What Are The Two Fresh IRA Varieties Announced This Year?

The SECURE ACT 2.0 created augmentations to two existing IRA types - the SEP and the SIMPLE. ...(read more)

LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA

As we enter into a new year, it is critical to keep abreast of the changes and updates made to the financial landscape. One of the significant changes that have come to the fore this year is the introduction of two new IRA types. An IRA or an Individual retirement account is a tax-advantaged account that allows individuals to save for retirement. The two new IRA types introduced this year are the spousal IRA and the backdoor Roth IRA. The spousal IRA is designed to provide a retirement savings option for individuals who are married but do not work outside the home. In most cases, traditional IRA contributions are only allowed for individuals who have earned income. Hence, if one spouse is not working, they cannot contribute to an IRA. The spousal IRA enables non-working spouses to contribute up to $6,000 a year to a traditional IRA or Roth IRA account. To qualify for a spousal IRA, the working spouse must have enough earned income to cover both their contributions and the non-working spouse's contribution. The backdoor Roth IRA, on the other hand, is a retirement savings option for individuals who exceed the income limits for contributing to a traditional or Roth IRA. The income limits for contributing to a Roth IRA in 2021 are $140,000 for single filers and $208,000 for married filing jointly. If your income exceeds these limits, you can still contribute to a Roth IRA by using a backdoor Roth IRA strategy. This strategy involves making a non-deductible contribution to a traditional IRA and then converting it to a Roth IRA. The conversion is not subject to income limits, which means you can contribute to a Roth IRA regardless of your income level. In summary, the two new IRA types introduced this year are the spousal IRA and the backdoor Roth IRA. The spousal IRA enables non-working spouses to save for retirement, while the backdoor Roth IRA provides an option for high-income earners to contribute to a Roth IRA. It is essential to consult with a financial advisor to determine the best retirement savings strategy for your unique circumstances. https://inflationprotection.org/what-are-the-two-fresh-ira-varieties-announced-this-year/?feed_id=106744&_unique_id=64868a8edc2d3 #Inflation #Retirement #GoldIRA #Wealth #Investing #selfdirectedudirectiraSEPRothSIMPLEIRASECUREACT #SEPIRA #selfdirectedudirectiraSEPRothSIMPLEIRASECUREACT

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

Search This Blog