Borrow From An IRA
Can you borrow from an IRA? Most financial advisors will tell you it isn’t possible. When Congress made the laws about individual retirement accounts, they specifically didn’t want people to be able...
View ArticleRoth Rollover FICA Saving Tax Strategy
Rules regarding a from a traditional IRA to a Roth IRA heaven interesting side effect. They provide you with a mechanism to avoid paying FICA and Social Security tax. When you put money into higher...
View ArticleIRA Loan Strategy
Unlike a 401(k) the rules regarding individual retirement accounts or IRAs specifically forbid them from being used as collateral for a loan. Also unlike a 401(k) you cannot borrow money from your IRA....
View ArticleTraditional IRA vs Roth IRA
It is very important to understand the difference between a traditional IRA and a Roth IRA. A traditional IRA allows you to put money into investments before paying taxes on it. When you later decide...
View ArticleCan I Borrow From My Roth IRA?
Many people wonder if they can borrow money from a Roth IRA. The answer is you don’t have to. With a Roth IRA the principal amount can be withdrawn without any tax consequence because you’ve already...
View ArticleIRA As Collateral for a Loan?
Can I use my traditional IRA as collateral for a loan? No you cannot. It is illegal for a bank to loan you money based on your IRA as collateral. This is part of the tax law and differs from the way...
View Article60 Day Loan From Your IRA
There is a little-known loophole that will allow you to take a 60 day loan from a traditional IRA without paying any type of taxes or penalties. Though most people will tell you that there is not a way...
View ArticlePreparing for Retirement
Most people mean nine states are not putting enough money away for retirement. I think a lot of people are relying on Social Security, but most of them don’t understand that as people live longer their...
View ArticleThoughts on Roth IRAs
Photo Credit: nemesis91A Roth IRA is a special type of retirement account. While most retirement accounts allow you to save on your taxes today and pay taxes during retirement a Roth IRA works the...
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