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Thursday, May 23, 2024

Retirement: 1 major reason I prefer a Roth account for my retirement savings

Roth IRA and 401(k) accounts have attractive tax benefits but also a hidden advantage few people talk about. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 

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Retirement

Thu May 23 2024

 
Glass jar used for saving US dollar bills and notes for IRA retirement fund.

Roth IRA and 401(k) accounts have attractive tax benefits but also a hidden advantage few people talk about.

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Roth 401(k) and traditional 401(k) pros and cons are written with black marker in a notebook
 

If your company matches Roth 401(k) contributions, watch your taxes

SECURE Act 2.0, which passed in December 2022, allowed employers for the first time to match Roth 401(k) contributions directly into a Roth account.

Virginia Crespo sends emails in her home for her volunteer work on March 21, 2024. Crespo had not planned to retire at 55 in 2002. She had two kids in college and a good job that she loved, teaching at a suburban high school near Annapolis, Md. But Crespo was also living with fibromyalgia, a chronic illness that causes pain, fatigue and brain fog.
 

How the latest inflation figures impact your Social Security check

Social Security's 2025 COLA estimate inched up to 3.2% as inflation stays elevated. An expected Medicare premium hike could eat up any COLA gain.

A person at a laptop.
 

3 lesser-known reasons to choose a 401(k) for your retirement savings

You could save for retirement in an IRA. But here's why you may want to go with a 401(k) plan instead.

Two Social Security cards on top of a pile of cash.
 

Claimed Social Security early? How to maximize retirement benefits

Even if you claim early, these rules could help boost the amount of your monthly check.

 

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