Roth IRA

That's not to say Social Security income is a replacement for bonds in a retirement portfolio. Rather, Social Security should give you more confidence to tilt your asset allocation in your retirement portfolio toward more stocks and other more volatile assets. Keeping those faster-growing assets in a Roth account will keep them tax-free when you sell and withdraw the funds for … [Read more...] about 3 Ways a Roth IRA Is a Perfect Supplement to Social Security | Smart Change: Personal Finance

Being admitted to an MBA program is very exciting. You’ve worked hard on your application for months, completed the interview process, and now you’re celebrating after getting into an amazing school. Then, you’re suddenly facing the reality of paying your first tuition bill. While you have very likely considered how you were going to pay for the degree, whether that … [Read more...] about Attention MBA Admits: 3 Tuition Hacks That Will Save You Big $

In my line of work, it’s really not uncommon for me to work with multiple generations from the same family. In fact, just this past week I received a call from a longtime client, I’ll call him George, who felt it might be time for his daughter, I’ll call her Courtney, to start to work with a guy like me. George is about 60, grew up outside of Boston, married his high-school … [Read more...] about Infrastructure And The Roth IRA | Falmouth Columns

Christa shares Clark Stinks posts with Clark. Submit yours at Clark.com/ClarkStinks. / Fintechs are bringing about enormous change. Forget banking fees, minimum balance requirements, check cashers & payday lenders. Legit services are available for all. App based and online banks, the best credit unions – are great alternatives. The DNA of traditional banking is hostile to … [Read more...] about 5.28.21 Clark answers his critics on Clark Stinks / Unbanked in the USA – no more. – 104.5 WOKV

Dear Liz: Our 16-year-old daughter has been frugal since she started understanding money at about age 6. She works and makes a decent income for a high school student. Her savings are now quite substantial. She wants to open a Roth IRA while she is young and has no income tax liability. My wife and I have pensions and substantial savings but only one IRA. So we have no idea how … [Read more...] about Liz Weston: Roth IRAs are an excellent way for young people to build wealth

Financial advisor David Donhoff shares the risks and benefits of annuity investments. Sponsored by Leverage Planners. SEATTLE — Annuities have a bad reputation in the financial world, so it's important to understand if and how that investment type fits in with your lifestyle and goals. … [Read more...] about How to figure out if annuities are right for your lifestyle and goals

Planning for retirement is a lifelong journey. For accountants and tax professionals working with clients age 50 and older, there are certain tax perks to recommend that could help boost savings for the future.These strategies traditionally include utilizing catch-up contributions for 401(k), traditional and Roth IRA, and HSA accounts. While clients may be more familiar with … [Read more...] about Optimize tax breaks from fixed-income annuities for retirement planning

There are much better ways to build wealth than via a relic of the Roman Empire. Sponsored by Leverage Planners. SEATTLE — Annuities have a bad reputation in the financial world, and for good reason according to David Donhoff with Leverage Planners Wealth Management. “The annuities … [Read more...] about A financial advisor’s investment advice? Stay away from annuities

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.I wasn't thinking about retirement savings at the beginning of my freelance career in my early 20s. I was more concerned about things like mounting credit … [Read more...] about How I’m Catching Up On Retirement Savings After Age 30

Q.: In October 2020, I converted $15,000 of my IRA to my Roth IRA. My tax software says I owe a penalty of $300 because I am under 59 ½.  I knew the conversion would be taxable, so I withheld $3,000 but I thought the penalty was waived on conversions. Am I missing something? –Terry in Flagstaff A.: Terry, unfortunately, yes, you missed an important nuance of Roth conversions. … [Read more...] about Why am I being charged a penalty on my Roth conversion?