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  • 1. Why should I consider setting up a trust? Views: 58
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    Terms of Use People often associate trust funds only with the wealthy. But a trust fund ( trust ) actually can be an effective financial tool for many people in many circumstances. A trust is a separate legal entity that holds property or assets of some kind for the benefit of a specific person, group of people or organization known as the beneficiary ( beneficiaries ). The person creating a trust is called the grantor , donor or settlor . When a trust is established, an individual or corporate   More...
  • 2. What is AGI and MAGI as it relates to IRAs? Views: 29
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    Terms of Use Adjusted Gross Income (AGI) Your adjusted gross income (AGI) is the number at the bottom of page 1 on your income tax return, IRS Form 1040 or 1040A. On Form 1040EZ, adjusted gross income appears on line 4. Specifically, it's your gross income minus so-called above-the-line deductions. These include: deductible IRA contributions (as well as deductible SEP, SIMPLE and Keogh contributions) student-loan-interest deduction deductible contributions to medical savings accounts an  More...
  • 3. What's the maximum contribution to a Roth IRA? Views: 26
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    Terms of Use: The maximum allowable contribution to a Roth IRA depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. Please see the IRS web site for more information.
  • 4. What is a 401(k) plan? Views: 25
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    Terms of Use Definition: A 401(k) is a type of profit sharing retirement plan. These plans allow you to contribute pre-tax dollars and then invest those dollars in the investment options provided by your employer for the purpose of saving for retirement. The earnings on your investments are tax-deferred until retirement. Your employer may also make matching contributions to your account. 401(k) plan highlights: The annual defined contribution limit from all sources (employer and employee) is $53  More...
  • 5. What is the difference between a Traditional IRA and a Roth IRA? Views: 22
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    Terms of Use IRAs are a great way for you to save for the future. Your IRA can consist of a range of investments from savings accounts, stocks, bonds, and certificates of deposit or share certificates. You can contribute up to a certain limit each year into your IRA and if you're over 50, you are allowed an additional catch up contribution. The tax advantages of a Traditional or Roth IRA depend on your annual income and whether you are covered by your company's retirement plan. B  More...
  • 6. 10 steps to retirement Views: 22
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    Terms of Use 1. Know your retirement needs Retirement is expensive. Experts estimate that you'll need about 70% of your pre-retirement income. Lower earners will need 90% or more to maintain your standard of living when you stop working. Understand your financial future. 2. Find out about your Social Security benefits Social Security pays the average retiree about 40% of pre-retirement earnings. Call the Social Security Administration at 1-800-772-1213 for a free Personal Earnings and Benefi  More...
  • 7. Can I convert my Traditional IRA to a Roth IRA? Views: 22
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    Terms of Use Yes, you can convert a Traditional IRA to a Roth IRA. Taxpayers at any income level can convert a Traditional IRA to a Roth IRA. There are some tax consequences, so be sure to consult with your tax advisor. Previously deductible contributions to the converted IRA will need to be reported as taxable income, but the Roth IRA income is tax-free.
  • 8. What is the deadline for opening and making contributions to an IRA? Views: 22
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    Terms of Use: You have until April 15th of the year following the tax year to open and fund an IRA.
  • 9. How much can I contribute to a 403(b)? Views: 20
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    Terms of Use What is a 403(b)? A 403(b) is an employer sponsored retirement savings plan that allows you to save pre-tax dollars for your retirement. A Roth 403(b) permits only after-tax contributions but allows you to diversify your tax risk by letting eligible participants make tax-free withdrawals after retirement. The IRS limits the amount you can contribute each year Participants can contribute up to $18,000 in 2015. This limit is applicable if you're under age 50 as of December 31st   More...
  • 10. What is a Traditional IRA? Who can contribute and what are the limits? Views: 20
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    Terms of Use An IRA is an Individual Retirement Account that provides several tax benefits . IRA accounts can be comprised of fixed income instruments, such as CDs/share certificates and bonds, and stocks and mutual funds, to name just a few options. The Traditional IRA enables individuals to save money in a tax-deferred account. What that means is that the earnings from your IRA account will not be taxed until you begin taking money out of the account. Traditional IRA Snapshot Contributions:   More...
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.

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