Roth IRA

As you get ready to tackle your 2020 tax return, make sure you haven't overlooked one of the best ways to cut your tax bill and secure your future — funding a traditional IRA. (There is no upfront tax break for funding a Roth IRA.)Technically, you can make an IRA contribution for the 2020 tax year up until the time you file your tax return, which now isn't due until May 17, … [Read more...] about Fund Your IRA, Cut Your Taxes

Dear Liz: I’m hoping to retire in three years so I’m saving as much as possible. I’m maxing out my contributions to a 403(b) retirement plan, a 457(b) deferred compensation plan and a Roth IRA. I also contribute $1,000 each month from my paycheck to an after-tax defined contribution plan offered by my employer. A representative from the plan provider told me I should move the … [Read more...] about Liz Weston: ‘Backdoor Roth IRA’ contributions explained

As you move toward retirement, the investments you’ve relied on to build a retirement savings portfolio may not be the best fit when it comes to generating retirement income.If you’re like most near-retirees, you’ve worked hard to save through your company 401(k) plan, IRAs or Roth IRA accounts. Most company-sponsored retirement plans offer a mix of mutual funds made up of … [Read more...] about 3 Alternative Asset Strategies to Diversify Your Retirement Portfolio

The stock market can be chaotic at times, causing portfolio balances to be volatile. But while you may be able to tolerate these periodic fluctuations, it would be catastrophic if your broker went under and you simply lost that money for good. Thankfully, that very situation is what the Securities Investor Protection Agency (SIPC) serves to protect against.The SIPC is a … [Read more...] about SIPC Insurance: What It Covers And How It Protects Investors

Individual retirement arrangements, more commonly known as IRAs, are powerful tax-advantaged retirement savings tools that most of us should be making the most of. Together with Social Security income, they can be vital supports in our later decades. Here's a look at what traditional and Roth IRAs are and three ways that they can be perfect supplements to your Social Security … [Read more...] about 3 Ways an IRA Is a Perfect Supplement to Social Security

One of my new clients plans to retire in three years following a successful 30-year career in Corporate America. Like many executives who have spent a lifetime at one employer, most of her income — salary, bonuses, stock options and other deferred compensation — is tied to the company’s success.To protect her fortune, she will need to take a few key steps to maximize her wealth … [Read more...] about Planning to Retire in 3 Years? Here’s What Senior Level Executives Need to Do Now

As the world moves into yet another year of dealing with the persistent coronavirus pandemic, we’re all still struggling to wrap our minds around the many challenges we face.First and foremost are ongoing concerns regarding the health of our families, friends, colleagues and others. But, of course, this isn’t just a medical crisis. For many, the pandemic is also taking a toll … [Read more...] about How Healthy Is Your Retirement Plan in the Midst of the COVID Crisis?

If you have been reading my blog for awhile, you know that I am a huge Tower of Power (TOP) fan. While I am not a formal member of their fan club, I regularly check the mail. A year or so ago, Emilio Castillo, one of the co-founders of the group paid homage to a super fan that saw the group in concert over a 1,000 times. I thought to myself with envy, "Now this is a life well … [Read more...] about “HIPPER THAN HIP” Introducing the Corporate Sponsored Malta Pension Plan | Gerald Nowotny

We all have until April 15 to finalize our contributions to our 2020 IRAs, but many of us may be wondering: Do we put our money into a Roth IRA or a traditional IRA?Carl Carlson, the CEO and Founder of Carlson Financial, has these three tips to help determine Roth versus traditional IRA contributions:Your income now versus your income in retirementYour Tax Bracket now versus … [Read more...] about Should you put our money into a Roth IRA or a traditional IRA?

If you have been reading my blog for awhile, you know that I am a huge Tower of Power (TOP) fan. While I am not a formal member of their fan club, I regularly check the mail. A year or so ago, Emilio Castillo, one of the co-founders of the group paid homage to a super fan that saw the group in concert over a 1,000 times. I thought to myself with envy, "Now this is a life well … [Read more...] about “WHAT IS HIP?” Introducing the Corporate Sponsored Malta Pension Plan | Gerald Nowotny