IRA

7 Common IRA Mistakes and How to Avoid Them

It’s never too early to start saving for retirement — and it’s certainly never too soon (or too late) to get familiar with your savings options. But knowing the basics surrounding the tax advantages of your Individual Retirement Account (IRA) can be difficult. After all, who understands all 73,000+ pages of the United States tax […]

IRA

3 Steps to a Retirement Savings Upgrade. Here’s How You Can Open an IRA.

You wouldn’t turn down an opportunity to move from coach to first class, would you? Both seats do the basic job, of course, but you’d probably choose to enjoy a little more comfort while you’re there. After all, an upgrade’s an upgrade. And an individual retirement account (IRA) just might do the same for your […]

IRA

Which IRA Is Right for You?

Some decisions don’t matter in the grand scheme of things. Choosing chocolate or vanilla (or double-fudge mint brownie supreme) will mainly affect your tastebuds, after all. Others require a bit more thinking, especially when it comes to your finances—and retirement plan. Any time Uncle Sam offers to give you a break on your taxes, you […]

IRA

Even Better Together: When an IRA Goes With Your 401(k)

You may feel pretty good about your retirement plan if you have a company 401(k). And you may even feel great if your employer matches your contributions—because, hey, free money! But if you’re like most people, you still wonder if your savings will keep up with those birthdays. Both 401(k) plans and IRAs are designed […]

IRA

IRA Rollovers: Move Your Money Without Breaking the Rules

If moving your retirement funds around makes you a little nervous, there’s good reason. With many retirement plans, including IRAs and 401(k)s, if you’re not careful, you could end up paying unexpected penalties and additional tax. Understand a few basic rules and consult with a tax professional so you can move your money without making […]

IRA

4 Reasons Why a SEP IRA Could Be a Boon for Small Business Owners

Whether you’re running a salon, writing a blog, or perfecting woodwork on a new home, the responsibility for your small business is all up to you. A SEP IRA (Simplified Employee Pension Individual Retirement Account) is a retirement savings tool designed for self-employed individuals and small business owners. Any small business owner with one or […]

IRA

What Is a Traditional IRA and Why You Should Open One Now Rather Than Later

You may think saving for retirement only benefits you in the long run. However, a traditional IRA (individual retirement account) is a savings tool that offers tax benefits now while you save for retirement later. For the most part, all you need is taxable income and you can open an IRA at a brokerage firm […]

IRA

What Is an IRA? 8 Things to Know Before You Open an Account

IRA stands for individual retirement account and that’s exactly what it is—an account that allows you to set aside money for retirement. Whether you’re putting together a new retirement plan or reevaluating the one you’ve got, it pays to consider how IRAs can factor into your overall strategy. Here are a few things to know […]

IRA

Roth IRA vs. Traditional IRA: How to Choose the One Best for You

IRAs­ can be valuable to your overall retirement plan due to their tax advantages. For the most part all you need is taxable income to get started. So how do you decide which is best? Compare Roth and traditional IRAs side by side.   While there are several types of IRAs, the most common by […]

IRA

Is It Time to Move Your SIMPLE IRA?

A SIMPLE IRA can be a beneficial retirement savings option for small businesses and their employees, but it’s really not that “simple.” And while Ally Bank doesn’t offer a SIMPLE IRA product, people often ask us about them, and an important part of our mission is to help people make informed financial decisions. What is […]

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