There is no one-size-fits-all solution to retirement planning. As any financial planner will tell you, getting the most out of your savings takes putting thought, goals, and solid steps into place throughout your career.But that doesn’t mean the rules for retirement are changeable based on what’s right for you.There are very specific milestones we all observe on our way …Continue Reading
Retirement Taxes
5 Common IRA and 401(k) Tax Mistakes + How To Avoid Them
Individual retirement accounts (IRAs) allow people to leverage tax benefits while also saving for their future. But the language that regulates retirement savings can sometimes seem equally excessive and complex. This problem is particularly evident come tax time.IRAs can offer tax deferrals and tax deductions while even lowering tax consequences. However, they can also …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
How To Avoid Taxes On IRA Withdrawals Inside Your IRA
Avoiding taxes on IRA withdrawals can prove to be a great benefit to any individual's retirement plan. Here are some of the things people need to do to avoid paying withdrawal taxes inside their IRA.RELATED: Social Security Tax: What Is It For And How Much Do I Pay For It | Inside Your IRAIn this article:Consider the Type of IRA: Traditional IRA vs. Roth IRA …Continue Reading
