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Do you have questions about taking IRA withdrawals? We’ve got answers
January 27, 2025
Categories: IRA, Retirement, RMD, Secure2.0, SEP-IRA, Simple IRA
Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common questions to help you navigate this process. What are the tax implications if I want to withdraw money before retirement? If you
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How can you build a golden nest egg if you’re self-employed?
October 29, 2024
Categories: Self Employment, SEP-IRA, Small business, solo 401(k)
If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. A solo 401(k), also known as an individual 401(k), may offer advantages in terms of contributions, tax savings and investment options. These accounts are geared toward self-employed individuals, including sole