IRA News

Q: Dear Rick: I am 75 years old and in January of each year I take my required minimum distribution.

Americans may be living longer, but our retirement plans aren't keeping up. Which means people are living longer with smaller bank accounts.

I would like to start putting some money away for my young grandson's college education.

Thank goodness for President Barack Obama, for without his wisdom and foresight none of us would know how to live our lives, and in particular, how much money we need to save for our own retirement.

Americans between the ages of 61 and 70 are withdrawing money from their IRAs in amounts that are larger, both in absolute dollar amounts and as a percentage of their IRA account balance, than those taken by older households.

President Bush, second from right, speaks during his roundtable discussion on health savings accounts in 2008 in Oklahoma City.

The down payment is often the toughest hurdle to clear when buying a home. Whether you're opting for a Federal Housing Administration mortgage loan with just 3.5 percent down, or shooting for a conventional loan with 20 percent down, saving for a down payment on your first home can take years.

Americans between the ages of 61 and 70 are withdrawing money from their IRAs in amounts that are larger, both in absolute dollar amounts and as a percentage of their IRA account balance, than those taken by older households, according to a new report from the Employee Benefit Research Institute.

A new report casts considerable doubt on how well many Americans will fare in retirement: Those born between 1966 and 1975, the so-called Gen-Xers, will be the worst off, able to replace only half their working income.

Unemployment figures may be improving, but young people today still face a tough road summers and after graduation.

Roth IRAs have been around since 1997. Congress was looking for ways to help people save more for retirement but at the same time get some of its tax dollars upfront.

Kevin Avery is a bit of an overachiever when it comes to saving for retirement. He's only 25 and has nearly $40,000 in savings in his 401 and Individual Retirement Account.

Any information shared on Free Money Finance does not constitute financial advice.

You can do a lot with $1,000. In fact, we came up with 30 surprising ways to use a grand .

Various promoters have suggested to entrepreneurs that they use the assets in their 401 plans or IRAs to finance a new business.

You can always get at your money in an IRA. But because the IRS and Congress allowed a deduction and tax deferral, they will not be happy if you do before age 59A1 2 and will slap you with a 10% penalty plus taxes.

My new "breathalyzer" measuring the alcohol content in my blood stream has been instructive over the past few months as I have been conducting experiments on my metabolism.

When it comes to personal finance, saving, and investing, there are a lot of "it depends" or "your situation may be different." I daresay that saving for retirement is not among those - unless you are one of the very fortunate few to be independently wealthy , setting aside money today to see that you have enough for the years down the road is ... (more)

Americans may be living longer, but our retirement plans aren't keeping up. Which means people are living longer with smaller bank accounts.

This year, taxpayers received an average $2,700 in refund money not exactly chump change, but still no match for the average $7,000 credit card and $25,000 student debt tab most consumers have.