Can you buy penny stocks in an IRA?

July 7, 2024 No Comments

A: It is possible to trade penny stocks through an individual retirement accounts, or IRA. However, penny stocks are generally quite risky, so making this investment choice should be done with caution. Penny Stocks The term penny stock is a rather subjective one, as exactly

How are spousal benefits calculated for Social Security?

July 7, 2024 No Comments

A: The amount of your Social Security spousal benefit depends on a number of factors, including your age, the maximum amount of your spouse’s benefit and whether other benefits are available to you. The maximum amount you can claim is 50% of your spouse’s full

Can you have a 403(b) and also contribute to a 401(k)?

July 7, 2024 No Comments

A: Yes. You may participate in both a 403(b) and a 401(k) plan. However, certain restrictions may apply to the amount you can contribute. For instance, you are allowed to make a salary deferral contribution of up to $18,000 in 2017, plus an additional $6,000

Can you make catch-up contributions to a Roth IRA?

July 7, 2024 No Comments

A: Roth individual retirement accounts (IRAs) allow you to contribute after-tax dollars to an account with the ability to take tax-free withdrawals at retirement age, if you meet certain eligibility requirements. You can make catch-up contributions to an IRA and a Roth IRA if you

Can you make tax-free withdrawals from your 401(k)?

July 7, 2024 No Comments

A: Depending on what type of 401(k) account you have and your age, you may be able to withdraw funds tax-free. However, if you have a traditional 401(k) funded with pretax dollars, or you take a distribution prior to age 59.5, you will likely be

Coverting your 403(b) to 401(k)

July 7, 2024 No Comments

A: The IRS says that you can roll a 403(b) plan into a 401(k) plan if you now work for an employer that offers a 401(k). You can also roll a 403(b) plan into a solo or independent 401(k) plan if you are self-employed. However,

Designating a Trust as Retirement Beneficiary

July 7, 2024 No Comments

It is very common for IRA owners to designate a trust as the beneficiary of the account. A trust is a popular designation because it generally gives the IRA owner some degree of control over how the assets are distributed after he or she is

Can I use my IRA to pay for my college loans?

July 7, 2024 No Comments

A: If you are older than 59½ and have been contributing to your IRA for more than five years, you may withdraw funds to pay off your student loans at any time. If you are younger than 59½, you can still use your IRA funds

Can I use my self-directed IRA to take out a loan?

July 7, 2024 No Comments

A: A self-directed IRA is a versatile financial resource for retirement. Under some circumstances, you can use it to take out a loan. There are some restrictions to keep in mind, or the IRS may decide the account no longer qualifies for deferred taxation. The

Can I, without tax penalties, use the IRA I inherited from my father to buy a home that I will live in? He was 72 and had started taking small payouts on it.

July 7, 2024 No Comments

A: If you inherited an IRA from someone who was not your spouse at the time he/she died, the amounts that you receive as a distribution from the IRA will never be subject to any early-distribution penalties. However, amounts you receive will be treated as

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