With a few exceptions, most of your investments are either going to be taxed as ordinary income or capital gains Investment (In 2020) Taxed as: Interest Non-qualified (ordinary) dividends Stock sold; held ≤ 1 year Distributions from tax-advantaged accounts: IRA, 401K,...
Without giving away my age, let’s just say that when I was “younger” 1 million dollars sounded like a lot of money. And it was. But thanks to inflation—even historically low inflation—that 1 million dollars is only worth around $400,000 today. In other words what 1...
Approved methods to make distributions from your retirement savings before age 59½ First off, I’m incredibly jealous. Most of us will be working long after the official retirement age of 67. But let’s say you’ve been financially savvy from day 1 and lived well below...
One option to generate a guaranteed income stream for your remaining years After thirty-plus years you finally own your home! Champagne all around! (Or perhaps prune juice with rum?) But the downside is that you have no pension and social security doesn’t cover...
2023 UPDATE = Contribution Limits for 2023 From IRS.gov IRA contribution of $6,500, with $1,000 catch-up 401K contribution of $22,500 with $7,500 catch-up SIMPLE contribution of $15,500 with $3,500 catch-up TOTAL contribution for a defined contribution plan (like a...
UPDATE: In December 2019, the SECURE Act became law Starting in 2020, the age when you must take Required Minimum Distributions (RMDs) from your Retirement account or IRA has been raised from 70½ to 72. Non-spouses that inherit an IRA or other Retirement Account in...
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