The 5-Year Rules
Maybe you've heard of the 5-Year Rule when discussing personal finance. But did you know there are actually four rules? Here's what they are.
There are dozens, if not more, ways to save for retirement. It ranges from employer-assisted accounts like 401(k)s and 403(b)s to self-funded vehicles like IRAs and HSAs. Learning about retirement accounts is paramount to good financial literacy.
Maybe you've heard of the 5-Year Rule when discussing personal finance. But did you know there are actually four rules? Here's what they are.
Discussing all things Roth, including conversations about Roth IRAs, the Backdoor Roth, the Mega Backdoor Roth, Roth conversions, and what all of that means. We start with a 101-level discussion before moving to a 201-level discussion and then diving into graduate-level tips and tricks.
Along with Friend of WCI Chad Chubb, we answer reader questions about when an IRA is too big to convert to a Roth, how long you can wait to do the conversion in a Backdoor Roth, and the difference between wants and needs.
This Backdoor Roth IRA tutorial takes you step-by-step through the contribution process including Form 8606, tax implications, common mistakes, and lots more.
Answering reader questions about paying taxes on your rollover IRA contributions to a Roth, Mega Backdoor Roths, 529s, and the advantages and disadvantages of saving for your kids with a UTMA or parental brokerage account.
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On this Friends of WCI episode, we answer reader questions about if you should use a professional for your taxes or do them yourself, if it is ever a good idea to over-contribute to a 403(b), and the difference between average cost basis and actual cost basis.
Sometimes, you think you can contribute directly to your Roth IRA without having to go through the Backdoor process. Sometimes, you're wrong.
We thoroughly debunk a clickbaity article about why having a Roth IRA is supposedly a bad idea while also answering reader questions about buying houses now that interest rates are going up and how much you need to donate to justify a DAF.
When Congress changed the inherited IRA rules, it got awfully confusing when and if you needed to take RMDs. Let's set the record straight.
It took me a while before I was comfortable doing my Backdoor Roth IRA. Here's how I overcame my confusion and now use it to my advantage.
Are solo 401(k)s better than SEP-IRAs for an independent contractor? Here are the pros and cons of both plans for your small business.
Some people looking for early retirement are afraid of the Age 59 ½ rule. But it's not difficult to get around, once you read the rules.
Some people misunderstand the tax implications of a 401(k) and believe maxing them out will cost them money. Here's why that's bunk.
Answering reader questions about the penalties of over-funding a Roth IRA and if they're worth it to pay for better growth, if it makes sense to do Roth contributions in your peak earnings years if you plan to retire early, and how much asset protection you get in a solo 401(k).
Answering reader questions about how to convert old IRAs to solo 401(k)s, opening a second solo 401(k) after a geographic arbitrage move, and whether you should actually have two individual 401(k)s.
Medical school may not have taught you about money, but we will.
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