it can bring financial peace to pay off your debts. But you will be left with a high tax bill on the withdrawn funds. Withdrawing from a 401k means that you not only pay ordinary income tax, but an additional 10% penalty is added to the bill. Additionally, reduced cash will be availab...
as there is no available cash outside of IRAs to use to pay the tax on the conversion. Taking the cash from the IRA in the form of a distribution can result in a 10% penalty,
I wish this idea had come to me through my own genius brain power, but alas it didn’t. A client told me about it. Her son Martin was laid off last year. He was desperate to get out of debt and make money. He was a construction worker, and you can imagine how easy it is to...
While the money you contribute to a Roth IRA isn’t deductible like it is with a 401(k) or Traditional IRA, it DOES grow tax-free. Which means that your money can grow faster than if it’s held in a regular savings account or taxable investment account, since you aren’t losing mone...
The Simple Path to Wealth: Your road map to financial independence and a rich, free life Aug 1,2016 / ByThe Retirement Dude/ No Comment If you are investing any money, either in a work sponsored 401k, an individual IRA or even in individual stocks. This book is full of great informatio...