6 Money Traps to Avoid in Your 40s | Phil Town

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By the time you’ve reached your 40s, you’re probably earning more, saving more, traveling more, and feeling more comfortable — but, be careful. You still face the potential to have your cost of living creep up to a level that could cause problems. http://bit.ly/2GxRrYm

Here are six common money traps to avoid in your 40s so you can set yourself up for financial freedom in retirement.

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Simple IRA Contribution Limits For the Small Time Entrepreneur

The Individual Retirement Account or the IRA has been provided for the purpose of creating a savings fund for the benefit of retirees. While the 401k plan and the Roth IRA fund are now quite familiar terms to most employees, the Simple IRA Contribution plan more or less is the same but is mainly for the small time entrepreneur who does not have any other retirement plan for his employees who might most probably not exceed 100 or even less.

2008 IRA Limits

Whether you are thinking about a traditional or Roth IRA for your individual retirement plan, the contribution limitations only vary by age group, respectively. This limitation is set up by the United States government, and regulated by the Internal Revenue Service, since it does affect the AGI (Adjusted Gross Income) on one’s personal or joint tax return. Additionally, the differences between holding a traditional or Roth IRA have much to do with whether or not a contribution is tax-deductible, tax-free, etc. There are variable per IRA type, that we can look at, below.

Beneficiary IRA – Why You Should Name Someone As Beneficiary

If you have been wise enough to plan well for your retirement, you will feel care free and happy that after many years of working hard, you will ultimately be able to enjoy the fruits of your labor. You will look forward to making use of your IRA funds that you had the foresight to plan for when the time was right.

What is a Self Directed Roth IRA?

A self directed Roth IRA is an IRA account where you, the owner, decide how and where the money will be invested. There are many benefits to having a self directed Roth IRA plan and one of these is that you can get your money when you retire without having to pay any taxes on the amount you withdraw.

Understanding IRA Withdrawals

When you have an IRA account you can withdraw money from that account no matter what your age is, though this could end up costing you a significant amount if you are under the age of 59 1/2 at the time you take the money out. When you take early withdrawals from a traditional IRA account the government will assess you with a 10% penalty, plus you will have to pay income taxes on the amount you take out.

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