If your child has a summer job consider starting a Roth IRA for them. You can match their earnings and open an account in their name. You have now created a life time of tax free compounding of earnings for your child. What a gift! This article provides good insight on the topic. …you can contribute up to the amount of money they earned last year…
CONTINUE READING >Save too much? Everything I read says we are not saving anywhere near enough to handle our years beyond working. However this article makes some great points for those that have been putting everything they can into their 401(k) and IRA accounts. These accounts come with Required Minimum Distributions (RMD’s). Postponing withdrawal from these accounts can only last until you reach 70.5 and then you have to…
CONTINUE READING >What’s your percentage of savings? Over 75% of people are saving less than 5% of their annual income and less than 15% of Americans are saving the recommended minimum of 15%. This article shows the breakdown of savers and who are the best at saving. The goal is wherever you are with your savings rate is to make small changes as your income grows and your…
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