Roth IRA
There are many roads to financial security, but whatever path you follow, there are some mandatory steps everyone ought to take along the way. Alexa von Tobel, founder of LearnVest.com, cuts through the thicket of advice to give us her essential keys to sound money management.
There are several major flaws in the classic "retirement as a goal" scenario, but you're not locked into it. If you've avoided major debt and have an education that allows you the freedom to re-imagine the concept, you could completely change your life.
Although the end of 2011 is near, it's not too late to make sure you don't owe more to the IRS than you need to on April 15. Here are some tax-smart moves to make before you head out to that New Year's Eve party.
When you contribute to a traditional IRA, you can deduct that money from your taxable income that year. When you contribute to a Roth IRA, you don't get the immediate tax benefit -- but you withdraw your money tax-free in retirement. It's also possible to convert from a traditional to a Roth, but you have to pay taxes to do so. A reader named Ron wants to know how that works, and when he'd have to pay the taxes. DailyFinance's Laura Rowley explains.
4 More Smart Tax Moves for the Holiday Season
11:20AM 11/07/2011
Thanksgiving's still two weeks away: You're getting ready for Black Friday, not April 15. But all those one-day deals pale next to what you could save on your taxes by taking a few smart steps before Dec. 31.
4 Holiday Season Tax Moves That'll Pay Off in April
1:00PM 11/01/2011
With Thanksgiving still three weeks away, taxes are probably the last thing on your mind. Still, much as you might groan at the thought, there are some smart steps you can take between now and Dec. 31 that will make a real difference when it comes time to deal with the IRS next spring.
The Next Big Threat to Your 401(k): A Tax Break Shake Up
9:00AM 9/22/2011
It's bad enough the stock market has been beating up on most of our 401(k)s lately. Now, legislators and big thinkers are debating a variety of proposals to reduce the tax benefits of saving in 401(k)-type plans. And the results could be bad for America's rich and poor alike.
Here's another reason not to panic about about the prospect of a bear market: Doing a Roth conversion while the market's down can save you in taxes. It's a little complicated, but completely worth it. Read on to find out how.
Are Annuities Right for Your Retirement?
8:00AM 7/06/2011
With memories of the stock market's 2008 tumble still fresh in investors minds, many are scared of stock and are seeking "guarantees" instead of chasing returns. Because of this, for many, annuities have never looked more tempting. But is an annuity a good choice for you?
Retirement Savings, Part Three: Alternatives to Employer Plans
3:30PM 7/01/2011
Retirement, Bank of America, Charles Schwab, Personal Finance
First, we covered how to manage employer-sponsored retirement plans like 401(k)s. Next, we explored what to do if you've lost your job, and with it your access to a plan. In part three, we explore options for the unemployed, self-employed and those who are otherwise locked out of employer-offered retirement plans.
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