Net Income Attributable Calculation
The net income attributable calculation can help you fix and avoid the 6% Roth IRA excess contribution penalty. You have until the October 15th tax filing deadline, regardless if you filed an extension or not. In fact, if you realized you overcontributed after you filed your taxes but it’s still before the October 15th tax…
How to calculate SIMPLE IRA contributions for the Self-Employed
If you’re confused about the SIMPLE IRA for the self-employed you have come to the right place. There is a lot of confusion on the correct formula for the SIMPLE IRA contributions for the self employed because the IRS has contradictory information on their website, publications and tax codes. I figured this out after using…
How to turn your $6,000 Roth IRA contribution into $2,437,260
When it comes to your Roth IRA savings plan strategy, every little bit helps. It’s obvious, saving more is going to build your retirement faster. There is no magic bullet, sorry to disappoint and be the bearer of bad news. But, there is good news too! I’m offering light at the end of the tunnel. …
ETFs vs. Mutual Funds
ETFs vs mutual funds, which one is better for me? Ali vs Frazer. Magic vs Bird. McEnroe vs Borg. All three have brought endless hours of debate on who is superior. As of the last decade in the world of finance that rivalry has been ETFs vs. Mutual Funds. ETFs track an index, such as…
What Do I Do With My 401(k) When Leaving My Job?
Retirement? Onto the next great adventure? Kicked to the curb? Leaving your job can be filled with emotions no matter the reason. You’ve worked hard and diligently contributed to your 401(k). The next move you make can have a significant impact on your retirement success. It’s incredibly important to know and educate yourself on your…
How Much Should You Contribute to Your Retirement?
The Contribution Challenge Figuring out how much you should contribute to your retirement can be challenging. Because there are so many different plans with a lot of different rules. You have 401(k)s, 403(b)s, Profit Sharing Plans and the list goes on. The question that stays the same is, “how much you need to save for…
Improving Your Retirement Savings
One of the biggest questions facing when improving your retirement savings is, “how much money will you need to retire?” And once you realize that you need to change a few things to get there, you’ll be asking how to improve your retirement savings. While it’s important to know your retirement number; not knowing doesn’t…
Is A Retirement Plan At Work Enough?
Getting to the right retirement plan can be a real challenge. It’s almost impossible. Procrastination, commitment, and fear are probably the biggest reasons people fail to plan for their retirement. The truth is you don’t have to fear planning for retirement or the numbers. Retirement can be whatever you want it to be. Your retirement…
4 401(k) Mistakes to Avoid
Do you have a 401(k) plan at work? Are you doing everything you can to save toward your retirement? Plans usually have a matching contribution. In case you were wondering, that’s free money. I suppose nothing in life is truly free, but in this case, what you have to do to get what’s free, is…
How to Start Planning for Retirement
Saving for retirement can be one of the biggest financial planning challenges that you will ever face. The thought of retirement can cause a range of emotions anywhere from overwhelming to euphoric. Retirement is one of the few financial planning goals where there are no loans and no do-overs. Proper planning can pay off emotionally,…
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