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When talking about retirement and helping ensure you are financially secure in your later years, Individual Retirement Arrangements (IRAs) are a great way to prepare for the future. Simply put, IRAs allow you to make tax-deferred investments to provide financial security when you are ready to retire.
Typically retirement investments are available through employers in 401(k) programs or IRAs through banks or brokerage firms. 401(k) accounts feature automatic contributions for retirement funds that are initiated with an employer and the employer sometimes provides a match. A match is an additional contribution made by an employer on top of what the employee puts into the program. IRAs are more personalized and unique. IRAs are initiated by an individual and most IRAs do not offer a match. Two options for IRAs are a traditional IRA and a Roth IRA.
A traditional IRA means that contributions may be tax-deductible. Withdrawals are taxed at your tax rate when you retire. In other words, with traditional IRAs, you may not pay taxes on your earnings or contributions until you have started taking minimum distributions at age 73. The 2023 limit for traditional IRA investment is $6,500, for those under the age of 50". Deductibility of contributions is contingent on a number of factors, such as whether you have access to an employer retirement plan, and income level.
Contributions to a Roth IRA are not tax-deductible but eligible withdrawals, including capital gains, are tax-free. The benefit of a Roth IRA is that since youre contributing after-tax dollars, eligible withdrawals are not taxed in retirement. For 2023, the total contribution also cannot be more than $6,500 for those under the age of 50.
Hypothetically, if you needed to dip into your IRA accounts before retirement there are some things to consider. With Roth IRA accounts, if youre under 59 1/2, you are subject to taxes and penalties on the earnings portion of the withdrawal. There is also a five-year holding period requirement. For traditional IRA contributions, if you withdraw before age 59 1/2, you are subjected to a 10% federal penalty tax plus regular income tax.
One major benefit of an IRA is that you have the freedom to select from thousands of investment options.Robinhood Offers A 1% Match Retirement Plan With No Employer Needed
Robinhood Financial LLC. HOOD has the only IRA with a 1% match that requires no employer. Both traditional and Roth IRAs are available.
With Robinhood, individuals no longer have to be tied to an employer to get a contribution match for a retirement fund. This can be helpful for both self-employed individuals or people who work for employers that do not offer 401(K) programs. Robinhoods IRA is also great for anyone who wants another separate option from their employer and greater control over their investment.Key Features Robinhood matches 1% on every eligible dollar contributed up to the annual contribution limits. Limitations apply, see restrictions below.* Robinhood provides a one-time custom recommended portfolio, if you need help getting started, or you can build your own or even do a bit of both. Custom ETF portfolio recommendations are based on a series of questions that analyze appetite for risk and desired age for retirement.
The platform offers the ability to trade certain options strategies for eligible users without commission or per-contract fees** in your IRA. Depending on the account type, any potential retirement earnings have tax-deferred or tax-free growth potential
The addition of Robinhood Retirement to the platform can be a valuable tool to help build toward retirement. Robinhood aims to empower investors everywhere, no matter their investment level, with retirement account offerings that help build toward a more solid financial future.
Featured Photo by Austin Distel on Unsplash
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
*You must have earned (wage) income in order to contribute to an IRA. The ongoing 1% match is only applicable to annual contributions made to the IRA from an external source, up to the applicable IRS limits. Contributions must come from an external account and must be held in the Robinhood IRA for at least five years to avoid the possibility of a withdrawal fee. See the Match FAQ for more information: https://robinhood.com/us/en/support/articles/ira-match-faq/ **Other fees may apply. View Robinhood Financials fee schedule at rbhnhd.co/fees.
Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions.
The Robinhood IRA is available to any customer with a Robinhood brokerage account in good standing.
Options trading entails significant risk and is not appropriate for all investors. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Customers should consider their investment objectives and risks carefully before investing in options. Supporting documentation for any claims, if applicable, will be furnished upon request.
All investments involve risk and loss of principal is possible. Robinhood Financial LLC (member SIPC), is a registered broker-dealer.
Joe Biden has authorised Ukraine to begin firing US-supplied rockets deep into Russia – as Sir Keir Starmer prepares to push for “further support” for Kyiv at the G20 summit.
Mr Biden’s policy shift means Kyiv will now be able to use Army Tactical Missile Systems (ATACMS)for long-range attacks, two American officials have told Sky News’ US partner network NBC News.
Ukraine plans to conduct its first such attacks in the coming days, the sources said, without revealing details due to operational security concerns.
A Russian politician and the son of president-elect Donald Trumphave both likened the move to risking a third world war.
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Maria Butina told the Reuters news agency: “These guys, Biden’s administration, is trying to escalate the situation to the maximum while they still have power and are still in office.
“I have a great hope that Trump will overcome this decision if this has been made because they are seriously risking the start of World War Three which is not in anybody’s interest.”
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Meanwhile, Donald Trump Jr wrote on X: “The Military Industrial Complex seems to want to make sure they get World War 3 going before my father has a chance to create peace and save lives… Imbeciles!”
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The outgoing Biden administration’s move comes as there are concerns about the level of support the Trump White House may be willing to give Ukraine.
Mr Trump has previously vowed to limit US support for Ukraine and end its war with Russia.
In an evening address after Kyiv was given permission to fire deep into Russia, Ukrainian President Volodymyr Zelenskyy said: “Today, there’s a lot of talk in the media about us receiving permission for respective actions. But strikes are not carried out with words. Such things are not announced. Missiles will speak for themselves. They certainly will.”
Back in September, Russian President Vladimir Putin said if the US were to lift the ban on long-range missile use it would be seen as NATO’s “direct participation” in the war.
He added: “This, of course, will significantly change the very essence, the very nature of the conflict.”
Meanwhile, the UK prime minister has said he has “no plans” to speak with the Russian president as world leaders gather for the G20 summit in Rio de Janeiro.
Mr Putin will not be attending the two-day summit which starts on Monday after saying in October that his presence would “disrupt the normal work of this forum”. Russia’s foreign minister Sergei Lavrov will be attending instead.
It will take place days after German Chancellor Olaf Scholz spoke to Mr Putinon what was the Russian leader’s first publicly announced conversation with the sitting head of a major Western power in nearly two years.
Asked if he had any plans to make a similar call, Sir Keir said: “It’s a matter for Chancellor Scholz who he speaks to. I have no plans to speak to Putin.”
Speaking to reporters while on his way to the summit, he added: “We are coming up to the 1,000th day of this conflict on Tuesday.
“That’s 1,000 days of Russian aggression, 1,000 days of huge impact and sacrifice in relation to the Ukrainian people and recently we’ve seen the addition of North Korean troops working with Russians which does have serious implications.
“I think on one hand it shows the desperation of Russia, but it’s got serious implications for European security […] and for Indo-Pacific security and that’s why I think we need to double down on shoring up our support for Ukraine and that’s top of my agenda for the G20.
“There’s got to be full support as long as it takes and that certainly is top of my agenda, shoring up that further support for Ukraine.”
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One of Russia’s ‘largest air attacks’
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The latest developments come after Russia launched a large-scale attack on Ukraine on Sunday, with Mr Zelenskyy claiming Moscow had launched a total of 120 missiles and 90 drones.
Two major strikes, which left a total of 18 people dead, hit a residential building in the northeastern city of Sumy as well as energy infrastructure across Ukraine, prompting emergency power cuts.
Hours later, Moscow mayor Sergei Sobyanin said Russia’s air defence units had destroyed a drone heading towards the city.
In the event of human extinction due to war or climate change, octopuses have been identified as potential rulers of Earth, according to leading scientists. Their intelligence, dexterity, and adaptability are believed to position them as candidates for developing an advanced civilisation. Professor Tim Coulson, a zoologist at the University of Oxford, suggests that octopuses could evolve tools and technologies to build underwater cities akin to human societies should the right environmental conditions emerge.
Key Traits Supporting Octopus Dominance
As per a report by DailyMail UK, there are several attributes of octopuses that make them unique. Their problem-solving capabilities, decentralised nervous system, and ability to manipulate objects enable them to adapt to challenging environments. The report further highlights that while they are unlikely to fully transition to land due to their lack of a skeleton, it is believed they could find innovative ways to extend their time out of water, such as developing breathing apparatuses.
These marine creatures, already adept at using tools and hunting, could exploit niches left vacant in a post-human world, the report adds. Octopuses are known to thrive in diverse environments, from deep seas to coastal waters, and possess the capacity for both solitary survival and complex behaviours.
Primates Unlikely to Succeed Humans
Contrary to previous theories suggesting primates might replace humans, the report reveal that researchers argue that primates face many of the same extinction threats as humans. Slow reproductive rates, vulnerability to predators, and dependence on specific ecosystems reduce their chances of survival in a changed world. The report further mentions that while intelligent birds and insects demonstrate advanced behaviour, they lack the dexterity needed to create tools or transform their surroundings on a human scale.
Speculative but Plausible Future
Professor Coulson told the publication that the rise of octopuses as dominant species is speculative. Evolution is unpredictable, shaped by countless variables, random mutations, and extinction events. However, given the intelligence and adaptability of octopuses, they remain a strong contender for evolving into an advanced civilisation in the absence of human influence, he told the publication.
A groundbreaking artificial intelligence tool called FastGlioma has been developed, enabling surgeons to detect residual cancerous brain tumours within 10 seconds during surgery. The innovation, detailed in a recent study in Nature, is seen as a significant advancement in neurosurgery, outperforming traditional tumour detection methods. Researchers from the University of Michigan and the University of California, San Francisco, led the study, highlighting its potential to improve surgical outcomes for patients with diffuse gliomas.
Todd Hollon, M.D., a neurosurgeon at the University of Michigan Health, described FastGlioma as a transformative diagnostic tool that provides a faster and more accurate method for identifying tumour remnants. He noted its ability to reduce reliance on current methods, such as intraoperative MRI or fluorescent imaging agents, which are often inaccessible or unsuitable for all tumour types.
Addressing Residual Tumours During Surgery
As per the study from Michigan Medicine – University of Michigan, residual tumours, which often resemble healthy brain tissue, are a common challenge in neurosurgery. Surgeons have traditionally struggled to differentiate between healthy brain and remaining cancerous tissue, leading to incomplete tumour removal. FastGlioma addresses this by combining high-resolution optical imaging with artificial intelligence to identify tumour infiltration rapidly and accurately.
In an international study, the model was tested on specimens from 220 patients with low- or high-grade diffuse gliomas. FastGlioma achieved an average accuracy of 92%, significantly outperforming conventional methods, which had a higher miss rate for high-risk tumour remnants. Co-senior author Shawn Hervey-Jumper, M.D., professor of neurosurgery at UCSF, emphasised its ability to enhance surgical precision while minimising the dependence on imaging agents or time-consuming procedures.
Future Applications in Cancer Surgery
FastGlioma is based on foundation models, a type of AI trained on vast datasets, allowing adaptation across various tasks. The model has shown potential for application in other cancers, including lung, prostate, and breast tumours, without requiring extensive retraining.
Aditya S. Pandey, M.D., chair of neurosurgery at the University of Michigan, affirmed its role in improving surgical outcomes globally, aligning with recommendations to integrate AI into cancer surgery. Researchers aim to expand its use to additional tumour types, potentially reshaping cancer treatment approaches worldwide.