What is a Roth IRA? A Roth IRA is an individual retirement account (IRA) that allows people to invest after-tax income up to a specified amount each year and then withdraw the earnings tax-free after age 59½ are tax-free. There are a lot of rules and stipulations to Roth IRAs, but they're a great investment! Here is a quick list of my favorite reasons why you should own a Roth IRA. Of course, there are many more, but here are the top 10 reasons to own a Roth IRA. What Is A Roth IRA? Top Ten Reasons To Own A Roth IRA 1. Tax-free … [Read more...] about Top 10 Reasons You Should Own A Roth IRA
Traditional IRA
Top 3 Investment Accounts to Invest in for Your Children
One of the most important things that you have to consider is what your goals are for the money you are saving for your children. Do you want to have more money for them to go to college with? Do you want to be able to help them buy them a car when they are 16 years-old? Do you want to save for your daughter’s wedding? The goal will drive which investment choice that you make. Here are three options for you to consider based on your goals. Three Accounts To Invest For Your Children 529 College Savings Account A 529 College Savings … [Read more...] about Top 3 Investment Accounts to Invest in for Your Children
Should You Pay Taxes For Your Roth Conversion From Investments?
A reader recently wrote in with the following question about converting a 401k retirement plan to a Roth IRA and the tax consequences. Should you pay for the taxes when converting a 401k retirement plan to a Roth IRA from the proceeds of your plan? The short simple answer is no! You should not pay for your taxes from money that was in your retirement plans during a Roth conversion. Taxes On Your Roth Conversion You will have to pay taxes when you convert a 401k retirement plan to a Roth IRA. If you use money that was once in your 401k … [Read more...] about Should You Pay Taxes For Your Roth Conversion From Investments?