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What is a Roth IRA? A Roth IRA is a tax-advantaged individual retirement account where you invest after-tax dollars that will then grow tax-free. It shares some characteristics with a traditional IRA, such as the same annual investment limits, but a Roth IRA features some unique features and advantages. There are many types of investment […]
What Is a Roth IRA? The Complete Guide Read More »
If you’re expecting an inheritance at some point, you might be wondering how it could affect your retirement—or if you should even factor it into your plans. While a large inheritance could be a game changer, there are some key details to consider. Your retirement timeline and current savings are just as important. The circumstances
Should You Include Future Inheritances in Your Retirement Plan? Read More »
For most people, it makes sense to convert enough of your RRSP to a RRIF and claim the pension tax credit https://financialpost.com/personal-finance/retirement/split-rrif-income-spouse-2000-tax-credit #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
More Canadians likely to declare bankruptcy, saving for retirement pushed to back burner https://financialpost.com/news/economy/canadians-financial-pressures-bank-of-canada-decision #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
I wrote about the various paradoxes of wealth based on a Charles Schwab Modern Wealth Survey. In this article, I want to highlight another wealth paradox based on the amount people expect they need in retirement versus how much they actually have. According to this new data, I’m convinced Americans really don’t know how much
How Much People Want In Retirement Vs. How Much They Actually Have Read More »
The IRS limits how much you can contribute to your Individual Retirement Account (IRA) each year. In general, investors under the age of 50 may contribute up to $6,500 to a Roth IRA or traditional IRA during the 2023 tax year. Investors 50 and older can make an annual catch-up contribution of $1,000, making their
IRA Contribution Limits for 2023 Read More »
I first wrote this post about financial independence in 2012, soon after I had left my day job in the finance industry. It was a 13-year slog, but I was thrilled to leave but also a little worried about the unknown. The idea of this post is to capture the feeling of financial independence and
Reasons To Strive For Financial Independence: That FI Feeling Read More »
The 2023 Charles Schwab Modern Wealth Survey highlights the many paradoxes of wealth in America. Over 1,000 individuals of all different backgrounds filled out the survey. Overall, the survey, conducted between March 1 and March 23, 2023, says it takes a net worth of $2.2 million to be considered wealthy in 2023. The net worth
The Paradoxes Of Wealth: Misaligned Beliefs About Money Read More »
Fraser Stark: Every Canadian who can comfortably navigate their own retirement finances is one less person requiring expensive subsidized care from the public purse https://financialpost.com/personal-finance/retirement/how-to-solve-canadas-slow-moving-retirement-crisis #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
How to solve Canada’s slow-moving retirement crisis Read More »
![How Much Do I Need to Retire: A Guide for Retirement Saving [2023]](https://i0.wp.com/stashlearn.wpengine.com/wp-content/uploads/2023/05/retirement-savings-over-time-873x1024.png?fit=873%2C1024&ssl=1)
How much do you need for retirement? Experts say the average individual will need $1.2 to $1.5 million to maintain their lifestyle with 80% of their annual pre-retirement income. The average American retires with $200,000 to $250,000 between various retirement savings accounts—just a measly one million dollars shy of the recommended amount. This explains why
How Much Do I Need to Retire: A Guide for Retirement Saving [2023] Read More »
Have you ever wondered what it would be like to retire in a cabin in the woods? My dad did it, and I’m here to share some fascinating insights on his experience and how he ended up there. Who knows, if you prescribe to Lean FIRE, it might be just the type of retirement adventure
Retire In A Cabin In The Woods: Living A Simple And Peaceful Life Read More »
What is a backdoor Roth IRA? A backdoor Roth IRA is an investment strategy that allows individuals to avoid Roth income limits by rolling traditional IRA funds into a Roth IRA. This strategy is particularly appealing to high-earners. Are you one of the 36.8 million people contributing to a traditional IRA but making $150,000 or
How to Set Up a Backdoor Roth IRA: A Step-by-Step Guide Read More »
I realized something important after writing about the best reason to retire early. Money doesn’t buy everlasting happiness. However, having more money can reduce stress and anxiety. The goal of achieving perpetual happiness is not realistic. Happiness ebbs and flows. It’s more exciting to be an 8 out of 10 on the happiness scale because
Top 10 Financial Moves To Reduce Stress And Anxiety Read More »
One of the main reasons why I retired at age 34 was to hedge against an early death. When I was nine, my grandfather died from cancer and I clearly remember seeing my mother distraught for months. Then when I was 13, my 15-year-old friend died in a car accident. Here today, gone tomorrow is
The Pandemic Was An Experience In Hedging Your Life Read More »
What is the difference between Roth and traditional IRAs? The key distinction between Roth and traditional IRAs comes down to taxes. With a Roth IRA, you contribute after-tax dollars. With a traditional IRA, you contribute pretax dollars, which means your money is taxed when you make withdrawals in retirement. You’ve heard it before—it’s never too
Roth vs. Traditional IRA: Which Is Best for You in 2023? Read More »
You have enough to retire if you are comfortable with your situation, expert says https://financialpost.com/personal-finance/retirement/retire-end-year-recent-downturn-markets #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Retirement might seem far away, but now’s the time to plan for it. The sooner you start, the better off you’ll be. One way to get started is by joining the 27 million American households holding a Roth IRA. Roth IRAs are one of the most common retirement accounts available today, behind 401(k)s and traditional
The 9 Best Roth IRA Investments of 2023 Read More »
The older you get, the more you will value life because you have less of it. If you want to live longer, you should aim to grow richer and live in a more hospitable place. As you will see in this article, the correlation with life expectancy, wealth, and location is strong. Sadly, life expectancy
Your Life Expectancy Depends Greatly On Wealth And Location Read More »
Jason Heath: Decision on when to apply for CPP becomes clearer when you think of it as an investment, not income https://financialpost.com/personal-finance/retirement/canada-pension-plan-25-year-high-interest-gic #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Ottawa is offering a 25-year, high-interest GIC: It’s called the Canada Pension Plan Read More »
Financial bloggers often portray the traditional IRA vs. the 401(k) plan as a debate, as if one plan is better than the other. In truth, they’re very different plans, and they fill very different needs. If you can, you should plan to have both. This is especially true if your 401(k) plan is fairly restrictive.
The Traditional IRA vs. the 401(k) Plan – Which Plan Wins? Read More »
