As we enter the new year, we want to share some best practices for investors regarding their IRA. Galleon suggests the following: 1 - Contribute the maximum amount. For the 2021 and 2022 tax years, investors under age 50 can invest up to $6,000 (or the lesser of taxable compensation) in their traditional and Roth [...]
The new year saw new federal legislation (SECURE ACT 2.0) enacted to make it easier for retirement plan participants to save even more, and to make it easier for plan sponsors to offer plans and enroll participants. The SECURE Act 2.0, enacted in 2019, is a follow-up to the SECURE Act, which was enacted [...]
Saving for retirement is easy and simple if you have a 401(k) plan while you work. But what if your employer doesn't offer a pension plan? Or, what if you are self-employed? Fortunately, you have options for saving for retirement. 2 options designed for all investors Consider contributing to a Traditional IRA or Roth [...]
Recently, many of my clients have come to me with questions about converting to a Roth IRA. Moving money from a traditional IRA to a Roth IRA (often referred to as the “pay taxes now or later” debate) presents some complications. It's also irreversible, so it's understandable that many investors struggle to make the [...]
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