Including a Look at the CARES Act According to a Government Accountability Office report released in 2019, Americans between the ages of 25 and 55 make early withdrawals of about $69 billion from their retirement savings accounts per year.That figure was before the coronavirus and its economic impact, which has included high unemployment rates and signs of a potential …Continue Reading
IRA Investment
The 2020 CARES Act, Hardship, and Retirement Accounts: What You Need to Know
For retirees and those saving for retirement, 2020 will go down as one of the strangest years in their lives. The movements in both the stock and bond markets have created crater impacts in many retirement accounts. It has also put a great strain on income and even job security.But for those struggling to deal with the economic impacts of this pandemic, there might be some …Continue Reading
How Are IRA and 401 (k) Withdrawals Taxed?
In a previous post, we defined withdrawals and distributions, and then we explored the differences between them.Now that you have a better understanding of what they are, let’s dig into the question that gnaws at us all: how exactly are withdrawals and distributions taxed?Part of the answer to this question involves looking at the differences between how the different …Continue Reading
IRA and 401(k) Basics: What Are Withdrawals vs Distributions?
The world of terms associated both with retirement finances as well as taxation can quickly seem overwhelming, which is why we’ve put together this primer. It’s intended to help you start to work through the differences between retirement account withdrawals and distributions; in our next post, we’ll tackle how these retirement accounts are taxed.Since withdrawals and …Continue Reading
6 Tips for How to Save on Crypto Taxes
Nobody’s ever really thrilled about paying taxes. Even though most of us do the right thing and file our annual tax return, it’s always interesting to learn about ways to reduce how much we owe. If we can be strategic with how we manage our finances and assets and also reduce our tax burden, why wouldn’t we?As you likely already know, you must pay taxes on your …Continue Reading
