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Category: IRA

Why You Will Eventually Be Forced to Withdraw Money from Your Portfolio

April 30th, 2022|

Nobody likes surprises, especially when it comes to the subject of money! When I work with mid-life professionals thinking about career transition and/or retirement, they are often surprised to learn that they will eventually be forced to withdraw money from their Traditional IRAs and Traditional 401(k) plans later in [...]

Key Retirement and Tax Numbers for 2022

March 5th, 2022|

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2022. Estate, Gift, and Generation-Skipping Transfer Tax The annual gift tax exclusion (and annual [...]

Financial Strategies To Consider Before You Stop Working

August 25th, 2021|

When it comes to planning for retirement, savers often try to allocate as much money as possible in employer-sponsored retirement plans and IRAs. And why not?! The tax deferral features of these accounts may provide years of attractive growth without paying Uncle Sam any taxes until the time you [...]

Is Now a Good Time to Consider a Roth IRA Conversion?

December 3rd, 2020|

This year has been challenging on many fronts, but one financial opportunity may have emerged from the economic turbulence. If you've been thinking about converting your traditional IRA to a Roth, now might be an appropriate time to do so. IRA Conversion Basics Roth IRAs offer tax-free income in [...]

Earn Too Much for a Roth IRA? Try the Back Door

March 17th, 2016|

Roth IRAs, created in 1997 as part of the Taxpayer Relief Act, represented an entirely new savings opportunity--the ability to make after-tax contributions that could, if certain conditions were met, grow entirely free of federal income taxes. These new savings vehicles were essentially the inverse of traditional IRAs, where you [...]

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