IRA To be eligible for an IRA, you will need to have earned income. This is from your wages as an employee. If you are self-employed, this would be from your self-employment income.In the past, there was an age restriction on who can contribute to an IRA. This is no longer the case. If you… Continue Reading: IRA vs. Roth IRA. What You Need to Know.
1) It Has Been a Heck of a Run Many Average Joe’s have done well in the markets for an extended period. From the market low in 2009, the Standard & Poor’s 500 Index (S&P 500 Index) has averaged over a 15% annual return. 1) Even if you do not use the starting point of… Continue Reading: 3 Easy Reasons You Need a Financial Lifeboat Drill
In my opinion, many investors will need to open a Roth IRA for their retirement. Here are 3 reasons why. 1) To Fund Your Retirement Sorry to state the obvious. If you do not realize this already: You are on your own with your retirement. Let that sink in. You (likely) will not be getting… Continue Reading: 3 Easy Reasons to Open a Roth IRA
Investors need to know the difference between tax-deferred and tax-free investing. Tax-Deferred Investing Investors can avail themselves to tax-deferred investing by contributing to their 401(k) plan at work or by funding their IRA. Contributions to these accounts are tax-deferred. The contributions are put in pre-tax. The funds grow tax deferred. When distributions are made from… Continue Reading: The Difference Between Tax-Deferred and Tax-Free Investing
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Our observation is that many people are very generous with the donations they make. It sure helps that there is likely a tax deduction for this, no question. Many people are accustomed to donating cash, writing a check to the… Continue Reading: 7 Reasons Why All Investors Over Age 70 1/2 Should Consider a Qualified Charitable Distribution
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Don’t you just love it when a Major League athlete signs a huge contract with a new team and says, “It’s not about the money.” Bull Just to be clear: It’s always about the money! Don’t get me wrong I… Continue Reading: “It’s Not About the Money”
Investors should be aware of delaying taking their required minimum distribution Continue Reading: MarketWatch Quotes Tom On Taking Your RMD
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA To be eligible for a Roth IRA you need to have earned income from wages or from self-employment. Additionally higher income earners are not eligible. Married couples filing a joint return with a modified adjusted gross income of less than… Continue Reading: 3 Proven Reasons You Need a Roth IRA
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Required Minimum Distribution The Internal Revenue Service (“IRS’) requires taxpayers to begin to take their Required Minimum Distribution (“RMD”) from their IRA’s and 401(k) plans by April 1st following the year they turn 73. Failure to take this RMD will… Continue Reading: When You Should Take Your Required Minimum Distribution Early
This article on savings during retirement is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA The Roth IRA and an IRA both offer different tax advantaged ways to save for retirement. If you are serious about your retirement plan take these 5 Easy Steps to Retirement. Roth IRA In 2021, investors… Continue Reading: The Difference Between a Roth IRA and an IRA