An IRA is one way you can save money for retirement. What can you contribute to an IRA? When can you take money out? Who manages the IRA? Look for answers to these questions and more in the articles, blog posts, videos and radio shows.
Buying a Vacation Home with IRA Funds
Thinking of buying a vacation home with IRA Funds? Watch out for higher fees when purchasing a vacation home in a self-directed IRA I listen to you every Sunday morning on WGN and I have a question. I'm thinking of buying a vacation home with IRA funds. Can I do that? A: The short answer [...]
Is It Better To Rent Or Buy In Retirement?
Is it better to rent or buy in retirement? This retired reader isn't sure whether she should buy or rent. Q: My wife and I are wondering if it is better to rent or buy in our retirement? We are retired and renting an apartment for $1,600 a month. I am 64 and she is [...]
Is a Self-Directed IRA for Investing Worth the Hassle?
Using a self-directed IRA for real estate investing can be a complex process involving countless rules and regulations that may not be worth the hassle. Q: I've enjoyed your columns for some time. What is your opinion of self directed IRAs for the purpose of buying real estate within the vehicle? My son is a [...]
What if Your Dream Job Doesn’t Offer a 401(k)?
After years of honing your skills, you apply for a job at a company that’s generating buzz. Not only do you score an interview, the company eventually offers you the job. Employee benefits include health insurance, paid holidays and sick days. Missing from the mix: your dream job doesn’t offer a 401(k) plan or other [...]
How to Retire When You’re Self-Employed
Being your own boss offers a lot of flexibility and opportunity for financial growth. But saving for retirement when you’re self employed can be a difficult path to navigate. That’s why Douglas Goldstein, CFP®, director of Profile Investment Services, Ltd., equates the strategies of investing and creating a self-employment retirement savings plan to playing a [...]
Understanding Your Retirement Plan Options
Saving for retirement can be confusing—and even a little intimidating—yet it’s utterly essential. Though nearly every financial professional recommends opening a retirement savings account as early as possible, the myriad options and often-confusing financial terrain can cause many people to procrastinate. It used to be simpler. In 1970, 42 percent of Americans had a defined-benefit [...]
Tax Planning and Retirement
When you’re preparing for retirement, one of the many things people think about is retirement savings. You’ve worked hard and invested for retirement, but you want to help ensure your money lasts as long as you need it. One way some people extend the life of their savings during retirement is to plan their distributions [...]
Leaks That Can Sink Your Retirement Savings Ship
“Loose lips sink ships,” a saying popularized during World War II, is a reminder that making the wrong choice can lead to grave consequences. It’s just as applicable today when it comes to your retirement savings plan; a couple of missteps can potentially jeopardize your financial future. As you prepare for retirement, ask yourself if [...]
Mythbusters: Tax Deductions
Mythbusters: tax deductions. Yes, in certain situations you can claim your significant other as a dependent or deduct medical expenses. Whether you filed for a tax extension and have yet to file your taxes for last year, or you’re simply thinking ahead to next tax season, it’s important to know the facts about tax deductions. [...]
Saving For Retirement: A Timeline for Your 20s Through Your 50s
No one is going to plan your retirement for you—at least not for free. A paid financial advisor can certainly direct your capital to the right stocks, bonds, and funds, but so can you. It may take some time and effort to truly wrap your head around the investment landscape, but the end results are [...]