As we move into the holiday season and with the end of the year fast approaching, it is always good to take some time out and make sure you are doing some year-end planning with regard to taxes. Regardless of your personal situation, there may be some small steps you can take (or have to take) to stay in compliance with the IRS or to take advantage of the tax laws to avoid a bad situation come April 15th.
Individual retirement accounts can be a fantastic vehicle for helping individuals save money for retirement. They can be used in conjunction with workplace retirement plans and social security to help provide income for retirees when they have left the workforce. When it comes to IRAs, they come in two different flavors, traditional and Roth. We will discuss how these two types of retirement accounts are the same, how they are different, and which one may be right for you.
Congratulations, you just spent the past four years in one of the most challenging college environments that exist. You were pushed to your physical, emotional, and intellectual limits and earned the right to be commissioned as an officer in the United States Military. So now, while you are enjoying a little leave, on your way to your basic officer course, or already at your first assignment leading troops, you need to make sure you are planning for retirement. Wait, what, retirement, but you just graduated? Remember, you will never again get the chance to start planning for retirement