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Tips, advice, and the latest news from the savings world.

CFA Partners with U.S. Department of the Treasury on New Ready.Save.Grow. Initiative

Written by Super User · 28 March 2012

March 28, 2012

Consumer Federation of America, the parent company of America Saves, partnered with the U.S. Department of Treasury yesterday on the new Ready. Save. Grow. initiative. With millions of people indicating they need a safe and convenient way to save money for their long-term financial goals, the U.S. Department of the Treasury announced, Ready.Save.Grow., which will provide people with information and access to affordable, safe and convenient Treasury savings options that can help people take control of their future.

What is a Roth IRA Anyways?

Written by Super User · 27 March 2012

March 27, 2012

By Katie Bryan, America Saves communications manager

 

Today America Saves joins over 130 bloggers in the #RothIRAMovement. Our friend Jeff Ross at Good Financial Cents organized this little event after he gave some tips on saving at his alma mater and found that not one person had heard of the Roth IRA.

Saving for retirement was #4 on the 2011 list of Top America Saves Saver Goals. Many Americans can save for retirement through an employer-sponsored retirement plan, such as a 401(k) plan. Unfortunately, many do not have access to these types of accounts.

The good news is even if your employer doesn’t offer a retirement plan, you can still save for retirement, and get some tax benefits in the process, by putting money in an Individual Retirement Account (IRA).

Who qualifies to make IRA contributions?

Anyone who earns income (or receives alimony) can put money in an IRA. Couples can also put money in an IRA for a non-working spouse.

Each person can put up to $5,000 in an IRA if you are age 49 or below and up to $6,000 if you are age 50 or above for the 2011 tax year, so long as your contributions do not exceed your earned income. Each year, you have until the April 15 tax filing deadline to make your IRA payment for the previous tax year. (This means you still have time to contribute!)

There are two main types of IRA – traditional IRAs and Roth IRAs. In addition, those who are self-employed can put money in a SEP-IRA. Each has its own set of rules and offers different tax benefits.

ROTH IRAs Offer Tax-Free Withdrawals

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Tip of the Day

  • Written by Administrator2 | January 14, 2014

    To minimize interest charges, limit credit card purchases to those you can pay off in full at the end of the month. In the end you'll have more for emergency savings. http://ow.ly/FJyVP

Saver Stories View all »

Learning to Save

Written by Katie Bryan | October 28, 2013

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

Read more...

Starting and Continuing a Personal Finance Journey

Written by Sara Cooper | December 23, 2013

When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her personal finance journey. The program required participants to open a savings account.

Read more...

Transforming “I Can’t Save” to “I Will Save”

Written by Guest Blogger | January 13, 2016

You will not believe what it took to completely change my life. About three years ago, the HR Administrator of the corporation where I worked (as a temp with no benefits) forwarded an email to me. Fifteen seconds. One small act of kindness. That's it - that's all it took!

Read more...

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