Joe Udo
No matter when you take the money out, you’ll pay income tax on your profits. On top of Uncle Sam’s penalties, you have to worry about the insurance company’s too. They usually penalize you if you don’t hold on to the investment for a fixed number of years. This varies ...
If more cash is needed, Jane can considera backdoor Roth IRAstrategy whereby you convert a traditional IRA into a Roth. This can be a very high tax event, so tread carefully. How Would This Work? Based on the low annual expense estimates above, this should carry them through ...
(k) loan, unless you repay it. You can avoid taking the tax hit by rolling over the outstanding balance into an IRA or another eligible retirement plan by the due date (after extensions) for filing your federal income tax return for the year in which the loan was characterized as a ...
► Is the Roth IRSA really an advantage?► How to Use 529 Pans - EVEN IN RETIREMENT!► The old standby - municipal bonds► Sell your house and pay $0 Capital Gains► How 85% of Retirees pay $0 tax on Stock Dividends and Capital Gains► Pay the lowest amount (or maybe $0)...
Mrs. RBD has a traditional IRA rolled over from her previous employer and a Roth IRA we opened shortly after getting married. That’ssix different accounts, each with a specific purpose — all at Fidelity. I also had a rollover IRA atVanguardthat was my crappy 401(k) plan from my previo...
If I’m to retire at age 55 or earlier, I want to primarily fund my lifestyle with taxable funds so that tax-advantaged savings can be utilized after 59 1/2. Each year Imax out my 401k,my Roth IRA, Mrs. RBD’sspousal Roth IRA, and529 plansfor all three kids with my salary inco...
My employer just let me go after 14 years. I'm using this opportunity to spend time with my family, work on my side business, and find better opportunities.