Retirement Archives - Page 9 of 9 - Engineer Your Finances

You’ve Maxed Out Your Roth IRA – Make These Moves Next

Mar 26 2018

In 2018, you can contribute up to $5,500 to a Roth IRA if you’re under 50, or $6,500 if you’ve reached that milestone. For some, it may take all year to hit that target. But, for others, they’ll max out their contributions before the calendar hits 2019.

Tamila McDonald

Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals

Cashing Out Your 401(k) for an Emergency – Read This First

Mar 19 2018

An emergency can strike when you least expect it. Maybe your car breaks down, or medical bills start piling up. Whatever the reason, it can be frustrating, especially if you are short on funds.

Situations like that may make you wonder if cashing out your 401(k) is the right move. Typically, people have a significant amount of money in a 401(k), so tapping it when disaster strikes may seem reasonable.

But, there are caveats to cashing out your 401(k), and the penalties can be costly. If you are wondering whether cashing out your 401(k) is the right move, here’s what you need to know.

Tamila McDonald

How to Figure Out How Much You Need to Retire Comfortably

Mar 05 2018

Many people have heard that they need to save $1 million to retire comfortably. While this isn’t necessarily a bad goal, it isn’t accurate for everyone.

In fact, each person will have slightly different requirements. You’ll need to account for factors like where you’ll live, your current health, your age at retirement, and much more.

If you are trying to figure out how much you need to retire comfortably, here’s how to get started.

Tamila McDonald

Traditional or Roth IRAs – Which Are Best?

Feb 23 2018

Planning for retirement is challenging. Often, you have to anticipate your future financial situation and estimate your needs well before you’ll begin pulling money from your retirement account. This makes it challenging to choose between a Traditional or Roth IRA. Each offers distinct benefits and drawbacks, largely based on the lifestyle you believe you’ll have, not the one you have today.

If you aren’t sure which option is right for you, here’s what you need to know about Traditional and Roth IRAs.

Tamila McDonald