Simple and Solid Roth IRA Advice
Age 59½ is a key age for both a traditional IRA and a Roth IRA, because at age 59½, you may withdraw from either a traditional or a Roth IRA without incurring a 10% penalty. With a Roth IRA, however,…
Minimize Stress During Tax Time—File an Extension!
The Internal Revenue Service (IRS) allows taxpayers to file for a 6-month extension if they need more time to prepare their tax returns. You can obtain a tax extension for any reason—the IRS grants them automatically and without penalty as…
Old Life Insurance Policies: Life or Death
You may have purchased a life insurance policy 5, 10, 20, even 30 years ago under the impression that you purchased a “whole life” insurance policy. The life insurance industry unfortunately has become so complex that it is highly unlikely…
Roth IRA Conversions—When Should I Convert?
Individual Retirement Accounts (IRAs) come in two varieties—the traditional IRA and the Roth IRA. The traditional IRA allows you the opportunity to claim a tax deduction on your income tax return for contributions made to the IRA, and you must…
Giving and Happiness
An article that I read in Investment News attributed happiness among seniors to their generosity and indicated that relationships serve as a powerful source of fulfillment and happiness. In our lives money can serve as a useful tool, but money…
Cash Flow versus Budgeting
To me personal budgeting is a lot like dieting. If I diet and blow the diet, I eat even more. If I set a budget and then blow the budget, I spend even more. [Psychologically I already feel badly so…
The #1 Question of 2015
Every year a hot topic surfaces in the world of personal finance. In 2015, “How do I protect my identity?” has been at the top of the list. The answer normally involves paying for a monthly service to monitor credit…
Children Fighting Over Estates
No parent dreams of their family being torn apart when their estate is settled. Rather, they hope the passing of life is a time of solace and family unity providing comfort after the loss of a parent. In recognizing that the…
Annuity Advertising; Misleading at Best
During the past five years the #1 question I am hearing from clients and prospective clients relates to an annuity commercial most of us have seen or heard. The annuity promises a bonus up-front of 6-8% on your initial investment…
Want to manage your tax rate in retirement… Start while you’re saving!
While it’s hard to say what the tax laws will be in 30 or 40 years, it is likely that distributions from different types of retirement accounts will still receive special tax treatment. In addition to ensuring the investments in…