IRA

Is Social Security Income?

Retirement
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Here’s a question about Social Security that I came across not too long ago: I’m in my 60′s and am receiving Social Security every month.  How much, if any, can I still contribute to my Roth IRA? In other words, the question is  – Is Social Security income?  Or more specifically, is it earned income.  [...]

8 Exceptions to the 10% Penalty for an Early IRA Withdrawal

IRAs
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Need cash?  Thinking about taking an IRA withdrawal? Think long and hard because you may have to pay  a nice little 10% penalty for early IRA withdrawals! IRA penalty – Oh yeah, Uncle Sam will love you! If you are age 59 1/2 or older, you can take an IRA withdrawal without any penalties at all. If [...]

IRA Withdrawal Rules – When Can You Withdraw Your IRA?

IRAs
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For some reason I get this question a lot, so I thought I’d provide a little clarification on IRA withdrawal rules. Individual Retirement Arrangements or IRAs were designed to provide an opportunity for folks to save for retirement on a pre-tax, tax-deferred basis.  In other words, the money grows without having to pay any taxes on [...]

5 Things Every Baby Boomer Must Know About Retirement Savings

401ks
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According to Wikipedia, Baby Boomers are those who are born between 1946-1964 – meaning they range in age from 46-64 years of age. Retirement is certainly on their minds and they are concerned about how much they need for retirement savings. As baby boomers approach the magical age, there are some pretty important things to [...]

How to Grab an Extra $150,000 for Retirement

Personal Finance

Who doesn’t want a little extra cash for retirement?  Of course, we all do.  But since money doesn’t grow on trees we have to find a few ways to create our own money tree. Let’s take a simple look at how easy it could be to grab some extra cash for retirement, but first let’s start [...]