According to the Employee Benefit Research Institute’s latest study on borrowing, about 20% of IRA participants have outstanding loans from their plans.
The more money you have the more options you will have in retirement.
A rollover IRA is when you transfer money from a retirement account into an IRA.
Most tax filers are getting a refund after they file their 2012 return. With the average refund running about $3,000, a lot of people will be thinking about what to do with the extra cash.
Congress and the IRS decided that you could not leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin your mandatory withdrawals.
The number I am looking for is actually 59½!
Age 55 seems to be a magical number; still young enough to travel or start another career.
Congress realized a couple of years back that most workers will not have enough retirement savings set aside for their golden years.
Tax law changes made several years ago put traditional retirement plans on an equal footing.
It sounds so good, borrow from yourself, and pay yourself back! When you do the actual calculations it doesn’t work that neatly.