Are IRA Withdrawals and Distributions Taxed as Ordinary Income?
Unexpected financial events and major expenses are commonplace, but they can have a big impact on your retirement funds, especially if you withdraw money from a retirement account to pay for them.
What is a Self-Directed IRA in Real Estate
Self-directed individual retirement accounts (SDIRAs) can have some potential benefits compared to traditional employer-sponsored retirement accounts, especially for experienced investors.
Is Social Security Taxed as Ordinary Income?
Social Security is the short name for the federal program officially called the Old-Age and Survivors Insurance and Disability Insurance program. This retirement program started in 1935 with the passage of enabling legislation and began paying benefits to retirees in 1940. Employees and employers contribute to the fund, each paying 6.2 percent of wages on amounts up to a maximum of $160,200 in 2023, with increases in the maximum adjusted periodically. In addition, self-employed individuals pay both the employee and employer tax, for a combined 12.4 percent.
Can You Move an Annuity to Another Company?
Annuities are long-term insurance contracts that offer ongoing payments and may offer tax-deferred growth. People who buy annuities may be concerned about the potential for “outliving their assets” and running out of money. An annuity may offer lifetime payments.
Are Roth IRA Distributions Taxable at the State Level?
Before we delve into the question, let's briefly review the differences between a Traditional IRA and a Roth IRA. That comparison can provide a foundation for the topic.
What is a Balanced Portfolio for Retirement?
Financial planning is a key to preparing for your retirement years, especially the early years when you’ll be able to enjoy the new freedoms and social activities that come with stepping away from a full time work schedule.
