If you are beginning to plan for your retirement or want to change your retirement savings account, you may be intrigued by a Roth IRA. Roth IRAs are popular retirement savings accounts, although contributions to Roth IRAs are not tax-deductible, any withdrawals from the account are tax-free. There are, however, some important factors to consider when choosing a... [ Read More ]
Real estate syndication is a strategy that investors can use to pool their resources and invest in large real estate projects. If you're looking to invest in large real estate projects but don't have the funds to get a project started on your own, syndication is a great strategy that you can use to get your foot in... [ Read More ]
Title I – Expanding and Preserving Retirement Savings Sec. 101. Unrelated small employers may now join together in defined contribution Multi-Employer Plans (MEPs), starting in 2021. Sec. 102. Raises the cap for automatic enrollment cap in employer-sponsored plans from 10% to 15% of pay after 1st plan year. Sec. 104 Small business owners with up to 100 employees... [ Read More ]
401k accounts are retirement accounts that are set up and managed by your employer. However, if you are a freelancer or entrepreneur that runs your own business, you may want to set up a 401k just for yourself. Many people don't realize they have this option, but it's a great way to build up your savings for retirement.... [ Read More ]
If you have a 401k, SEP IRA, simple IRA, or HSA, you'll be able to contribute more to your account(s) next year, which can help you build your retirement savings! The limit on contributions changes from one year to the next due to inflation. However, the limits don't change every year, and this year they don't impact all... [ Read More ]
Many people wonder if you can open multiple IRA accounts, and the short answer is yes, it is something that is legally allowed. However, just because it is legal doesn't necessarily mean that it's something you should do. There are many important things to take into consideration when opening multiple IRA accounts. Here are the key questions you... [ Read More ]
If you want to supply your employees with retirement benefits, you have three major options. You can offer 401(k), SEP IRA or SIMPLE IRA plans. Each solution provides different advantages, so it's wise to learn the details on all three options and carefully compare them before making a choice. Contributions The SIMPLE IRA limits total yearly employee deposits... [ Read More ]
When you leave a job where you had a 401k retirement plan, you'll need to determine what you want to do with your account. You have the option to rollover your account to an IRA or individual retirement account. Many people prefer a Roth IRA to a traditional IRA. With a traditional IRA, you don't pay taxes on... [ Read More ]
Solo 401k plans are employer-sponsored retirement accounts that offer self employed individuals with no common law employees other than a spouse the opportunity to establish a Profit Sharing Plan. Many companies offer solo 401k accounts to their employees, but not many people understand exactly how they work. Here's what you need to know about your solo 401k before... [ Read More ]
The internal revenue service (IRS) decree holds that Individual Retirement Accounts (IRAs) should have a custodian. The custodian is a financial institution that holds the account's investments just for preservation. The custodian also ensures that all the government and IRS regulations are honored accordingly. While custodians are very easy to find, the problem is how to make the... [ Read More ]