Distribution Rules for SEP IRAs
When I crossed over from W-2 employee to being self-employed and co-founded our investment firm, I was excited about the plethora of business retirement plans that I now had at my disposal. One such option (which ended up being the one I went with) is the Simplified Employee Pension (SEP) IRA. A SEP IRA and a traditional IRA are the …
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FIRE: How to Find Your “Aha Moments” and the Key to Achieving FIRE
Although enduring the pandemic has been stressful, to say the least, I have learned a multitude of lessons I’ll never forget. One of the biggest is that, like it or not, I’m not cut out to homeschool four kids while trying to work at home. Most of all, though, the pandemic has reinforced my feeling of gratitude for the life …
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The Roth IRA vs. the 401(k) Plan – Which One is Best For Your Retirement Plan?
Should you have a Roth IRA or 401(k) plan? I like both plans, but for different reasons. That’s because the two plans are very different from one another. For this reason, you should try to have both plans going at the same time, if it’s possible for you to do that. Each meets a different need, and it’s even possible …
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Changes to the Child Tax Credit for 2024
If you’re like me, you like to get every tax credit you can. I mean, who wants to pay more taxes than they absolutely have to? The only problem with tax credits is it’s extremely hard to keep track of them all. Tax credits are even more difficult to understand since the tax reform law passed by the Trump administration …
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Rules and Limits to Open a SEP IRA for 2024
Are you a self-employed business owner who is looking for a cost-effective way to lower your taxes and help you save for retirement? If that fits your profile then opening a SEP (Simplified Employee Pension) IRA might be a good retirement account to start for your business. When I was researching what would be the best retirement plan to set …
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401(k) Investment | Maximize Your Contributions
The 401(k) plan is the very best retirement plan available to the average American. If the plan is offered through your employer, you should absolutely take advantage of it. Along the way, do whatever you can to maximize your contributions, as well as the performance of the plan. Table of ContentsHow to Maximize Your 401(k) Investment Create the Right Portfolio …
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