Planning for Retirement ?

NYC Comptroller Pushes City-Sponsored Retirement Plan: In New York City, three-fifths of private-sector employees don’t have employer-based retirement plans. Sign up for your employer 401k or other type of retirement plan. Try to save 5% – 10% of your monthly gross income. How many jobs have you held during your work life? Chances are more… Continue reading Planning for Retirement ?

Taxation on Retirement account

If retirement account has been funded with after tax money, the cost basis will be tax free withdrawal. Example: Rose owns a traditional IRA and has made $3,000 in nondeductible contributions to the plan for the past 20 years. When she reaches age 60, she decides to retire and take a lump-sum distribution from her… Continue reading Taxation on Retirement account