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Tag Archives: Roth IRA

5 Lifelines You Can Use If You Don’t Have an Emergency Fund

Emergency

Everybody’s heard it: You need to save three to six months’ expenses in an emergency fund. Not as many of us have actually done it. In fact, a 2014 survey indicated that most of us couldn’t cover even a $ 500 calamity. That means we are clearly under-saving — it’s hard to argue that having anything less than $ 1,000 ... Read More »

    5 Ways to Boost Your Retirement Savings

    retirement Paul Revere

    Even if you haven’t yet entered the working world, you can probably assume you will want to retire and some point. While most Americans have similar goals for a debt-free, affordable post-working life, you might not realize how much work (outside the office) it takes to get there. You probably are not saving enough, or are at least worried that ... Read More »

      Help! Credit Card Rewards Put Me Over the IRA Contribution Limit

      retirement

      What could be more painless than saving for retirement by having cash-back rewards automatically swept into your account? A card linked to your Roth IRA could automatically get a boost from rewards, and you would never miss the money. Except that the last part of “set it and forget it” can come back to haunt you at tax time. What ... Read More »

        How Smart IRA Planning Can Help You Pay Less For College

        taxform

        With college expenses at some of the best schools now exceeding $ 60,000 per year, education-related expenses are often one of the biggest obstacles many baby boomers face when saving for their own retirement. For many families, planning for a college education goes hand in hand with IRA’s and retirement planning. Retirement Assets are Exempt from the EFC A family’s ... Read More »

          We Have Great Credit But Want to Take Money From IRAs to Pay Down Debt. – Doris

          robbery

          “Dear Steve, 48 year old female, married, 1 child 14 years olds in 9th grade – college bound. 11 years at job with vested pension, Roth and traditional IRA’s, home owner – 174,000.00 at 6% (fixed VA) monthly payment with taxes and insurance – 1507.00, 800 credit scores, 2 cars financed at 2.5% totaling – $40,000.00, 16 years before retirement, ... Read More »

            Should I Be Paying Myself First?

            “Dear Paul, Can I run my vanguard index fund assett allocation by you? Also planning to move and buy a more expensive home and would love some guidance there. So, I’m still sort of polishing up the exact percentages, but contributing roughly $4-5k each month approaching $250k total in our Vanguard taxable investment account this year and $50k in the ... Read More »

              Should I Take Money Out of My 401k or Roth IRA to Pay My Student Loans? – Seapar

              “Dear Paul, Annual Gross Income: 66,000 401k balance: 16,000 Roth IRA balance: 6,000 Savings: 5,500 Stock: 1,500 Grad Student Loans: (72) payments left of one $520 combined payment per month on total $32,500 balance on the following (so, $5,000 interest would be paid over the life of the loan at this payment rate). Loan 1 Direct Unsub $5,500 balance, Interest ... Read More »

                Can I Take Money Out of One IRA, 401(k), 403(b), or Roth IRA and Roll It Into Another Account? – Dave

                “Dear Paul, Hello, I am unemployed and need money…fast!!. I have several different retirement accounts: With “Investor-A”, I have both, a Traditional IRA & a Roth IRA With “Investor-B” I have both, 401k & 403b accounts (100% vested)… and I also have a SEP-IRA Interesting scheme… do you think this will work..?? I know you cannot borrow from the IRA ... Read More »

                  Cashing Out My 401(k) to Pay Off Debt. Is It a Good Idea? – Paul

                  “Dear Paul, I work for the federal government and make about $90K. My wife makes about 45K (no benefits) after losing her corporate job in 2003. I am 47 with an MS, she is 52 with a BS, married 23 years. I have to retire from my current job at 57 so we both know we will be working at ... Read More »

                    My Active Duty Military Husband Says We Should Not Start Investing Till He Returns From Being Deployed. – Barbara

                    “Dear Paul, We are an active duty military couple (14 years in) with one child and gross income of about $120,000 (with pay and allowances) per year. I’m 40, he’s 34. I have a Bachelors in Business and have almost completed a Masters in Finance. We’ve had money issues in the past, but dug ourselves out back to having a ... Read More »

                      Should I Cash Out My Roth IRA to Payoff Student Loans and Credit Card Debt? – Zac

                      Ready to Collapse

                      I’m 31 years old with a Roth IRA worth about $35,000. I started this IRA when I was 20 while serving in the Marine Corps over seas. Since it’s birth I have fed the IRA about $38,000. My wife and I made it through school now oweing a little over $20,000 in school loans. We have $6,000 in credit card ... Read More »

                        Facing Unemployment and Wanting to Cash Out Retirement. – Susan

                        Ready to Collapse

                        “Dear Steve, My husband and I are in our early 40s. I am a stay at home mom, we have three kids, ages 1, 2 and 3. We have $190,000 in retirement funds (IRAs and Roth IRAs). We have $160,000 in mortgage debt (3.75% 15 yr term). We have no emergency savings account, no other debt. My husband’s job is ... Read More »

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