A TFRA is a retirement savings plan that works similarly to a Roth IRA. You pay taxes on the money going into the plan, and the growth on your money is not taxed. However, unlike a Roth, a TFRA does not have Internal Revenue Service-regulated restriction on how or when you take money from your account.
HERE ARE FIVE OF THE KEY REASONS YOU SHOULD CONSIDER A TFRA.
What comes to mind when you recall holidays gone by? Do you have sweet memories of time spent with friends and family, or unpleasant memories of family and gift-buying stress- along with debt to start the new year? I can’t eliminate the stress caused by 2020 or relatives, but I can provide a few financial tips to help prevent debt remorse in 2021.
Having been an entrepreneur myself for over 40 years, I know how much work starting and operating a small business can be. As you make plans, here are some things I advise you to consider.
One of the few things people know about Social Security is that contribution is mandatory, and when they get old enough to retire, they will receive a certain amount of money per month as long as they live. An annuity has some similarities; when properly designed, it can provide guaranteed income in retirement and help reduce the risk of running out of money.