Traditional IRA Rules and Limits for 2024
With all the concern these days about the Roth IRA, traditional IRAs may be in danger of getting lost. But for many of the same reasons that a Roth IRA is so important, traditional IRAs continue to be valuable. I admit it – I’m a big fan of the Roth IRA. I think everyone should have one. But there are …
READ MORE
What’s the Best Health Savings Plan for You?
‘Tis the season of open enrollment and if you are like me, you’re trying to figure out what you’re going to do about your health insurance for the coming year. On top of choosing the right coverage, you also have to decide what additional health savings plan works best for your situation. Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRA), …
READ MORE
Ask GFC 031: Can I Still Contribute to an IRA – Even if I Don’t Get a Tax Break?
IRA and Its Tax Benefits Individual Retirement Accounts (IRAs) are a cornerstone of retirement planning in the United States. They offer significant tax advantages, such as tax-deferred growth and, in some cases, tax-deductible contributions. These benefits make IRAs an attractive option for individuals looking to save for retirement. However, not everyone qualifies for these immediate tax benefits. High-income earners, in …
READ MORE
Should You Invest in a Roth IRA or Thrift Savings Plan?
Saving for retirement is one goal commonly shared by most individuals. Unless you are independently wealthy or inherit enough money to feel confident you will never have to rely on savings (I did not have either one of these), you most likely want to put money aside during your working years to ensure your comfort and security when you retire. …
READ MORE
401(k) Limits for Highly Compensated Employees
Most people recognize that a 401(k) is one of the very best retirement programs available. If your company offers one, you should definitely take advantage of it.It allows for more generous contributions than most other plans available to employees and often comes with an employer matching contribution. But what most people are less aware of is that there are 401(k) …
READ MORE
Can You Rollover a 403(b) Into a Traditional IRA? Absolutely!
With most people transitioning through several employers during their career, it is fairly common for them to leave a trail of employer-sponsored retirement accounts behind. While it’s possible to let each of these accounts continue growing on their own, this is rarely the best option for your finances. In fact, you would almost always be much better off taking your …
READ MORE