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Use Roth IRA Investment to Secure Your Child’s Future

Filed in archive IRA on January 20, 2012

Use Roth IRA Investment to Secure Your Child’s Future
© Wurscht2
Roth IRA has mostly been portrayed as a plan for middle-aged people, but it's the teenagers or children who can benefit tremendously from the terms of Roth IRA. Daniel Wiener suggests that you can do your child or grand-child a lot of good by making them save through Roth IRA right from the day their get their first earnings.
Retirement is far from their minds, the saving through Roth IRA right from the start will help them save a lot by the time they are your age, and they'll be secure financially. There is no age-limit on Roth IRA, and apart from help them save a tidy sum, by opening a savings account for your teenage kids, you will demonstrate to them value of the long term investment.

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Roth IRA and College Plans

Filed in archive IRA on January 12, 2012

Roth IRA and College Plans
© Images_of_Money
Even if a family has an ample Roth IRA and other forms of savings that can pay for a child's college tuition, experts still recommend that they contribute to a 529 plan (college savings plan) with any additional money after they have contributed the maximum amount to both 401k and Roth IRA. The reasons for this mainly have to do with taxes. Investing in the 529 plan would provide the advantage of tax-deferred growth and tax-free withdraws for qualified education expenses.

Once you enter retirement, if at all possible you would want to draw from your pre-tax retirement accounts up to the 15% tax bracket and then supplement any needs with withdrawals from after-tax accounts or tax-free accounts such as the Roth IRA. If your Roth IRA is smaller then your pre-tax accounts, it is advisable to let this grow rather than tap into it for the additional college expenses.

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IRA Tax Penalties

Filed in archive IRA on January 6, 2012

IRA Tax Penalties
© epSos.de
Career jumping has become much more common in the US over the last 10 years. If you are one of these individuals who changes careers frequently, then you should educate yourself about how to access IRA and other retirement funds in ways that allow flexibility and avoid tax penalties. There are numerous methods to legally avoid the 10% penalty for touching your retirement funds before the required age of 59 ½.

In fact there are 12 exceptions listed right on your IRS For 5329. Since 1998, an available exemption has allowed for distributions made to pay for qualified higher education expense of the IRA owner, spouse, child or grandchild. These expenses include tuition, fees, books, supplies, equipment, and room and board, as long as the student is enrolled at least half time at an eligible educational institution.

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