How to Make Backdoor Roth IRA Contributions

How to Make Backdoor Roth IRA contributions

Many investors are enticed by the long term benefits of a Roth IRA. Unfortunately for those who do participate in an employer sponsored retirement account, such as a 401k, and earn a high annual income (over $116,000 for single filers and $183,000 if you are married, filing jointly), you are unable to make a Roth contribution. How to Make Backdoor Roth IRA contributions Fortunately, there are ways around this. There are steps outlined below that can be taken, which would allow a high income earner to move after tax funds into their Roth IRA. This is only possible because there are

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Can You Afford to Age in Place

As many Americans are living longer these days, many may be asking themselves, can I afford to get older? Can You Afford to Age in Place According to the Social Security Administration, the life expectancy of Americans is well into their 80's. We take a look at how elderly people are getting by and not breaking the bank as they age. It's inevitable that everyone will experience a sickness in their lifetime, but what would you do if the next time you fell ill it would bury you financially. Can You Afford to Age in Place For many people over the age

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10 Tips for Picking a Place to Retire

Once you retire, you're free to head to the beach or golf course. In some cases, you can even dramatically reduce your cost of living or improve your quality of life with a single move. But you want to make sure that a retirement spot will continue to meet your needs as you age. Here are 10 tips for finding your ideal retirement spot. 10 Tips for Picking a Place to Retire Seek lower costs. If you can sell your house in an expensive city and move to a place where housing costs significantly less, you can use that influx of

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Life Insurance 101

Comparing Life Insurance

Life insurance is one of the pillars of personal finance, deserving of consideration by every household. I’d even go so far as to say it’s vital for most. Yet, despite its nearly universal applicability, there remains a great deal of confusion, and even skepticism, regarding life insurance. Life Insurance 101 Perhaps this is due to life insurance’s complexity, the posture of those who sell it or merely our preference for avoiding the topic of our own demise. But armed with the proper information, you can simplify the decision-making process and arrive at the right choice for you and your family. To

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Dealing with the First Year of Retirement

Dealing with the First Year of Retirement

The first year of retirement can be the hardest part of this new way of life. Many people find themselves feeling alone. They feel like no one cares too because everyone around them thinks they are envious of their new life of not working and doing whatever they want. The truth is that it’s not all that’s its cracked up to be. Actually, many retirees will go back to work just because they can’t handle the change in their life. Is that the answer, though? Many times, it’s not. Going back to work just brings back the old life. There’s

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Retirement Lessons to Teach Your Children

Menopause and Perimenopause Tips

Retirement Lessons to Teach Your Children Many individuals are finding that they must postpone their retirement target dates or cancel retirement because they are not financially ready for it. If you find yourself in such a predicament, you may find solutions to this dilemma if you look carefully. If not, you've at least learned a valuable lesson - one that you can and should pass on to your children. Let's look at some of the sometimes-harsh lessons the current generation of retirees and pre-retirees has to teach. Retirement Lessons to Teach Your Children Lesson No.1: Don't Finance Your Children's Higher Education at

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Retirement Can Hurt Boomer Living Standards

Retirement Can Hurt Boomer Living Standards

How retirement hurts living standards for baby boomers The baby boom generation -- aged 52 to 70 -- is going into its “Golden Years,” and some boomers would like to keep working or even take a second job to supplement Social Security. Retirement can Hurt Boomer Living Standards  But a study from the National Bureau of Economic Research (NBER) categorically refutes this scenario. The “tax disincentives” of working nine-to-five -- or earning an extra $20,000 at the local McDonalds -- make employment a lost cause. What they’ll see instead is most of that paycheck vanish into the black hole of the IRS, not

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Retirement Planning Crucial for Small Business Owners

Retirement Planning Crucial for Small Business Owners 

Planning for retirement is crucial for everyone, and it is especially critical for small business owners, the business leaders many cite as the life-blood of the American economy. Retirement Planning Crucial for Small Business Owners Indeed, according to the U.S. Small Business Administration, small business owners employ half of all private sector employees, pay 44 percent of total U.S. private payroll, and have generated 65 percent of net new jobs over the past 17 years. The challenge before American small business owners is keeping their companies financially healthy long-term. This is so that small business owners do not over-rely on

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Checklist for Retirement

Checklist for Retirement

Are you looking to retire within the next two to three years?  If so, it is imperative that you are prepared to make the leap.  Retirement can be a fun and exciting time in your life, but only if you are fully prepared for it.  We have made a checklist to make sure you are prepared for this new season of life.  Checklist for Retirement    Before retiring from your job, make sure that you and your spouse are properly covered by health insurance.  Not taking this step can be costly and it can have a negative impact on your retirement

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