Using IRAs to Help Children…in 5 Easy Steps
Can children have IRAs? There is no minimum age for having an IRA. Due to the power of compound interest, saving tax-free in an IRA from childhood can provide a significant head start on financial security. Saving $6,000 in an IRA annually form age 14 through 24 and earning 7% per year prov …
Contributing to a Health Savings Account (HSA)…in 5 Easy Steps
What is an HSA? An HSA is a tax-advantaged medical savings account that can be used tax-free for qualified medical expenses. HSAs are designed to be used in conjunction with a High Deductible Health Plan (HDHP). HSAs offer triple tax advantages: contributions are deductible, earnings are ta …
Cash Balance Plans
What is a Cash Balance Plan? A cash balance plan is a type of defined pension that offers retiring employees either a lump-sum payment, which can be rolled into an IRA, or a fixed income stream.
Using a Tax Refund to Fund an IRA…in 5 Easy Steps
What does the basic process entail? An income tax refund can be directly deposited to an IRA up to the annual contribution limit. The contribution limit is $6,000 ($7,000 for individuals age 50 or older) for 2020 and 2021. It can also be split among multiple accounts.
Top 10 IRA Rollover Mistakes
IRA-to-IRA Rollovers and Roth IRA-to-Roth IRA Rollovers Mistakes: Using 60-day IRA rollovers instead of using transfer to move IRA funds. Once-per-year rule is for all IRAs and Roth IRAs IRS has no authority to correct these mistakes.
Choosing the Right Financial Advisor…in 5 Easy Steps
Why do you need a financial advisor? Today’s financial landscape is as complicated as ever. A good financial advisor can help navigate this complexity so that you can make educated, informed decisions on what is best for you and your family.
Avoiding Mistakes in a Divorce…in 5 Easy Steps
Retirement accounts and divorce. When a divorce occurs, the financial assets of a couple, including their retirement accounts, are often split. If mistakes are made during this process, the stress of a divorce can be compounded when one or both spouses find that they are subject to unnecess …
Millions of adult dependents won’t get coronavirus stimulus cash
WASHINGTON — Most Americans in Texas and beyond will soon get checks worth up to $1,200 as part of Congress’ sweeping coronavirus relief package. But Isabella Rios will not be among those cashing in.
