The best way to beat taxes is by investing in your retirement plan.
Congress and the IRS decided that you cannot leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin mandatory withdrawals.
The average 401(k) balance came in at $80,600 at the end of the second quarter of this year (2013) according to a report released by Fidelity, which represents 12.4 million U.S. workers.
According to the Employee Benefit Research Institute’s latest study on borrowing, about 20% of IRA participants have outstanding loans from their plans.
So often I hear from listeners who are about to retire and they realize they fall into the category of having too many retirement plans.
The more money you have the more options you will have in retirement.
Couples are marrying later in life, and that means merging two households.
The spousal IRA is an IRA funded for a spouse with little or no income by a working spouse with income.
IRAs are a very useful tool for retirement planning but not enough folks are contributing to them that are eligible to use them.
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.