Tag

Rothira

All articles tagged with #rothira

finance-and-retirement2 years ago•3 min saved

"2024 Retirement Savings Guide: New Rules, Maxing Out IRAs, and Policy Shifts"

The Secure 2.0 Act and the Inflation Reduction Act introduce significant changes for retirees starting in 2024, including an increase in the age for required minimum distributions (RMDs) from 72 to 73, the elimination of RMDs for Roth 401(k) and Roth 403(b) plans, and the ability for spousal beneficiaries to delay RMDs from inherited retirement accounts. Additionally, Medicare Part D has expanded its low-income subsidy eligibility, and 529 plan assets can now be rolled over into Roth IRAs with certain conditions. These changes aim to provide more flexibility and benefits for retirees and their beneficiaries.

via MarketWatch|

##finance-and-retirement #inherited401k

personal-finance2 years ago•3 min saved

"Maximizing Roth IRAs and Adapting to 2024's Retirement Policy Shifts"

A couple is planning to max out their Roth IRAs in 2024 by setting up automated monthly contributions to ensure they invest consistently throughout the year. They emphasize the importance of low-fee investments and the flexibility of Roth IRAs, which allow for tax-free withdrawals in retirement and can be used for certain expenses like education or a first-time home purchase. They also highlight the income restrictions for Roth IRA contributions and suggest using online calculators to understand the impact of fees on investment returns. The article includes a promotion for Robinhood's IRA with an uncapped match and mentions popular investment platforms like Fidelity and Vanguard.

via Business Insider|

##automaticcontributions #financialplanning

finance2 years ago•3 min saved

"Maximize Your Retirement Savings in 2024 with New IRA Limits and Policy Updates"

The Internal Revenue Service has announced increased Roth IRA contribution limits for 2024, with individuals under age 50 able to contribute up to $7,000 and those aged 50 and older up to $8,000. Additionally, the income limits for Roth IRA contributions have also risen, with single filers eligible for full contributions if their modified adjusted gross income (MAGI) is $146,000 or less, and married couples filing jointly eligible if their MAGI is $230,000 or less. Partial contributions are allowed for incomes slightly above these thresholds, with no contributions allowed for single filers earning $161,000 or more and married couples filing jointly earning $240,000 or more. The article also provides a step-by-step guide for calculating partial contribution limits for those in the phase-out range.

via The Motley Fool|

##finance #incomelimits