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864 Search Results

Pros & Cons of Working After Retirement

Pros & Cons of Working After Retirement

https://www.sofi.com/learn/content/working-after-retirement/

…files their taxes individually, and their combined income is between $25,000 and $34,000. In that case, they may be taxed on up to 50% of their Social Security income. And…


403(b) vs Roth IRA: Key Differences and How to Choose

403(b) vs Roth IRA: Key Differences and How to Choose

https://www.sofi.com/learn/content/roth-ira-vs-403b/

…up to $7,500 for those age 50 and older) $7,000 for 2024 (individuals 50 and older may contribute $8,000) $6,500 for 2023 (individuals 50 and older may contribute $7,500) Are…


Mega Backdoor Roths, Explained

Mega Backdoor Roths, Explained

https://www.sofi.com/learn/content/what-is-mega-backdoor-roth/

…earning more than $146,000 but less than $161,000 can contribute a reduced amount); for married people who file taxes jointly, the limit is $230,000 (or between $230,000 to $240,000 to…


Backdoor Roth IRAs

Backdoor Roth IRAs

https://www.sofi.com/learn/content/backdoor-roth-ira-right/

…example, say the individual contributed $5,000 to an IRA that didn’t deduct and another $5,000 to an account that did deduct. If they converted $5,000 to a Roth IRA, the…


IRA vs 401(k): What Is the Difference?

IRA vs 401(k): What Is the Difference?

https://www.sofi.com/learn/content/ira-vs-401k-which-is-best-for-you/

…can save in each. For tax year 2023, it’s $23,000 in a 401(k) ($30,500 if you’re 50 and over) versus only $7,000 in an IRA ($8,000 if you’re 50+). For…


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