fbpx

Focus on Finances June 2019

Focus on Finances

By Jason Reeves

Click aqui para español- > Concentrarse en las finanzas Junio 2019

Hi everyone! It’s hard to believe that we’re already halfway through 2019! I hope you’re doing well and that you’re on track with your goals! This month we’re going to talk about five ways to help protect and grow your retirement savings.

If I leave an employer, should my retirement money go with me? In most cases, yes. The primary reasons are that once you separate from that employer, you can no longer contribute to that account. Also, if you were receiving any company matching contributions, they typically stop once you’re no longer working there.

What options are available? Any time you leave an employer, you always have four options. 1) Leave the money with your previous employer. 2) Initiate a rollover of funds to your new employer’s retirement plan. 3) Initiate a rollover to a Traditional or Roth IRA. 4) Cash out what you’ve saved.

What is a rollover, and will I get taxed? The word “rollover” refers to the fact that money is in motion. You’re moving it from one place or plan to another. There are specific rules and guidelines that need to be met so you avoid a tax penalty. For example, money coming from an employer plan is usually pre-tax. Because of that, any account you decide to roll it to needs to be pre-tax, so it doesn’t cause a taxable event.

What is an IRA? IRA is short for “Individual Retirement Account” and what it does is allows you to consolidate your money into one central location if you’re rolling it over from one or more employer plan. It also allows you to start saving and investing independently, without the use of an employer, if you’re self-employed for example. There are two primary types of IRAs and they’re called Traditional and Roth IRAs.

What’s the difference between a Traditional and a Roth IRA? The main difference between the two is that the Traditional IRA is designed for pre-tax money and the Roth IRA is designed for after-tax money. Also, money withdrawn from a Traditional IRA is taxable and money withdrawn from a Roth IRA is not, if the account is five years or older.

Would you like to put together a personalized plan? Schedule your initial consultation with me by sending me an email at This email address is being protected from spambots. You need JavaScript enabled to view it.

You can support VIVA NOLA’s mission of connecting communities by donating here. Your support, in any amount, is very appreciated.
VN Guest

Guest Writer

Escritor Invitado

Economic Development

Family Systems For a Healthy Economy

Family Systems For a Healthy Economy

Family Systems For a Healthy Economy By Alejandra Guzman Click aqui para español- > Sistemas familiares para una...

Food

The País Grape, Our Heritage in America.

The País Grape, Our Heritage in America.

The País Grape, Our Heritage in America. By Rebeca M. Pinhas, CSW, CSWS   Instagram @vinomomnola Click...

Pacos Tacos: The New Kids on the Block

Pacos Tacos: The New Kids on the Block

Pacos Tacos: The New Kids on the Block By Cristy Cali     Instagram @drcristycali Click aqui...

Summer Sippin' in new Orleans

Summer Sippin' in new Orleans

Summer Sippin' in new Orleans Bartenders share cocktail recipes to make at home Bars have been one...

Quality: Cheap vs. Expensive Wines

Quality: Cheap vs. Expensive Wines

Quality: Cheap vs. Expensive Wines By Rebeca M. Pinhas, CSW, CSWS    @vinomomnola Click aqui para español-...

The story behind the food we eat on Easter Sunday

The story behind the food we eat on Easter Sunday

The story behind the food we eat on Easter SundayBy Marcella Escarfuller @bubblegumcatering Click aqui para...

Mezcal

Mezcal

Mezcal By Marcella Escarfuller @bubblegumcatering Click aqui para español- >Mezcal Tequila is inarguably one of the most popular spirits...

Chocolate

Chocolate

Chocolate By Marcella Escarfuller Click aqui para español- >Chocolate One thing comes to mind when I think of...

King Cake

King Cake

King Cake By Marcella Escarfuller Click aqui para español- > King Cake The King Cake, named for the three...

Tamales

Tamales

Tamales By Marcella Escarfuller Click aqui para español- >Tamales Aside from family, the one thing synonymous with the...

New Orleans Premier Multicultural Magazine