Articles Categorized in: Blog

Why is My IRA Losing Money in One Year?

As IRAs are designed as long-term investments, their values may experience fluctuations. Even for those still years away from retirement, any annual losses shouldn’t cause too much distress. But if the value of your IRA continues to dwindle, now may be the time for action to be taken. 1. You’re Not Making Contributions An Individual Retirement Account, or IRA, can be an ideal retirement savings vehicle for those without access to workplace retirement plans such as 401(k). An IRA offers...
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Can I Roll a 529 Plan Into a Roth IRA?

If you have some extra funds in a 529 plan that are unclaimed, one option for investing it could be rolling it over into a Roth IRA. However, you should keep several factors in mind when rolling over funds: (1) your rollover amount cannot exceed $35,000 in total and (2) it counts towards and is subject to annual IRA contribution limits. What is a 529 plan? Parents often feel responsible for leaving enough funds behind for college tuition and living...
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Can You Buy Gold Bullion in a Roth IRA?

If you’re thinking about purchasing gold bullion in a Roth IRA, keep in mind that the IRS generally prohibits these accounts from owning collectibles; however, there may be ways around this restriction. As an alternative, consider investing in an ETF or mutual fund that invests in mining stocks as opposed to actual gold coins and bullion. Taxes Gold IRAs can provide an effective means of diversifying your retirement portfolio and protecting against inflation, but before investing, it’s crucial that you...
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What Type of IRA Should You Have?

An Individual Retirement Account, or IRA, provides tax-advantaged savings and investment. Traditional IRAs grow their earnings tax-deferred, while Roth IRAs do so tax free. Determining which IRA account best suits you depends on your unique situation and goals. Individuals looking for more direct control should look towards online brokerages; those who prefer passive investing could explore options like Betterment’s Robo-advisor service. Traditional IRA Traditional IRAs are an attractive investment choice for most people, since you can deduct contributions and see...
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Avoiding Tax on IRA Withdrawal

Withdrawals made before age 59 1/2 from an IRA account are usually subject to income tax and a 10% penalty; however, there may be exceptions. Consult a financial planner in order to plan IRA withdrawals in an tax-efficient way. They have an eye on long-term planning and may know about tax moves you haven’t considered yet. Taxes on IRA withdrawals The IRS typically taxes withdrawals from traditional Individual Retirement Accounts (IRAs) and employer-provided plans like your 401(k) as ordinary income,...
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