Blog Posts, Investment Planning

When Does My Retirement Account Get Taxed?

Are Rollovers Taxed? Direct rollovers do not create a taxable event. A direct rollover occurs when your old plan administrator makes a direct payment to your new IRA or retirement plan. An indirect rollover occurs when the account balance is paid to you and you must deposit the balance in an IRA or new retirement… Continue reading When Does My Retirement Account Get Taxed?

Blog Posts, Investment Planning

I Still Have a Retirement Account at an Old Company

Why Should I Rollover My Old Retirement Account? Generally, when you roll over an old retirement plan, you do not pay taxes until you withdraw funds from the new plan. Rolling over an old retirement plan typically allows the account to continue growing tax-deferred. If instead you choose to withdraw funds from an old retirement… Continue reading I Still Have a Retirement Account at an Old Company

Blog Posts, Financial Planning, Investment Planning

What are the Contribution Limits for Simple IRAs for 2020?

Simple IRA contributions are made up two parts; an employee contribution and an employer contribution. As an employee, the most you can contribute to your Simple IRA in 2020 is $13,500 if you are under 50 years old. If you are over 50 years old, the amount increases to $16,500. The maximum contribution an employer… Continue reading What are the Contribution Limits for Simple IRAs for 2020?

Blog Posts, Financial Planning, Investment Planning

What are the Contribution Limits for SEPs for 2020?

The most an employer can contribute to a SEP in 2020 is 25% of compensation up to $57,000. There is no catch-up contribution for participants over 50 years old. Additionally, only employers can contribute to SEP accounts. Employees may not make contributions. SEPs are also called SEP IRAs or Simplified Employee Pension Individual Retirement Arrangements… Continue reading What are the Contribution Limits for SEPs for 2020?

Blog Posts, Financial Planning, Investment Planning

What are the Contribution Limits for Individual 401(k)s for 2020?

The most that you can contribute as a self-employed person in your Individual 401(k) in 2020 is $57,000 if you are under 50 years old. If you are over 50 years old, the amount increases to $63,500. Individual 401(k) contributions are made up two parts; an employee contribution and an employer contribution. The maximum employee… Continue reading What are the Contribution Limits for Individual 401(k)s for 2020?