Tax season is a great reminder to review your retirement savings strategies and make changes that will enhance your prospects for long-term financial security. It's also a good time to start an Individual Retirement Account (IRA) if you don't already have one. The question is, what kind of IRA should you open? What Are Self Directed...
Back in the 2010s, a Rhode Island couple made a smart move when they purchased gold to include in their IRA. However, they overlooked one important guideline regarding storage of precious metals. They kept their IRA gold in home storage instead of at an IRS-approved depository. The IRS does not allow at-home storage of IRA precious...
Some financial changes are expected and even planned for, like getting married or sending kids to college. But numerous outside forces can also unexpectedly impact a person’s financial situation. That’s why periodically rebalancing your portfolio is often recommended by financial advisors. Rebalancing your portfolio gives you the...
Portfolio diversification is a personal financial strategy based on the idea that diverse holdings help bring balance and stability to a portfolio. Think of a diversified portfolio like a store that sells both sunglasses and umbrellas. On sunny days, it sells sunglasses. On stormy days, it sells umbrellas. “By selling both items—in...
Research from the Investment Company Institute (ICI) found that more than 40% of households owned an IRA in 2022. Are you part of this group but considering what more you could do to help increase the strength of your retirement portfolio? If so, a gold IRA rollover might be a good option. This gold IRA rollover guide is a great...
In addition to having an adequate amount of insurance coverage (home, health, auto, life, etc.) and a hearty emergency fund, being financially prepared for retirement may be one of the most important things you can do to protect your savings. Some people, especially those who may be averse to stock market volatility, prefer to prepare...
Are you paying down debt? Smart. Want to spend more quality time with your family? That’s also a great idea. And saving for retirement? Another one! How about building retirement savings through a self-directed IRA? Learn why that may be an ideal option to add to your list of retirement strategies. Self-Directed IRAs Offer Flexibility A...
Physical gold can play an important role in a well-diversified retirement portfolio; however, certain rules must be considered if you want to take advantage of the full benefits a gold or other precious metals individual retirement account (IRA) can offer. IRA-eligible gold can’t be added to just any retirement account. It often needs...
When you diversify your portfolio, you help lower its overall risk exposure by allocating funds among various asset classes. Diversification avoids relying too much on the performance of a single asset class, helping you weather economic uncertainty and grow your portfolio. But is there too much of a good thing when it comes to...
Understanding the different asset classes is essential to achieving portfolio diversification—a must-have for long-term portfolio performance and something I’ve witnessed the need for firsthand. As the son of immigrants, I grew up watching my parents pursue the American Dream. They started a Chinese-American restaurant, and I worked...
A realization struck me on my birthday last year: I was one year away from the traditional retirement age of 65. I didn’t feel like I was almost old enough to retire, and with two young daughters I don’t think I’ll be retiring anytime soon—but it got me thinking about being prepared to retire. Here are nine things I wish someone would...
A tax refund is a reimbursement of taxes that you’ve overpaid to the federal or another government. The U.S. Treasury Department estimates that nearly 75% of federal taxpayers wind up with tax refunds because they overpay their taxes. As of April 15, 2022, the average federal tax refund for the 2022 tax-filing season was $3,103, up from...
