Tag: Roth IRA
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Save more; increased retirement plan contribution limits for 2023
Each year, the IRS sets the contribution limits for 401(k)-style plans, and Individual Retirement Accounts (IRAs). These increases are based on inflation, and this year, we’ve experienced quite a bit of that. HSA plans also received an increase announcement earlier in 2022, for those of you wondering. 401(k), 403(b), and 457(b) The 2023 contribution limit
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What to do if you wrongfully contributed to a Roth IRA
We all make mistakes, we are human after all. There are so many rules and regulations surrounding personal finance that it’s hard to get it right all the time. In this article, we’ll talk about one of the more terrifying mistakes, which is actually quite easy to fix! The contribution & the problem So there
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Cheer up, retirement is possible and it can be great!
Everyday, AJ Sheff and I read stories on the internet which paint the picture of a 90 year old labor force which can’t afford to retire. This is exactly the kind of thinking that doesn’t help at all, and in fact, conditions people to accept the status quo and make no effort to affect positive change. We’re here to change that.
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Save big money with a Roth IRA
There has been a lot of negative news to write about lately. So now, I’d like to remind everyone about one of the positives: The Roth IRA. Yes, the holy grail of retirement accounts. You don’t want to miss this opportunity.
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The 1 Big Step to Start Your Investing Journey | It’s Easier Than You Think!
AJ’s cousin asked him what he can do next now that he’s ready to start investing. AJ breaks down the Roth IRA, qualifiers, contribution limits and how an investing account (like the Roth IRA) works. This is the best place to start your investing journey!
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Don’t be a normal idiot, be a wealthy one; maintain a healthy emergency fund
The EF (Emergency Fund) is one of the foundations of personal finance. The EF allows you to sleep soundly at night knowing your lifestyle and loved ones are protected. Whether it be from job loss, or an unexpected illness, having the ability to pay 4-6 month of expenses with savings is a game changer. Because of this, you want the EF to be invested in something fairly liquid – meaning, you can withdraw the funds quickly in order to pay for the emergency expense. You also want to ensure the EF isn’t invested in too risky of funds, or the money may not be there when you need it.
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Highway to Retirement. Do not miss this overpowered tax cheat code! Roth IRA
If you are only going to read one of the articles here at The Wealthy Idiots (ha, not possible!), this is the one you must read! You’ve probably heard people mention a Roth IRA and that’s because it’s the gold standard of retirement tools. The Roth IRA is the whole shebang. It is easy to open, simple to operate, diverse, and has super low fees (which we’ll talk about more in future articles). Oh yeah, and depending on how you structure your financial planning, the Roth IRA could account for a “bucket” of income in retirement… a bucket of TAX FREE INCOME! Let’s jump into the specifics!