Money and Finance
The contribution limit for IRA's in 2013 increased from $5,000 to $5,500 if you're under the age of 50 and from $6,000 to $6,500 if you're over the age of 50. Of course as usual there are income limits imposed in order to make a Roth IRA contribution. For Married Filing Jointly, the phase-out starts at a modified adjusted gross income of $178,001 and goes to $188,000. For a MAGI that is less than the $178,001 you can contribute the full $5,500 and for MAGI's over $188,000 you can't contribute anything. If your MAGI falls in the range, your maximum allowable contribution is decreased on a linear basis over the full range. So if your MAGI is $183,000 then you can only contribute half of the max at $2,750. For Single and Head of Household, the MAGI limits are $112,000 and $127,000.
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- Income Update - March 2013
This year has been just amazing. My income has been way up and that has helped to contribute to so many of my goals for 2013. I did really good in March on controlling the expenses, and brought them back in line with January after February's...
- Investing Milestone
My FI portfolio has now passed the $50k mark and my total brokerage accounts including my Roth IRA passed the $60k mark. It's nice to know that with consistent contribution I can build up my portfolio and increase my net worth and my dividends...
- 401k Contribution
I originally had a goal of maxing out my 401k this year but have since changed my goal and lowered my contribution rate. Since my ultimate goal is to retire by 40 I need as much cash available to invest in taxable accounts as possible. I was contributing...
- Powder Ready
It seems I was a little late for the last pullback but I now have some dry powder available for the next one that is sure to come. I'll be setting up some limit orders today on MCD, INTC, AFL and possibly just buy outright some JNJ. It'll be great...
- Max Out The 401k?
Today I read a post on TheSimpleDollar about "The Different Meanings of Saving for Retirement" which really got me thinking. Since my plans are to "retire" by 40 and live off of passive income things might need to change. For 2011 I maxed out my 401k...
Money and Finance
2013 Roth IRA Contribution Limit Increased
The contribution limit for IRA's in 2013 increased from $5,000 to $5,500 if you're under the age of 50 and from $6,000 to $6,500 if you're over the age of 50. Of course as usual there are income limits imposed in order to make a Roth IRA contribution. For Married Filing Jointly, the phase-out starts at a modified adjusted gross income of $178,001 and goes to $188,000. For a MAGI that is less than the $178,001 you can contribute the full $5,500 and for MAGI's over $188,000 you can't contribute anything. If your MAGI falls in the range, your maximum allowable contribution is decreased on a linear basis over the full range. So if your MAGI is $183,000 then you can only contribute half of the max at $2,750. For Single and Head of Household, the MAGI limits are $112,000 and $127,000.
Read more »
- Income Update - March 2013
This year has been just amazing. My income has been way up and that has helped to contribute to so many of my goals for 2013. I did really good in March on controlling the expenses, and brought them back in line with January after February's...
- Investing Milestone
My FI portfolio has now passed the $50k mark and my total brokerage accounts including my Roth IRA passed the $60k mark. It's nice to know that with consistent contribution I can build up my portfolio and increase my net worth and my dividends...
- 401k Contribution
I originally had a goal of maxing out my 401k this year but have since changed my goal and lowered my contribution rate. Since my ultimate goal is to retire by 40 I need as much cash available to invest in taxable accounts as possible. I was contributing...
- Powder Ready
It seems I was a little late for the last pullback but I now have some dry powder available for the next one that is sure to come. I'll be setting up some limit orders today on MCD, INTC, AFL and possibly just buy outright some JNJ. It'll be great...
- Max Out The 401k?
Today I read a post on TheSimpleDollar about "The Different Meanings of Saving for Retirement" which really got me thinking. Since my plans are to "retire" by 40 and live off of passive income things might need to change. For 2011 I maxed out my 401k...