The Quest IRA Blog

What to do if You’ve Missed an RMD on an IRA

An IRA can be a handy tool in saving for retirement. However, with that extra saving power comes lots of rules and regulations—one of those being required minimum distributions (RMDs). If you’re the custodian of a traditional IRA, or you’ve inherited an IRA, you’ll want to pay close attention to those RMD deadlines to avoid major penalties. Before... [ Read More ]

Penalties for Early IRA Distributions

You may have found yourself in a tough financial spot, or you may just really want to go on a nice vacation this year, and your only extra funds are tied up in your IRA. It’s tempting to borrow from your retirement, but there are several costs to consider before you book any flights to Italy. You can... [ Read More ]

How to Choose a 401K Plan: Three Factors to Consider

If you’re lucky enough to work for an employer who offers a 401k plan, you’re already ahead of the retirement options curve than most people. A nice perk to most 401k plans is that your employer will typically match up to a certain percentage that you contribute. For instance, if your employer offers a 6% match option, any... [ Read More ]

Qualifying for an IRA: Three Things You Need to Know

Whether you have just entered the work force or have been earning income for years, saving for retirement should be one of the top priorities in your monthly budget. Even teens can start a retirement account with the money from their first job. In fact, it is highly encouraged since they will simultaneously have fewer expenses, making it... [ Read More ]

How to Save for Retirement When You Don’t Have an Income: Spousal IRAs

Many couples with only one income believe they can only contribute toward one IRA account; but if you are married and file a joint tax return, you can actually double your yearly retirement investment. Typically those without an income aren’t eligible to open an IRA because contributions can only be made up to the maximum earned income or... [ Read More ]

Five People You Can List as Beneficiaries on Your IRA

One of the first and most important pieces of information you will fill out on your IRA paperwork is naming a beneficiary in the event you pass away before the funds have been completely distributed. Since your IRA is not directly linked to your Will, your inheritors need to be clearly defined in both documents, even if you... [ Read More ]

Tax Deadlines You Should Know for Your IRA

With tax season well under way, you may be wondering how your IRA figures into your filing. There are several key deadlines with respect to IRA accounts that you must consider before beginning your taxes. For the purpose of this article, we will only be focusing on traditional IRAs, Roth IRAs, and inherited IRAs. December 31st. If you... [ Read More ]

Four 401K Fees You May Not Know You’re Paying

Everyone knows they should be saving for retirement. Some are closer to their goals than others, and some may even know the difference between an IRA and a 401K, but few people know how much they are paying in fees just to have a retirement account. The fees may seem like an insignificant amount, usually ranging from 0.5%... [ Read More ]

IRA Investments: Stocks, Bonds, and Mutual Funds

Choosing which type of investment to place your IRA funds into can be overwhelming, especially with all the different options, rules, and risks out there. Most of the time, you will spread your annual contribution between two or more investments, or “buckets” if you will. This way if one sector does poorly, you lessen your chance of taking... [ Read More ]