Monthly Archives: January 2011

Thoughts on Roth IRAs

A Roth IRA is a special type of retirement account. While most retirement accounts allow you to save on your taxes today and pay taxes during retirement a Roth IRA works the opposite way. With a Roth IRA you pay … Continue reading

Posted in Uncategorized | Leave a comment

Preparing for Retirement

Most people mean nine states are not putting enough money away for retirement. I think a lot of people are relying on Social Security, but most of them don’t understand that as people live longer their Social Security benefits are … Continue reading

Posted in Uncategorized | Leave a comment

60 Day Loan From Your IRA

There is a little-known loophole that will allow you to take a 60 day loan from a traditional IRA without paying any type of taxes or penalties. Though most people will tell you that there is not a way to … Continue reading

Posted in Uncategorized | Leave a comment

IRA As Collateral for a Loan?

Can I use my traditional IRA as collateral for a loan? No you cannot. It is illegal for a bank to loan you money based on your IRA as collateral. This is part of the tax law and differs from … Continue reading

Posted in Uncategorized | Leave a comment

Can I Borrow From My Roth IRA?

Many people wonder if they can borrow money from a Roth IRA. The answer is you don’t have to. With a Roth IRA the principal amount can be withdrawn without any tax consequence because you’ve already paid taxes on it. … Continue reading

Posted in Uncategorized | Leave a comment

Traditional IRA vs Roth IRA

It is very important to understand the difference between a traditional IRA and a Roth IRA. A traditional IRA allows you to put money into investments before paying taxes on it. When you later decide to take the money out … Continue reading

Posted in Uncategorized | Leave a comment

IRA Loan Strategy

Unlike a 401(k) the rules regarding individual retirement accounts or IRAs specifically forbid them from being used as collateral for a loan. Also unlike a 401(k) you cannot borrow money from your IRA. That’s just the way the tax laws … Continue reading

Posted in Uncategorized | Leave a comment

Roth Rollover FICA Saving Tax Strategy

Rules regarding a from a traditional IRA to a Roth IRA heaven interesting side effect. They provide you with a mechanism to avoid paying FICA and Social Security tax. When you put money into higher rate can be done before … Continue reading

Posted in Uncategorized | Leave a comment