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Uncovering the Secrets - Roth IRA vs. Roth 401k

Uncovering the Secrets – Roth IRA vs. Roth 401k

At REAP Financial, we always talk about the importance of tax-free investing. You can get tax-free investing through two retirement accounts, Roth 401ks and Roth IRAs. While both of these accounts are vehicles for tax-free investing, there are some key differences between the two you need to be aware of. In this article, we’ll break down the top differences between a Roth IRA and a Roth 401k

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How to Avoid IRA Distribution Risks

How to Avoid IRA Distribution Risks

While many Americans delay taking their IRA distributions, this can lead to unexpected pitfalls. Many retirees fall into tax traps created by delaying IRA distributions. At REAP Financial, we guide our clients to get the most out of their retirement by planning accordingly. Today, we’ll walk you through why you may not want to delay taking your distributions and the strategies you can follow to get control of your taxes in retirement.

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No More Tax Deferral - A Complete Solution

No More Tax Deferral: A Complete Solution

If you’re not already retired, would knowing you’d be in a higher tax bracket in retirement change how you’re currently saving and investing? Today, we’re going to review why so many successful retirees find themselves in higher tax brackets in retirement, even if the tax rates stay the same. Keep reading to learn why tax deferral isn’t always the best strategy headed into retirement! 

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Increase Your Investment Profits with Tax Savings

Increase Your Investment Profits with Tax Savings

If you’re still working, you are likely focused on your savings and investments strategy, so you can grow your wealth. In these situations, the focus normally is on your returns, year over year. However, this doesn’t take into account the easiest way to boost your investment returns: keeping more of your money via taxes.

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Avoid IRS Control - Master Your IRA Strategy

Avoid IRS Control: Master Your IRA Strategy

For most Americans, the day you retire is the first day you have more control over your taxes than any other moment in your past. However, to take advantage of this, you have to know the strategies on how to position your wealth correctly. At REAP Financial, we want you to be set up correctly, so the IRS doesn’t dictate your IRA strategy!

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How to Use an IRA to Fund Your HSA Leveraging an IRA to HSA Rollover

How to Use an IRA to Fund Your HSA | Leveraging an IRA to HSA Rollover

Health Savings Accounts are one of the most powerful retirement planning accounts out there, if not the most powerful one. Despite this, many people don’t take advantage of them. If you want to take advantage of an HSA, you may be wondering how to fund an HSA.

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Should I Take Social Security at 62

Should I Take Social Security at 62?

Years ago, there were lucrative Social Security claiming strategies, such as file & suspend and restrictive applications, which are not available anymore. Now, it is more difficult to know what strategy is best for you. In the past, standard thinking was that waiting as long as possible was best, since it would maximize your benefit. However, this doesn’t always take into account the taxes you’ll pay on your social security. 

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Top Retirement Tax Traps Retirees Face

Are You Equipped to Avoid These Retirement Tax Traps?

When you’re working, taxes are pretty straight-forward and predictable. You get your W2 paycheck, and taxes are withheld, with qualifying retirement contributions giving you tax deductions. Pretty simple! However, when you retire, taxes get much more complicated.

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Strategies for Optimizing RMDs from IRAs

4 Strategies for Optimizing RMDs from IRAs

With our current laws, if you’re approaching ages 73 or 75, you’ll likely be facing required minimum distributions (RMDs) soon. If you have any money in an IRA or 401(k), you have to take RMDs from these accounts when you reach those ages. This means you’ll have to pay taxes on those RMDs. If you’ve saved successfully for retirement, you may not want to take the RMDs since they can create additional taxes, increase your Medicare payments, and more.

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