IRAs: Build a tax-favored retirement nest egg

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IRAs: Build a tax-favored retirement nest egg

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January 23, 2024 , , ,

traditional IRA

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview of the basic rules and some of the recent changes.

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How to avoid the early withdrawal tax penalty on IRA distributions

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July 26, 2022 , ,

IRA distribution

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money.

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Retiring soon? 4 tax issues you may face

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June 8, 2021 , , ,

retirement tax

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications.

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Retiring soon? Recent law changes may have an impact on your retirement savings

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March 2, 2021 , , , ,

retirement savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

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Taking distributions from a traditional IRA

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November 17, 2020 , , , , ,

traditional IRA distribution

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes:

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