If you are age 50 or older and eligible to contribute to an IRA or employer-sponsored retirement plan, you may be able to deposit more than the maximum amount each year with catch-up contributions.
While it may sound like a good idea at first, there are serious tax implications to consider when taking an IRA distribution before retirement age.
You may think you have plenty of time to save for retirement, but the truth is it's never too soon to start. Saving early and regularly, even if a small amount, can make a difference over time.
Your IRA or other qualified retirement account is a useful vehicle for building long-term retirement savings, but it's important to have separate savings for those rainy day emergencies.
By saving even a small amount each month and letting those returns build on each other, Derek will be much more prepared for retirement than Melissa who waited to save.
Diversifying your portfolio can help protect against market volatility and help you reach long-term financial goals. Let's break down an alternative strategy for diversification.
For years, you've been putting away money into your retirement fund, looking forward to the day when you can say goodbye to work and enjoy your golden years. But just having a retirement nest egg isn't enough – you also need a retirement income strategy.
It may be hard to believe you've finally reached retirement – a day you thought would never come! Now you have to ask yourself, what is the best way to manage my savings so that they last for the years ahead?
When you're in your 20s and 30s, retirement feels like a far off concept. But then, you reach your 40s and 50s, and suddenly retirement becomes a not so far off reality. Here are some considerations for maximizing your money during peak earning years.
Sometimes it may feel like it was just yesterday that you started your first job and began saving. But are you regularly reviewing your investments to make sure you're staying on track?
People often think that saving for retirement is something that can be put off until later. But the truth is, your 20s are the most important years to think about saving early and often.
How can contributing to a regular IRA help you in your retirement?