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Category Archives: IRA


Using IRAs to Help Children in 5 Easy Steps

Can children have IRAs? There is no minimum age for having an IRA. Due to the power of compound interest, saving tax-free in an IRA from childhood can provide a significant head start on financial security. Saving $6,500 in an IRA annually from age 14 through 24 and earning 7% per year provides over $1 million at age 61—even without contributing after age 24! 1.


Using a Tax Refund to Fund an IRA in 5 Easy Steps

What does the basic process entail? An income tax refund can be directly deposited to an IRA up to the annual contribution limit. The contribution limit was $6,000 ($7,000 for individuals age 50 or older) for 2022 and $6,500/$7,500 in 2023. It can also be split among multiple accounts. 1. It is tax time! Prepare your tax return for the year. 2. Determine the refund amount.