I run a pool business in Phoenix and contribute the maximum to my IRA annually. I believe a SEP could be a better option for retirement savings, but my CPA disagreed. Who is correct?
Question from a Small Business Owner A small business owner running a pool service in Phoenix, Arizona, inquires about their eligibility for a SEP IRA despite their CPA’s suggestion that they do not qualify. They mention contributing to an IRA up to the maximum amount annually and seek advice on this matter, having researched the […]
A Financial Advisor Suggested Transferring $50K From His 401(k) To A Traditional IRA In 2021. Five Years Later, He Has Gained Only $2K.
Investor’s Retirement Fund Barely Grows After 401(k) Move In 2021, a 34-year-old investor decided to take conventional advice to heart. With guidance from a financial advisor, he transferred about $50,000 from his 401(k) into a Traditional IRA. Following that, he essentially did what most people are typically recommended to do with their retirement savings. “That’s […]
“I would rather put off making a decision.” My wife died at 59, but the adviser mishandled her $400K IRA, and now I believe I need to start RMDs sooner than I’d prefer. I need assistance.
My wife passed away in January 2023 at the age of 59 and had a traditional IRA that had never seen any distributions. I was the sole beneficiary. After her death, a financial planner set up an IRA in my name. I opened a new account and rolled over her assets there. This new account […]
Typical 401(k) and IRA balances reach all-time highs due to market gains in 2025.
Retirement Account Balances Soar in Third Quarter After a downturn in early 2025 due to market swings, retirement account balances hit new heights in the third quarter, as reported by Fidelity Investments, the leading provider of 401(k) plans. The average 401(k) balance rose by 9% year-over-year, reaching an impressive record of $144,400. Additionally, individual retirement […]
Retirement savings limits for 2026 rise as contributions for 401k and IRA are increased.
IRS Announces Increased Contribution Limits for Retirement Accounts The IRS has made some noteworthy adjustments to common retirement plans like 401(k)s and IRAs. Starting in 2026, those who contribute to plans such as 401(k) and 403(b) will see their contribution limits rise to $24,500, up from $23,500 in 2025. Additionally, IRA contribution limits will also […]
IRS reveals income limits for Roth IRA in 2026
The IRS Announces 2026 Roth IRA Contribution and Income Limits The IRS has released its updated contribution and income limits for Roth Individual Retirement Accounts (IRAs) for the year 2026. In a recent announcement, the agency raised the IRA contribution limit to $7,500, up from $7,000 in 2025. Additionally, the catch-up contributions for investors aged […]
IRS Introduces New Reporting Code for Charitable IRA Donations
Understanding Qualified Charitable Distributions (QCDs) Individuals aged 70 and a half or older can benefit from one of the more advantageous tax features of IRAs: the ability to donate up to $108,000 directly to qualified charities from their IRA accounts in a manner known as a Qualified Charitable Distribution (QCD). The great thing about QCDs […]
Inherited IRA errors may cut into your inheritance, experts advise. Here’s how to steer clear of them.
Receiving an inheritance can be exciting for many, but when it involves individual retirement accounts (IRAs), the regulations can be quite intricate, and errors could lead to significant penalties. Starting in 2020, certain inherited IRAs are subject to a “10-year rule,” meaning beneficiaries must withdraw all funds by the end of the tenth year after […]
Financial Experts Recommend Fully Contributing to Your 401(k) and Roth IRA Each Year, But How Many Individuals Can Truly Manage It?
Maximizing Retirement Accounts: A Challenge for Many When it comes to retirement accounts, maximizing contributions is often highlighted as solid advice by financial experts. It sounds practical, sure. And for some folks, it is. Yet, personal finance guru Dave Ramsey’s firm, Ramsey Solutions, suggests that while building wealth through contributions can be beneficial, it isn’t […]
These states do not impose taxes on your Social Security, 401(k), IRA, or pension income.
People generally devote many years to get ready for retirement. Whether through the social security system, investing their savings, or contributing to pension plans, it can be a bit of a chore at times—yet, in the end, that effort often pays off, allowing one to enjoy life’s later years comfortably. It’s clear that one foolproof […]