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JAM Program Simple Steps
JAM Interactive Budget Program
SS #5 10-15% Retirement Savings
Question: What Should I Do With Old Retirement Accounts?
A lot of people I know have an old 401k or IRA at their previous employer, so I get asked this question a lot. The answer, ultimately, will be dependent on you and what you feel comfortable doing. However, here are a few directions you can take your old retirement accounts.
First of all, there is [...]
Question: I want to convert my 401k/403b/Traditional IRA to a Roth IRA. How does This Work?
Doing a Roth Conversion has become a hot topic this year. There used to be income restrictions on a Roth conversion, limiting the people who can do this. However, the income restriction has been lifted this year, leaving the option of being able to take advantage Roth’s tax free growth and withdrawals open to everybody. [...]
Question: Should I continue to contribute to Retirement Accounts While Eliminating My Debt?
While I understand the logic of continuing to contribute to your retirement while you eliminate your debt, I would personally hold off retirement contributions with only one exception. That exception is that you should continue to contribute up to your employers match. This free money is too valuable to pass up. All other retirement contributions [...]
3 Priorities of Retirement Contributions
Congratulations, you are now debt free and have your emergency fund set. You are right in the middle of the JAM program. Now is the time for true wealth building in Phase 2, Simple Step 2: Retirement savings.
I suggest putting 10%-15% of your total income towards retirement. 10% should be the goal if you are [...]
IRA/401k Taxation 101 – Introduction to Phase 2, Step 2
IRA/401k Taxation 101
This post will start a series around Phase 2, Step 2 – 10-15% Retirement Savings. Before we invest 10-15% of our income into retirement, we need to learn how they work.
Tax season has come and gone again this year (hopefully this isn’t news to you) but I wanted to outline some very [...]