IRA, Individual retirement account, gives you the opportunity to plan your retirement savings combined with quite a few tax benefits. There are two different types of Individual retirement accounts on the basis of the tax deductions for contributions. While tax is calculated for the funds that move to the Roth IRA account, there won’t be any tax deduction at the time of withdrawal. Tax is not applied for the funds transferred to the traditional IRA account, and will be applied to the funds at the time of withdrawal. Your eligibility to several tax benefits concerning the traditional IRA and the chances of qualifying to make a Roth IRA contribution depends upon your modified adjusted gross income (MAGI).
Relatively lower to the conditions in a 401(k), under the age of 50, a contribution limit of $5,500 is observed as of 2016 and 2017. An additional contribution of $1,000 will be allowed for citizens over the age of 50. It is possible to make contributions in both traditional and Roth IRA accounts, however, one should make sure that the combined total contributions is not more than $5,500 and should not exceed $6,500 if you are above 50 years of age. An individual retirement account can be created and funded alongside a retirement plan funded by the employer. However, this factor might show an impact on the tax deductions that apply to traditional IRA contributions. Hence, it is important that you discuss the above option with your tax advisor prior to making a decision.
Withdrawal of funds from these accounts is just as stringent as other retirement accounts like 401(k) where you can expect a 10% penalty along with the normal taxes applied when the funds are withdrawn before the age of 59.5. The only way this penalty is found to be avoided is in the cases of death, certain eligible medical expenses, disability, expenses regarding qualified higher education, along with some other factors. Apart from this, it is not possible for one to avail a loan from the funds deposited in an individual retirement account.
In case you are looking for rollover 401k RA while still employed, it is better to ask for more information from your employer. It is also considered helpful if you research more about 401k transfer Roth IRA before investing in any!
3 easy-to-make flavored iced coffee recipes for a cool summerRead more
As soon as summer and spring descend, it’s time to whip up the seasonal beverages that will keep you cool. Iced tea and flavored iced coffee are two of the most popular beverages during this time; they give you your caffeine fix as well as a respite from the heat outside.
It’s true that your local barista or the popular coffee chain in the neighborhood will have some of the fanciest-looking flavored iced coffees in their menu, but when you break down the basics, most of these can be easily made at home. Whether you want a light vanilla-flavored iced coffee or something more dessert-like with a nice topping, you can try your hand at these delectable flavored iced coffee recipes at home:
- Vanilla-flavored iced coffee: This is one of the simplest flavored iced coffee recipes. For this, you will need a cup of ground coffee, 4 vanilla beans that are split lengthwise, a cup of milk, ¼ cup of sugar, and a few ice cubes. Mix the ground coffee with 4 cups of water. Cover it and let the coffee stand overnight or for 12 hours at room temperature. Mix the vanilla beans, sugar, and milk in a saucepan and let the mixture simmer over medium heat. Let it stand and steep for 20 minutes. Strain the coffee into a bowl through a fine-mesh sieve. Through a coffee filter, strain the coffee again into a large pitcher. Fill four tumblers with ice cubes, pour coffee till one inch of the rim, and then pour the vanilla-flavored milk.
- Chocolate-flavored iced coffee: This chocolate-flavored iced coffee has a sweetish taste to it. This recipe calls for a cup each of fat-free milk and boiling water, 4 teaspoons each of instant coffee granules, chocolate syrup, and sugar, 1/8 teaspoon of vanilla extract, and a few ice cubes. Dissolve the coffee in the water in a large bowl. Add and stir well the rest of the ingredients. Serve this flavored coffee over the ice cubes. You can top it off with a couple of scoops of vanilla ice-cream.
- Thai iced coffee: Although the name has an exotic touch to it, this flavored iced coffee is quite easy to make. The ingredients required are a cup each of ground coffee and sweetened condensed milk and ¾ cup of milk. Make four cups of strong coffee by brewing the coffee in four cups of water in a coffee machine. Chill the brewed coffee in the refrigerator. Mix both the varieties of milk in a small bowl until a smooth consistency and chill the milk. While serving, pour the coffee in four tumblers filled with ice cubes and top them off with the chilled milk.
Five benefits of using rowing machinesRead more
More and more people are waking up to the importance of fitness in their daily routine because the obesity rate in the country is increasing alarmingly. Fitness no longer takes a backseat when it comes to healthy living, and the proof is in the number of people signing up for gym sessions. However, gyms have multiple types of fitness equipment that work on specific parts of the body. The rowing machine is one such piece of fitness equipment that burns more calories as compared to running or cycling.
Here are a few known benefits of using the rowing machine.
Cycling and running will boost your cardiovascular activity, but rowing is specifically designed to keep your heart and lungs healthy. The rowing action helps pump more blood and fresh oxygen throughout your body while simultaneously burning calories faster than what you can achieve with running or cycling.
Complete body workout
Rowing is an exercise that engages most of the muscle groups in the body. It is one of the few fitness equipment that works on the upper back, shoulder, chest, arm muscles, lower quadriceps, glutes, calves, and hamstrings at the same time.
If you are looking to prepare yourself for sporting and athletic events, a rowing machine will help you increase your stamina and endurance. Working out on this fitness equipment helps burn calories, builds muscle mass, and enhances your strength training.
A broad range of movements
Many fitness equipment limit your body’s motions, thereby failing to engage vital muscle groups. A rowing machine, however, has a broad range of movements that tone your muscles. Vigorous rowing not only strengthens the muscles but if done correctly, also enhance your form.
Better resistance training
Resistance training helps you increase your muscle mass, metabolic rate, improve insulin sensitivity, prevent weight gain, and increase bone mineral content. A rowing machine mimics the continuous pull-and-push motion of rowing to increase resistance in the workout. Thus, this fitness equipment aids in the overall development of your upper and lower body muscles.