Tag Archives: roth ira

Roth IRAs: Put Your Child’s Summer Earnings to Work

With plentiful opportunities for teen employment this year, now is the perfect time to consider opening a Roth IRA for your minor child.

Here’s everything you need to know including what it is, how it works, and why it’s beneficial.

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Strategies to Pass on Wealth to Heirs

Strategies to Pass on Wealth to Heirs

Strategies to Pass Wealth to Heirs Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low interest rates and a volatile stock market.

Let’s take a look at some of them.

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What Is a Designated Roth Account?

Roth IRA contributionsMany 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money.

Check with your employer to find out if your 401(k), 403(b) or 457 governmental plan has a designated Roth account and whether it allows in-plan Roth rollovers or loans.

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Taking Early Withdrawals From Retirement Accounts

early withdrawalWhile taking money out of a retirement fund before age 59-1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know. Continue reading

Year-End Tax Planning for Individuals

year-end tax planningWith the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for next year. Continue reading

Retirement Contribution Limits Announced for 2019

bigstock-Couples-At-The-Beach-Holding-H-4134051 (1)Dollar limitations for pension plans and other retirement-related items for 2019 are as follows:

In general, income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the saver’s credit all increased for 2019. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan also increases from $18,500 to $19,000. Contribution limits for SIMPLE retirement accounts for self-employed persons increase in 2019 as well – from $12,500 to $13,000. Continue reading

The Reasons for a Roth Solo 401(k)


Solo Roth IRAHere is a way for a solopreneur to save much more for retirement. 
Provided by Gateway Financial’s Todd Pouliot, AIF.

Self-employed? Seeking to ramp up your retirement savings? You should look at the potential of the Roth Solo 401(k). If you are a high-earning solopreneur, this savings vehicle may be a great choice, because it allows you to make both employee and employer contributions to a 401(k) account in the same year. Continue reading