Retirement planning, tax qualified retirement plans (401(K), IRAs, etc.), mutual funds, insurance used in retirement planning, estate planning (tax planning, transfer of assets, creditor protection).
Comprehensive financial planner, 14 years; Executive Director, Association of Christian Financial Advisors, the nation's largest nonprofit financial planning network. Financial writer and frequent contributor to journalists and media sources.
Association of Christian Financial Advisors (Executive Director), National Association of Insurance and Financial Advisors (NAIFA).
BBA, MAS; Securities licenses, FINRA Series 6, 63, 65, 22
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The intent of a Traditional IRA is to use pre-tax earned income. Effectively, it doesn't matter from what account the funds are moved into the IRA, the total annual contribution cannot exceed your annual
The rule among most advisors (including myself) in most cases is that one participate in the 401(k) to the point where the employer matches, as you have. After that, assuming one is eligible, one should
Social Security payouts are actuarial. On average, it makes no difference when one begins collecting. If one starts earlier, the monthly amount is correspondingly smaller. If one delays receiving benefits
I am terribly sorry for the time it's taken to respond to this question. All of the advisors I spoke with in my network agreed with me that you can make the additional withdrawal immediately after completing
IRA contributions affect only income tax, not payroll taxes. ALL contributions are pre-tax regardless of the source or timing of the funds, as one deducts the total contribution upon filing one's tax
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