Self-employed people can feel like they’re at a disadvantage when it comes to saving for retirement. Without an employer-sponsored retirement plan, it’s up to you to open a retirement account and put money away. For that reason, many small business owners wait until the business is consistently earning healthy profits to start saving for retirement. […]
Is a SEP-IRA or 401(k) Better? Read More »
Have you been saving for your retirement? If you’re making a high enough income, you’re likely building up healthy retirement savings. If you’ve also been receiving a match on your contributions from your employer to a 401(k), you’re likely doing even better. But regardless of which retirement accounts you’re using, you’ll face the hefty 10%
Avoid early IRA withdrawal penalties by using the 72(t) rule Read More »
I am always looking for ways to put more money into my retirement. Chris and I currently have 10 (yes ten!) retirement accounts with a mixture of pre-tax and post-tax accounts. Each account has its own unique set of rules, contribution amounts, and investment strategies. For example, Chris, at his neurosurgical practice, has a 401k
Step-by-step tutorial of the Mega Backdoor Roth through Fidelity Investments Read More »
Most people, regardless of how much income they earn, are taught that setting aside money in an employer-sponsored and/or individual retirement account is the best way to ensure that money will be available in the future. But the truth is, that’s only partially right. While saving and investing can certainly help you to build up
How to make sure you keep your retirement money Read More »
What tax effect would death, retirement, or disability have on you or your business? Here’s an easy example to illustrate. Let’s say that in 2017, you purchased for business use a pickup truck with a gross vehicle weight rating greater than 6,000 pounds. Asserting that you use the pickup 100 percent for business, you expensed
Impact of Death, Retirement, and Disability on the 179 Deduction Read More »
Roth IRAs tend to get a lot of hype, and for good reason: because you pay the taxes up front, your eventual withdrawals (assuming you meet the age and holding-period requirements—more on these below) are completely tax-free. While we like “tax-free” as much as the next person, there are times when a traditional IRA will
Roth IRA versus Traditional IRA: Which Is Better for You? Read More »
