Retirement Archives - Optima Tax Relief

What is a SEP IRA?

Elyssa Carlos — Tue, 25 Jun 2024 08:00:00 +0000

A Simplified Employee Pension Individual Retirement Account, commonly known as a SEP IRA, is a retirement savings plan designed for self-employed individuals and small business owners. This article explores what SEP IRAs are and the tax implications associated with them. What is a SEP IRA? A SEP IRA is a type of retirement plan that […]

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401(k) Options for the Self-Employed

Elyssa Carlos — Tue, 11 Jun 2024 08:00:00 +0000

As a self-employed individual, it might be easy to forget about putting money away for retirement. Unlike employees who might automatically enroll in a company-sponsored 401(k), self-employed professionals must proactively set up and manage their retirement plans. However, several 401(k) options are tailored specifically for the self-employed, offering some tax advantages and the opportunity to […]

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401(k) Loans and Withdrawals: How Do They Affect Taxes?

Elyssa Carlos — Thu, 23 May 2024 08:00:00 +0000

Although it is not recommended, sometimes borrowing from your 401(k) savings is necessary to cover unexpected expenses or hardships. When it comes to accessing funds from your 401(k) account before retirement age, you generally have two options. You can take out a loan or make a withdrawal. Each option has distinct characteristics and tax implications […]

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Pensions: The General Rule vs. The Simplified Method

Elyssa Carlos — Mon, 26 Feb 2024 16:00:00 +0000

Planning for retirement involves making crucial decisions about your finances, one of which includes understanding how to manage your pension. Pension plans often come with various options and methods for distribution, each with its own set of rules and implications. In this article, we’ll delve into taxable income for retirees. We’ll also compare two common […]

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How to Choose a Retirement Account

Elyssa Carlos — Sun, 25 Feb 2024 16:00:00 +0000

Today, there are millions of people who have a 401(k) or other retirement plan through their workplace. However, there are many others who seek other accounts to fund their retirement years. When looking into retirement accounts, there are several factors to consider, one of the most important of them being taxes. Here are some tips […]

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What are Required Minimum Distributions?

Elyssa Carlos — Wed, 10 Jan 2024 16:00:00 +0000

As individuals approach retirement, understanding the intricacies of financial planning becomes crucial. One essential aspect of retirement planning is navigating Required Minimum Distributions (RMDs). RMDs are mandatory withdrawals from retirement accounts that individuals must take once they reach a certain age. This article aims to shed light on the significance of RMDs, the rules governing […]

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Roth IRA Penalties: What Are They & How Do I Avoid Them?

Elyssa Carlos — Wed, 20 Dec 2023 16:00:00 +0000

Roth Individual Retirement Accounts (IRAs) are popular investment vehicles that offer tax advantages for retirement savings. However, it’s crucial for account holders to be aware of Roth IRA penalties to make informed financial decisions. This article will delve into the various penalties associated with Roth IRAs, helping readers navigate the potential pitfalls and optimize their […]

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Tax Tips for Seniors and Retirees

Elyssa Carlos — Wed, 02 Aug 2023 15:00:44 +0000

As the golden years approach, seniors and retirees face a new set of financial challenges, with tax planning becoming increasingly important. Understanding the tax implications of retirement income sources, investments, and deductions can significantly impact a retiree’s financial well-being. In this blog post, we’ll explore some valuable tax tips specifically designed for seniors and retirees, […]

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IRA Hardship Withdrawal: Everything You Need to Know

Optima Financial Group — Wed, 12 Jan 2022 19:29:00 +0000

If you’re facing financial hard times, your retirement funds begin to look like a good source of much-needed cash. In cases of dire emergency, you may indeed be able to make withdrawals from those funds before you reach retirement age. However, the potential short-term and long-term consequences can be severe. Nonetheless, if you must make […]

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8 Tips to Lower Your Taxes During Retirement

Optima Financial Group — Wed, 20 Mar 2013 15:21:00 +0000

Now that you're retired, your money is finite. Here's how to avoid overspending on taxes. More

The post 8 Tips to Lower Your Taxes During Retirement appeared first on SuperMoney!.

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