income, a $1.4M IRA and Other Investments. Is It Too Late to Convert to a Roth?
Steven Jarvis, CPA My wife and I are 70 years old. We’ve paid off everything, including the house. Between my pension of $29,000 and Social Security, we’re getting a gross of $99,000 a yea...
IRA Spurs Clean Energy Boom, Electric Trucks Accelerate, Battery Demand Surges, EPA Cuts Power Sector Pollution
2022 was arguably the most important year in United States climate action: Landmark federal legislation and pro-climate state elections have paved the way for a clean energy boom in every corner of th...
As 2023 Dawns, Guidance On The Technology-Neutral Tax Credit Under The Inflation Reduction Act (IRA) Is Needed
Rep. Sean Patrick Maloney (D-NY) stands silently during a press conference on the the Inflation … [+] Reduction Act at Glynwood Boat House on August 17, 2022 in Cold Spring, New York. Getty Imag...
Crossing The Emissions Gap Between Inflation Reduction Act And 2030 NDC Is Worth 4 Million Jobs
The United States has gone all-in on climate and clean energy funding. The Inflation Reduction Act’s (IRA) $370 billion in emissions reduction funding, the CHIPS and Science Act’s $70 billion in zero-...
Leased electric vehicles now qualify for $7,500 tax break that kicks in Jan. 1
The U.S. Treasury Department will now allow electric vehicles that are leased to qualify starting Jan. 1 for up to $7,500 in clean vehicle tax credits. The law allows for a conditional $4,000 tax cred...
Congress just approved 401(k) and IRA changes that affect workers across generations. Here are the key points to know
Saving for retirement just got a little bit easier. Congress approved big changes that can help 401(k) and IRA savers put a little more money away for their futures. A series of new laws—known collect...
Is Berkshire Hathaway Suitable for an IRA?
Berkshire Hathaway (BRK.A, BRK.B) is a conglomerate holding company that is best known for its iconic chief executive officer (CEO) Warren Buffett—also known as the Oracle of Omaha. Buffett has been b...
Are SIMPLE IRA Plans Subject to ERISA Rules?
The Employee Retirement Income Security Act (ERISA) covers most employer-sponsored retirement plans including SIMPLE individual retirement accounts ( SIMPLE IRAs). SIMPLE IRAs were designed to make it...
Yes, You Can Benefit From Rising Rates—Here’s How
Getty Images The Federal Reserve finished the year with yet another interest rate hike. If inflation slows as expected, analysts still expect further increases of at least 75 basis points. You know ho...
How Your HSA Can Help
Medicine and money getty It’s no secret that healthcare costs are on the rise. In fact, a recent study by Fidelity showed that the average couple will spend over $275,000 on healthcare costs in ...
How To Decide Whether You Should Buy An Electric Vehicle
“” getty The Inflation Reduction Act (IRA), with an estimated price tag of $369 billion, has many provisions that make electric vehicles more attractive to motorists, but it’s not going to...
Recharacterizing Your IRA Contribution
At some point, you may want to recharacterize an individual retirement account (IRA) contribution to change the initial designation—either to fix a mistake or because you changed your mind. In other w...
Donating to Charity Using Money From an IRA
You spent your working years saving up for retirement. But you also made sure you donated regularly to charity. Once you’ve retired, your income may be limited. But you don’t want to give ...
401(k) and IRA Contributions: You Can Do Both
Do you have a 401(k) plan through work? You can still contribute to a Roth IRA (individual retirement account) and/or traditional IRA as long as you meet the IRA’s eligibility requirements. You ...
Robinhood Offers An IRA With A 1% Match
| Getty Images Key Takeaways Robinhood’s new IRA match program is unique and could inspire new investors to save for retirement. The 1% match pales compared to 401(k) match programs and only adds up t...
What Is a Spousal Roth IRA and How Does It Work?
What Is a Spousal Roth IRA? Typically, individuals need to earn income to contribute to a traditional individual retirement account (IRA) or a Roth IRA. However, if you’re married, you can use a spous...
I have $600K invested, but my financial adviser has only made one trade this year, and left $7,500 in cash in my Roth IRA. Is it time to get rid of him?
Question: My financial advisor has made one trade this entire year and has left $7,500 in cash in my Roth IRA since January. I had $600,000 in assets at the start of the year. Some minimal reallocatio...
If you’re over 72 with an IRA, make sure you do this before the year ends
If you’re 72 or older, you have a crucial financial deadline approaching. By year-end, owners of individual retirement accounts (IRAs) who are 72 or older must take their required minimum distribution...
Bitcoin IRA deposits at Genesis could leave retirees broke
Genesis Trading is struggling to raise new capital and warned of a possible restructuring in the wake of the FTX bankruptcy. It has frozen retirement funds held by Bitcoin IRA customers. Genesis recen...
Can You Have Both a 401(k) and an IRA?
The quick answer is yes, you can have both a 401(k) and an individual retirement account (IRA) at the same time. Actually, it is quite common to have both types of accounts. These plans share similari...
Bitcoin IRA complaints mount after axing Earn and adding altcoins
Bitcoin IRAs (individual retirement accounts) seemed like a simple concept to investors, particularly those accustomed to other types of retirement plans. So simple in fact that, in March 2021, as bit...
Can You Open a Roth IRA for Someone Else?
If you have a Roth individual retirement account (IRA), you probably already know that it’s a great way to save for your later years. But if you want to help a loved one kick-start their retirement fu...
Tax Changes Boost Retirement Contribution Limits For 401(k)s, IRAs In 2023
High inflation in 2022 has increased income limits and contribution amounts for IRAs and 401(k)s as … [+] well as other retirement plans in 2022 (Photo Illustration by Scott Olson/Getty Images) ...
Here’s the One-Word Secret to Lowering the Tax Hit on your IRA RMDs
Everybody hates being told what to do, and retirement investors hate it even more when being told what to do comes with a hefty tax bill – which brings us to the IRS rule known as required minimum wit...
How Republicans Will Attempt To Influence Energy Policy In 2023
WASHINGTON, DC – MARCH 18: House Minority Leader Kevin McCarthy (R-CA) talks to reporters during his … [+] weekly news conference in the U.S. Capitol Visitors Center on March 18, 2022 in W...
Are you prepared for year-end 401(k) deadlines?
As we approach the end of the year, now is a great time to ensure you’re getting the most out of your 401(k) plan. There are several opportunities to expand your savings, potentially minimize your tax...
Opinion: Roth IRA conversions: Take advantage of this limited-time offer to save on taxes
No one likes taxes, but everyone loves a sale. So the idea of a major blowout on Roth conversions in 2023 — a limited time offer, no less — might make it enticing to pay taxes now to avoid them in the...