The 2015 Roth IRA limits and Roth 401k contribution limits were just announced, so you can start planning your contributions. The 2015 limits will stay the same for the Roth IRA; the Roth 401k limits will increase. The 401k limits and IRA limits are determined based on inflation, but can only increase in $500 increments. [...]

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2014-2015 401k and IRA Limits

Posted by Madison

The 2015 IRA limits and 401k contribution limits were just announced, so you can start planning your 2015 contributions. The 2015 limits will stay the same for the IRA; the 401k limits will increase. The 401k limits and IRA limits are determined based on inflation, but can only increase in $500 increments. The 2015 social [...]

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Over 46 million Americans currently have some type of retirement plan through work. These plans are governed by the rules of your particular employer, but also by federal laws. And rightfully so, as saving for retirement is a very important thing to do (especially considering the current state of social security). In general, Federal law [...]

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There’s going to be a new retirement plan in 2014! As part of the President’s State of the Union address he mentioned a new retirement plan called the myRA. While the details are still being flushed out, we are able to get a good idea of what the plan may look like from the The [...]

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There is a lot of confusion surrounding the eligibility of contributing to a retirement account. I covered the topics of contributing to an IRA as a teenager and while you are in college. But what about if you are unemployed? Can you still contribute to a retirement account if you don’t have a job? As [...]

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The 2015 Social Security wage base will be going up again (just like the 2014 Social Security wage base increase). The wage base in 2015 is $118,500. It’s an increase over the 2014 Social Security wage base, which was $117,000. The wage base increase follows an increase last year over the 2013 Social Security wage [...]

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The Roth IRA is a great tool for saving for retirement. You can open a Roth IRA as a teenager, as long as you have earned income. You can even use a Roth IRA as an emergency fund since the money you contribute to a Roth IRA can be taken out the account at any [...]

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These days switching companies, and even industries, a number of times throughout one’s career is the norm. In the process, your retirement funds may turn into a jumble of old 401k’s that you haven’t gotten around to organizing. What to Do With Old 401k Plans After leaving an old job, you can: Leave your 401k [...]

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What is a Backdoor Roth IRA?

Posted by Madison

A reader Bob, recently asked about contributing to a Roth IRA after he maxed out his 401k. For most people, yes, as long as you qualify for the IRA, you can contribute to and max out both a Roth IRA and your 401k. However, Bob has a high income and the Roth IRA eligibility phases [...]

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First off, you are probably wondering what the heck the birth rate has to do with personal finance. Surprisingly, more than you would think. The main importance of the birth rate is related to Social Security and Medicare. If we travel back in time when Social Security was originally implemented, there were 5 workers for [...]

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