CLEVELAND, Ohio - What’s best for your retirement investment plan?
Pre-tax contributions through traditional 401(k) and IRA plans, knowing that the bill will come due when the money is withdrawn, or paying now but being tax free later with Roth accounts?
Whether you choose one or the other, or a mix of the two, a periodic review is a good idea. That’s Rich!, the personal finance column appearing on cleveland.com and in The Plain Dealer, explored the issue, providing tips from experts and updates from the IRS covering recent changes.
Read more about the topic at this link - Roth retirement plan or traditional IRA and 401(k) plans? Is this the time to adjust your thinking?
Also, in case you missed these earlier That’s Rich! columns, check out the links below:
* Taking college classes online this fall because of coronavirus? Students can save a lot of money. The state maintains an online tool that shows what classes will transfer for credit between schools. This includes both two-year and four-year colleges. The difference could be a savings of thousands of dollars. In fact, the price difference between Ohio’s public two- and four-year schools averages about $2,600 a semester.
* Does it make sense to pay off your mortgage early? Here’s what to consider. Some things to consider are whether the money would be better used in a 401K or IRA, but also the peace of mind that comes with being debt free. Four financial pros from the Greater Cleveland/Akron area offer their advice.
* CARES Act makes this ideal time for a student-loan payment checkup - Options to make the best use of the 0%, payment-suspension period offered by the federal government under the coronavirus-relief law known as the CARES Act.
* Coronavirus and taxes: Revised July 15 filing deadline nears; IRS not yet processing paper forms - A reminder for the upcoming filing deadlines for federal, state and local taxes, and an explainer on why you’re likely still waiting for your refund if you submitted your tax form months ago on paper.
* What you need to know to get an unemployment check in Ohio, plus $600 extra - Laid off? Hours reduced? Business slow or gone away if you’re self-employed? A lot of people have become eligible for unemployment checks who never before encountered the system. Here’s what you need to know.
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July 12, 2020 at 07:32PM
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How to pick between traditional 401(k) and Roth retirement plans; tips on reducing college costs; mortgage ad - cleveland.com
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