Category: Retirement & Investing
Question: I’m ready to start saving for my retirement, but the choices are so confusing! I’m also wondering about the recent changes made to Individual Retirement Account (IRA) products through the SECURE and CARES acts. How do I choose the IRA that’s right for me, and what do I need to know?
Answer: It’s commendable that you’ve started thinking about your retirement planning. There are important distinctions between each type of IRA, so it’s best to review them before making your choice. There have also been several recent changes to the structure and limitations of IRAs with the passing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in December 2019 and the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020.
This comprehensive guide to Individual Retirement Accounts, complete with updated information on the recent changes, can help you choose the option that best suits your needs.
Keeping your cool can be hard to do when the market goes on one of its periodic roller-coaster rides. It’s useful to have strategies in place that prepare you both financially and psychologically to handle market volatility. Here are 11 ways to help keep yourself from making hasty decisions that could have a long-term impact on your ability to achieve your financial goals. (more…)