The Quest IRA Blog

Three Major Costs of Retiring Early

For most, retiring early is, at best, a fun fantasy to help them survive yet another work week. Free time for traveling, spending time with loved ones, or just working on projects around the house sound like enough reasons to walk out of the office today and never look back. Despite the fact that the loss of income... [ Read More ]

Savers Credit Eligibility and Income Restrictions

Although saving for retirement isn’t always easy with a low income, there are benefits to help ease the burden for those who can swing the yearly contributions. Eligible savers can enjoy the reward of a Savers Credit to reduce the amount they owe on their taxes next year. Most low-income savers don’t take advantage of this benefit either... [ Read More ]

Ages to Know for Your Retirement Funds

With all of the different rules and regulations for 401(k)s, IRAs, and Roth IRAs, it can be difficult to remember at what ages you can start using retirement funds from your various accounts. Taking distributions too early or too late can incur stiff penalties you don’t want as burdens against your savings. Whether you retire at 45 or... [ Read More ]

Pros and Cons of 401(k) to IRA Rollover

If you’ve recently left your employer, you may be wondering what to do with the funds in your old 401(k). Besides keeping it in the account, there are a few other options you’ll want to consider. No one option is perfect for everyone, so you will need to reflect on your specific situation and discuss the best choices... [ Read More ]

Three Benefits to Self-Directed IRAs

Whether you are new to the world of IRAs or have been saving with one for decades, you may have never heard of a self-directed IRA and are wondering what exactly it means. In short, self-directed IRAs function just like regular IRAs in terms of the standard rules and regulations, but they offer quite a bit more investment... [ Read More ]

Four Prohibited IRA Transactions

Retirement accounts, such as a 401k or IRA, are great tools for building your savings quickly. You may think that you can use that money whenever you want and for whatever you want. After all, it is your money right? However, while it’s tempting to borrow from your future self for immediate wants and/or needs, there are restrictions... [ Read More ]

Five Frequently Asked Questions about IRAs

Retirement accounts can be confusing with all of the associated rules, regulations, and restrictions. Opening one for the first time might be a little intimidating. If you’ve had one for years, you may have forgotten when you’re supposed to take distributions or how much more you can deposit with catch-up contributions. When it comes to retirement accounts, knowledge... [ Read More ]

How to Save for Retirement in Your 20s, 40s, and 60s

Saving for retirement can be overwhelming with all of the different investment options available. Some people will put off saving for retirement because they don’t want to make a mistake with their money or think they don’t have enough income to sacrifice each month to make the short-term hits worthwhile. Other people think that they can start saving... [ Read More ]

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 ]