Traditional 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 […]

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 […]

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 […]

What is a Roth IRA?

IRAs

No doubt most people have heard of a Roth IRA, after all, they’ve been around since 1998.  Although they’ve been available for over 11 years, I’m constantly amazed by how many people are just simply unsure of exactly what they are or what they do. The Basics: What is an IRA? An IRA is simply […]