Published Tuesday, August 30, 2016 at: 7:00 AM EDT
Despite rising prices, wages have edged up only slightly in recent years, and employers remain stingy with benefit dollars. To find out what people would do to take home a bigger paycheck or realize more in the way of benefits, GOBankingRates, a national banking website, gave 1,000 employees two options for each of these six questions:
Most people indicated they would be willing to go to extreme lengths to improve their financial standing. For example, to have the employer pay their taxes, 67% would rather clean their work bathrooms every day than give up vacation days for a year. And, to receive a $100,000 bonus, 52% would prefer to live without their phone for a year instead of bunking with their H.R. director.
Fortunately, you aren't faced with these tough choices. By saving diligently through retirement plans and making smart investment decisions, you can improve your chances for financial success.
This article was written by a professional financial journalist for Preferred NY Financial Group,LLC and is not intended as legal or investment advice.
An individual retirement account (IRA) allows individuals to direct pretax incom, up to specific annual limits, toward retirements that can grow tax-deferred (no capital gains or dividend income is taxed). Individual taxpayers are allowed to contribute 100% of compensation up to a specified maximum dollar amount to their Tranditional IRA. Contributions to the Tranditional IRA may be tax-deductible depending on the taxpayer's income, tax-filling status and other factors. Taxed must be paid upon withdrawal of any deducted contributions plus earnings and on the earnings from your non-deducted contributions. Prior to age 59%, distributions may be taken for certain reasons without incurring a 10 percent penalty on earnings. None of the information in this document should be considered tax or legal advice. Please consult with your legal or tax advisor for more information concerning your individual situation.
Contributions to a Roth IRA are not tax deductible and these is no mandatory distribution age. All earnings and principal are tax free if rules and regulations are followed. Eligibility for a Roth account depends on income. Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).
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