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Pros and Cons of Roth IRA VS Traditional IRA
A Roth IRA and Traditional IRA are both great choices for retirement planning, each offering various investment options. However, it’s important to consider key differences to determine which account suits your needs best.
We can help you choose the right one for you.
Traditional IRA
A Traditional IRA may allow you to make pre-tax contributions
Best suited for:
An individual who expects to be in the same or lower tax bracket when he or she starts taking withdrawals.
Roth IRA
A Roth IRA allows you to make after-tax contributions
Best suited for:
An individual who expects to be in a higher tax bracket when he or she starts taking withdrawals.
Taxes
Contributions grow:
Tax-deferred
Tax-deductibility:
Yes, gives you immediate tax benefits (subject to income limitations for participants in employer-sponsored plans)
Contributions grow:
Tax-free
Tax-deductibility:
No, gives you no current-year tax benefits
Contributions
Contributions come from:
Pre- or after-tax dollars
Max Contributions for 2023:
$6,500 ($7,500 if you are over age 50)
Contribution eligibility:
Anyone with earned income
Contribution age restriction:
None
Contributions come from:
After-tax dollars
Max Contributions for 2023:
$6,500 ($7,500 if you are over age 50)
Contribution eligibility:
Those with earned income below a certain level
Contribution age restriction:
None
Withdrawals
Penalties:
Penalty-free but taxed as current income after age 59½
Mandatory distributions:
After age 73
Penalties:
Penalty- and tax-free after 5 years and age 59½
Mandatory distributions:
None
Takeaway
The key difference between a Traditional and a Roth IRA is whether it makes more financial sense to:
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Is The Online Social Security Account Secure, and How is My Personal Information Protected?
The online “My Social Security” account is designed with security measures to protect your personal information. Here are some key features and practices that contribute to the security of the account:
- User Authentication:
- Access to the “My Social Security” account requires a two-step authentication process. In addition to entering your username and password, you may receive a one-time security code on your registered mobile phone or email. This additional step enhances the security of the login process.
- Secure Connection:
- The “My Social Security” website uses encryption (https) to secure the connection between your browser and the Social Security Administration’s servers. This helps protect the information exchanged during your online sessions.
- Personalized Security Questions:
- During the registration process, you will set up personalized security questions. These questions help verify your identity if you forget your password or need to reset it.
- Account Alerts:
- You can opt to receive alerts, such as notification emails or text messages, when certain changes occur in your “My Social Security” account. These alerts help you stay informed about activities related to your account.
- Privacy Protections:
- The Social Security Administration takes privacy seriously and has policies in place to safeguard your personal information. Be cautious about sharing your username, password, or security codes with others to maintain the security of your account.
- Timed Logout:
- To protect against unauthorized access, the “My Social Security” account has an automatic logout feature. You will be logged out automatically if your account is inactive for a certain period.
- Security Updates:
- The Social Security Administration regularly updates its security protocols to address emerging threats and vulnerabilities.
While the provided security measures enhance protection, it’s essential for you to follow best practices, such as using strong and unique passwords, keeping login credentials confidential, and accessing the account only from secure devices. If you have concerns about the security of your “My Social Security” account, you can contact the Social Security Administration for assistance.
How to Maximize Your Lifelong Benefits
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Can I Update My Personal Information Through The Online Account?
What Should I Do If I Suspect Unauthorized Access to My Social Security Account?
If you suspect unauthorized access to your Social Security account, taking immediate action is crucial to secure your account and protect your personal information. Here are the steps you should follow:
- Change Your Password:
- Log in to your “My Social Security” account as soon as possible.
- Change your password to a strong, unique password that you haven’t used elsewhere.
- Review Your Account Activity:
- Check your account activity for any unauthorized changes, updates, or requests.
- Review your personal information, direct deposit details, and contact information.
- Update Contact Information:
- If you notice any unauthorized changes to your contact information, update it to your correct and secure details.
- Contact Social Security Administration:
- Report the suspected unauthorized access to the Social Security Administration immediately.
- You can contact the SSA by phone or visit your local Social Security office.
- Enable Extra Security Measures:
- If available, enable additional security features provided by “My Social Security,” such as two-factor authentication (2FA).
- Monitor Your Financial Accounts:
- Keep an eye on your bank and other financial accounts for any suspicious activity.
- If you find any unauthorized transactions, report them to your financial institution.
- Consider a Fraud Alert or Credit Freeze:
- Consider placing a fraud alert on your credit reports or even implementing a credit freeze to prevent new accounts from being opened in your name.
- Review Your Email Security:
- Ensure that your email account associated with “My Social Security” is secure.
- Change your email password if necessary.
- Stay Informed:
- Stay informed about the latest security practices and any updates from the Social Security Administration regarding your account.
Remember that the security of your Social Security account is crucial for protecting your personal and financial information. By taking prompt action and following these steps, you can help minimize the potential impact of unauthorized access. If in doubt or if you need further assistance, contact the Social Security Administration directly.
How to Maximize Your Lifelong Benefits
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Can I Use The Online Account to Track My Earnings History?
You can use the online “My Social Security” account to track your earnings history. Here’s how you can access and review your earnings record:
- Log In:
- Log in to your “My Social Security” account on the official Social Security Administration website.
- Navigate to Earnings Record:
- Once logged in, navigate to the section that provides information about your earnings record or work history.
- Review Earnings Details:
- Access your earnings record, which shows a detailed history of your reported earnings for each year of your working career.
- Review the amounts reported for each year and verify that they are accurate.
- Check for Discrepancies:
- Carefully check for any discrepancies or missing information in your earnings history.
- Ensure that all your earnings are accurately recorded.
- Report Discrepancies:
- If you notice any errors in your earnings record, report them to the Social Security Administration.
- You may need to provide documentation to support the correction.
Reviewing your earnings history is important because your Social Security benefits are calculated based on your lifetime earnings. Ensuring the accuracy of this information is crucial for receiving the correct amount of benefits when you become eligible.
Keep in mind that Social Security updates your earnings record annually, usually around tax season when employers submit W-2 forms. Regularly checking your earnings history online allows you to catch and address any discrepancies in a timely manner.
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