Posts by Rick

8 Common IRA Mistakes that Impact Your Retirement Savings

Posted by on Mar 27, 2017 | 0 comments

Individual Retirement Accounts, or IRAs, are particularly useful tools for retirement planning. It’s important to make the most of your IRA while you’re still young, so you have a larger nest egg to fall back on later in life. Here are 8 common IRA mistakes that might be taking a toll on your retirement savings: Not Contributing to It: This is by far the most serious mistake you can make, even if it’s only one year that you don’t contribute. Most of your retirement income will come from money you’ve saved in the account, not the gains on those savings. However, missing a single...

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5 Smart Ways to Maximize Your Retirement Savings with an IRA

Posted by on Mar 20, 2017 | 0 comments

Whether you already have an IRA or are planning to open one, there are a few things you should keep in mind. This account is more than a “piggy bank” where you put away extra cash every few years, but can prove to be a valuable personal finance tool for your future security. In fact, it’s likely to be your main source of retirement income. These 5 tips will help you save the right way, improve gains and leverage tax benefits for your IRA: 1. Save As Much As Possible  Maximize your contributions as far as possible, since compound interest allows even small sums to grow tremendously over...

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Tax Planning for Entrepreneurs: Are SEP IRA Contributions Tax Deductible?

Posted by on Mar 13, 2017 | 0 comments

Owning and running your own business or even freelancing gives you the independence and freedom of doing what you want, on your terms. It is indeed a powerful feeling. But, where there is such freedom, there is a catch, what about saving for retirement? Who will do that for you? For business owners, freelancers and self-employed individuals, a Simplified Employee Pension or SEP IRA is a great way to save for retirement, help employees build a nest egg and take some tax credit in the process. Let’s take a closer look at the tax advantages offered by these plans. Are SEP IRA Contributions Tax...

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SEP IRA: What Is It and How Does It Work?

Posted by on Mar 3, 2017 | 0 comments

If you’re an entrepreneur or self-employed, no one provides you with a pension plan. It’s important to build a retirement fund to support yourself and/or your dependents when you retire. If you have employees, you may also want to set up a retirement plan for them, and enjoy some tax breaks in the process! Enter the Simplified Employee Pension plan, also known as an SEP or SEP IRA. Let’s look at what this plan offers, how it works, and how you can use it. What is a SEP IRA? SEP IRAs are employer-sponsored retirement plans that allow employers to make tax-deductible contributions to a...

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Investing in Real Estate with IRA Money: What Are Your Options?

Posted by on Feb 24, 2017 | 0 comments

Funds in your IRA are usually off-limit till you reach the age of 59½, unless you want to pay a 10% penalty for early withdrawals. However, there are some exceptions for those who want to use IRA funds to purchase an investment property. Tapping into your nest egg may seem like the only solution when you’re looking at huge down payments. Still, it’s best to avoid dipping into your retirement fund unless you qualify for the first-time homebuyer exemption, or have no other choice. Let’s consider the options available when you want to use IRA to buy a house, or build/rebuild your first...

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