Author Archives: Joe

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

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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

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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

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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

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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 With a Roth IRA the principal amount can be withdrawn without any tax consequence because you’ve already paid taxes on it.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

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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

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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

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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

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Borrow From An IRA

Can you borrow from an IRA?  Most financial advisors will tell you it isn’t possible.  When Congress made the laws about individual retirement accounts, they specifically didn’t want people to be able to pull the money out or borrow it … Continue reading

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