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What Are The Differences Between an IRA and a 401k

April 24, 2011 by Justin

The IRA and 401k are both types of programs established with the intent of allowing long term tax advantaged savings for your retirement years. They have similarities in how they are taxed, but differences in availability, provisions, and requirements. What is an IRA plan and 401k Plan An IRA is an Individual Retirement Account that […]

Filed Under: IRA Comparison Tagged With: 401K, IRA, roth ira, Traditional IRAs

When and How to Start IRA Withdrawals

April 24, 2011 by Justin

Hopefully, when you went to open an IRA, you did so with the intention of using it for long term retirement needs. The IRA concept is ideally suited for retirement savings and any withdrawals prior to retirement will diminish your long term plans. However, even if you do use an IRA for retirement, emergencies do […]

Filed Under: Roth IRAs Tagged With: IRA, IRA Withdrawal, roth ira, Traditional IRAs

Using a Roth IRA as Your Emergency Fund

April 24, 2011 by Justin

Opening a Roth IRA account is recommended for just about anyone who fits within the rules and who can afford to make a contribution. You can put in up to $5,000 per year ($6,000 if over age 50) of after tax dollars, and when you retire, start withdrawing all of the money in the account […]

Filed Under: Roth IRAs Tagged With: IRA Withdrawal, roth ira, Roth IRA Rules

What is a Roth IRA Conversion and How does it Work?

April 24, 2011 by Justin

Simply put… Roth IRA conversion is the process transferring of your money from a Traditional IRA or 401k plan into a Roth IRA. Rollovers into a Roth IRA from a Traditional IRA and 401k plans came to the forefront in 2010 due to a change in the tax law. Before 2010, the tax law stated […]

Filed Under: Conversions & Rollovers Tagged With: IRA Conversion, roth ira, Traditional IRAs

How to Open a Roth IRA

April 24, 2011 by Justin

Opening a Roth IRA account is really pretty simple. The problem is that there are so many choices of where to put your account that it can be confusing. You should go through a 5 step process in opening any Roth IRA account: Determine that you are eligible to open a Roth IRA Decide whether […]

Filed Under: Roth IRAs Tagged With: open an ira, roth ira, Traditional IRAs

Choosing the Right Investment for Roth or Traditional IRA

April 24, 2011 by Justin

Selecting investments for an IRA, either for a Roth IRA or Traditional IRA, can be intimidating to many people. There are so many advertisements that bombard you on the TV and in magazines touting that their approach is the best. Also, you may be inclined to think that you first choose where to open your […]

Filed Under: IRA Comparison Tagged With: IRA Investing, Opening an IRA, roth ira, Traditional IRAs

Prohibited Transactions in an IRA

April 6, 2011 by Justin

Some people can get pretty creative when it comes to taking tax deductions for all types luxury purchases or in making investments. A person might buy a boat and then try to deduct the purchase price from his taxes on the basis that he held a lot of business meetings on the boat — therefore, […]

Filed Under: Roth IRAs Tagged With: IRA transactions, roth ira, Traditional IRAs

How to Roll Over a 401k into an IRA?

April 6, 2011 by Justin

How to Roll Over a 401k into an IRA? If you’re covered under a 401k plan at work, odds are you will do a 401k Rollover sometime during your working career. Why? Most people change jobs at least once during their working years. A lot people change jobs a number of times. Once you change […]

Filed Under: Conversions & Rollovers Tagged With: 401K, 401K rollover, IRA rollover, roth ira, Traditional IRAs

Roth IRA Withdrawal Rules

April 4, 2011 by Justin

The Roth IRA is one of the best ways I know of to save for your retirement. You really can’t beat the tax free status of withdrawals at a time when your salary has stopped. Contributions to Roth IRA’s should be left in there at all possible costs so that you have the maximum available […]

Filed Under: Roth IRAs Tagged With: non-qualified distributions, non-qualified with exception, qualified distribution, roth ira, withdrawals

Roth IRA Eligibility

April 4, 2011 by Justin

It would be great to tell you that eligibility rules for a Roth IRA are easy, and you simply can or can’t open an IRA. But the IRS is involved here since it is tax law that governs Roths. And that always means the rules are complicated and have a lot of exceptions. One rule […]

Filed Under: Roth IRAs Tagged With: age, contribution limits, eligibility, income, income limits, roth ira

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