IRA Guides

Articles, guides, and reviews about various individual retirement accounts (IRAs) and Roth IRAs.

Pretax or Roth Contributions: Which is Better For You?

Understanding Pre-Tax Retirement Accounts Pre-tax retirement accounts allow you to contribute pre-tax income, reducing your annual taxable income. This immediate tax benefit can be substantial, especially for high earners. Your investments grow tax-deferred, and you pay taxes upon withdrawal during retirement, typically when you may be in a lower tax bracket. Common pre-tax retirement accounts…

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Roth Vs. After-Tax Contributions

Introduction to After-Tax vs. Roth Contribution Types When planning for retirement, understanding the nuances between after-tax and Roth contributions is essential for maximizing your savings and minimizing tax burdens. Contributions to various Roth accounts, such as Roth IRA, Roth 401(k), Roth 403(b), and Roth 457, all use after-tax dollars but offer different benefits and limitations.…

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457 Plan vs. Roth IRA

Understanding Roth IRAs and 457 Plans Roth IRA: A Roth IRA is an individual retirement account that allows you to make after-tax contributions. The major benefit is that your investments grow tax-free, and withdrawals are tax-free in retirement. It’s available to anyone with earned income within the IRS income limits, providing a broad range of…

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The Reasons You Can Withdraw From Your Retirement Plan Without Penalty

How To Avoid Penalties From Your IRA or 401(K) Ensuring you maximize your retirement savings is crucial, and one way to achieve this is by avoiding penalties on early withdrawals from your IRA or 401(k). Here are some strategies to help you navigate these potential pitfalls effectively: Medical Expenses If you incur unreimbursed medical expenses…

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Roth IRA vs. 403(b): Which is Better?

Roth IRA and 403(b): What Are They? Roth IRA: A Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement. Unlike traditional IRAs, contributions are made with after-tax dollars, and you can withdraw the contributions and earnings tax-free after age 59½, provided the account has been open for at…

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How To Pass Money To Heirs Tax-Free

Utilizing Annuities with Enhanced Death Benefits When planning your estate, it’s essential to consider strategies that can help minimize the inheritance tax burden on your loved ones. One effective method is using annuities with enhanced death benefits. These financial products offer significant advantages for individuals who are planning their estate. Leveraging Deferred Annuities with Premium…

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Required Minimum Distributions Basics With RMD Calculator For 2024

What are RMDs? Required Minimum Distributions (RMDs) are the minimum amounts you must withdraw annually from your retirement accounts, such as IRAs and 401(k)s, starting at age 73. The IRS mandates these withdrawals to ensure that retirement savings are eventually taxed. Required Minimum Distributions – RMD Calculator To calculate your required minimum distributions for 2024,…

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How To Protect Your Retirement Accounts From A Stock Market Volatility

Understanding Fixed Index Annuities A Fixed Index Annuity (FIA) is an insurance product that offers you a way to grow your retirement savings while protecting your principal from market downturns. Unlike traditional investments tied directly to the stock market, FIAs offer the security of a guaranteed minimum interest rate and the potential for higher returns…

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Annuity Vs. IRA: Which is Better for Retirement?

Annuity Vs. IRA Feature Annuity Traditional IRA Purpose Designed for long-term investment and income during retirement Encourages saving for retirement with tax-deferred growth Contributions Made with after-tax dollars; no annual contribution limit Pre-tax contributions; subject to annual contribution limits Taxation on Earnings Tax-deferred until withdrawal Tax-deferred until withdrawal Investment Options Fixed or variable returns based…

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