Mario Tama/Getty Images Markets may have rebounded in 2009, but individual investors are still edgy and shell-shocked. Even as the broad Standard & Poor’s 500-stock index remained up 56% since March, the U.S. unemployment rate crept above 10%, according to a Labor Dept. report released Nov. 6. “I don’t think many people are feeling very [...]
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As a way to encourage individuals to move their funds from traditional IRA accounts and covert to Roth IRA accounts the government has instituted the 2010 Roth IRA conversion. This conversion, when planned and completed properly will be a great opportunity for individuals who are planning their retirement. The impetus of the 2010 Roth IRA [...]
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There are two forms of life insurance policies available. The first is Domestic or International Term Life insurance, which is the most basic form of insurance. It offers insurance death benefit coverage and that’s it. With a term policy, your premiums are applied 100% to the cost of the term insurance. As you age and [...]
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If you earn relatively little, there’s good news for your 401k: a federal tax credit. A tax credit is better than a deduction because it directly reduces the amount of taxes you owe, making it as good as cash. Unfortunately, the federal tax credit is limited. Eligibility for Retirement Savings Contribution Credit (in 2008): Single [...]
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Similar to an employer sponsored 401k, an IRA is a tax deductible defined contribution retirement account. It does not require an employer to be a sponsor and one can be opened at a variety of financial institutions. As a retirement investment, an Individual Retirement Account (IRA) has multiple advantages and disadvantages: Pros: Tax deferred until [...]
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There is a common misconception that the only real retirement option for self employed individuals is a SEP-IRA. A lot of advisers aren’t too familiar with the Solo 401(k) and especially the solo(k) with a Roth option. What is the difference? Here is a general breakdown of the two: SEP IRA’s allow for tax-deductible contributions [...]
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The 401k maximum contribution limit changes every year, so if you are looking to contribute as much as possible and take advantage of your retirement plan you’ll want to keep up to date with the new limits. As of 2009 you can invest up to $16,500 if you are under the age of 50. If [...]
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The 401k deduction for taxes that is often discussed is not actually a tax deduction, it actually just puts a hold on paying taxes on the money you invest until you withdraw during retirement. This is a helpful tactic though, and one that will help you grow your retirement savings considerably. A traditional plan is [...]
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A follow up to my previous article: Roth Conversion in 2010, Don’t Do It. I see your still getting conflicting opinions about converting a traditional IRA to a Roth in 2010 when there are no IRS income restrictions. And, it is still not a good financial decision. There is actually a very easy way to [...]
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