There is no denying the tax-free benefits of Roth IRAs. Whether in the form of a direct contribution or a conversion, adding money into a Roth IRA is generally a good idea. With a conversion, however, there are a few caveats to keep in mind as it may not always be the best move.
For working and retired individuals, Social Security is a major piece of the retirement puzzle. This stream of guaranteed income is an ever-changing program that is tweaked annually to ensure that one can continue to rely on the benefits being a staple of financial support. On an annual basis, the following are some of the changes that are made:
A few weeks ago, the SECURE Act was passed which has made some significant changes that can affect one’s financial planning strategies. Below are several important provisions you should keep in mind going forward:
It is usually recommended that individuals name beneficiaries on their IRAs as it is an effective and simple estate planning strategy. Once a beneficiary inherits an IRA, however, there are various factors to consider when thinking about what to do with these assets, especially when it comes to distributions.
The IRS has recently released the new contributions limits for Plans in 2020. Please see below:
The thought of downsizing is something that may have crossed one’s mind when thinking about one’s living situation during retirement. While the obvious advantage for it is monthly costs going down, there are other factors to consider. Here, we will go over some of the pros & cons to consider if downsizing may be right for you.
We all know that saving for retirement is important. The earlier one starts, the better the likelihood of having enough to last throughout retirement. For children, utilizing a Roth IRA a savings account can optimize their path to retirement as well as teaching them the importance of saving and investing.
Do you think you could step outside right now without a jacket? Of course not! It’s been cold, windy & rainy for these past few months. (For those of us living in the Northeast.) Our minds and our bodies are telling us to layer up. It was cold today and it will most likely be cold tomorrow. We don’t have to check the weather to know that.
What we do know is that eventually spring will come and with it: warmth. Though spring is a few months away, it is starting to feel like we’re going to be stuck in the winter season forever.