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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Money Perils Facing Widows

Tips for those grieving and those who wish to help

A fascinating, unsettling survey shows that many widows run into serious financial difficulties after their husbands die — and the problems go far beyond not having enough money to live on. Money Perils Facing Widows Mathew Greenwald & Associates’ Survey of Recent Widows raises red flags that all couples over 50 should know and deal with before it’s too late for them. That’s particularly true if the husband handles most of the household’s investments and financial planning. Money Perils Facing Widows What the Survey Discovered The survey, conducted for the Women’s Institute for a Secure Retirement (WISER) and funded by the American Council of Life Insurers, interviewed

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Later is Too Late

Later is Too Late

The Importance of Being Prepared Later is Too Late “The best preparation for tomorrow is doing your best today” – H. Jackson Brown Jr. d It’s difficult to imagine life without our loved ones. However, we all know that none of us can escape our mortality. That is why it’s always important to be prepared in case of a loved one’s death. Later is Too Late In a typical household, it is not uncommon that one spouse seems to be the keeper of all the financial management and records. This person also pays the bills, manages the budget, monitors and tracks the investments,

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Even the Highest Earners Don’t Have Enough

A Shocking Thesis According to the Schwartz Center for Economic Policy Analysis (SCEPA), the majority of American families nearing retirement have inadequate levels of savings. When we examine the data, there is a substantial amount of truth to this thesis. Even the Highest Earners Don’t Have Enough The Data Every three years, the Board of Governors of the Federal Reserve System release a massive amount of information about United States (USA) family finances. This triennial bulletin is called the Survey of Consumer Finances. (SCF) Here is some background on the authors of the survey: the Federal Reserve Governors consist of seven officials (five appointed by the President of

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5 Reasons to Meet a Financial Advisor

5 Reasons to Meet a Financial Advisor

5 Reasons to Meet a Financial Advisor Are you planning and preparing for your retirement?  If you are, you may have some questions.  After all, soon-to-be retirees want and should have all of their bases covered.  Of course, you can find retirement advice online or seek answers from those you know.  There are, however, a number of benefits to meeting with a professional financial advisor.  In fact, five reasons why are outlined below. 5 Reasons to Meet a Financial Advisor 1 - Knowledge and Expertise While anyone can claim to be a financial advisor, a small amount of research or recommendations

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Important Questions to Ask Yourself for Retirement

Checklist for Retirement

Important Questions to Ask Yourself for Retirement Are you getting ready to start preparing for your retirement years?  Whether you are 30 years old or 50 years old, this is an important step to take.  Planning for your retirement doesn't have to be hard, but there are a number of bases that you must have covered to see success.   To make sure that you are on the right track to seeing the retirement future you always dreamed of, there are a number of important questions that you will first want to ask yourself.  The answers to these questions are

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7 Retirement Questions Everybody Needs to Ask

7 Retirement Questions Everybody Needs to Ask Retirement planning has been traditionally provided in one dimension, with a focus on financial matters only. But increases in longevity, and ongoing uncertainties about being able to fund your own retirement, require a whole new way of planning for retirement. A new multi-dimensional way of planning for retirement is required which not only addresses post-retirement risks, but also matters of the heart that help you live a happy and purposeful life.  7 Retirement Questions Everybody Needs to Ask 1. Purposeful Life If you have led a busy working life as an employee or

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Include Next Generation in Estate Planning Process

Include Next Generation in Estate Planning Process

Include Next Generation in Estate Planning Process If you think you have run out of things to talk about with your adult kids, how about a worthwhile chat about incapacity and death? That’s certainly going to get their attention and a photo worthy reaction…usually a wide-eyed look that says “it’s time to head for the hills!” Include Next Generation in Estate Planning Process   We need, however, to ensure that our next of kin are fully prepared and understand what we want should we become incapacitated or die. There are many things we can all do to help the next generation.

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The Essence of Estate Planning

The Essence of Estate Planning Since none of us know the exact day and time we will die, time is the essence of a good estate plan. The Essence of Estate Planning Having a good estate plan requires the self-realization that we will not live forever.   So given this fact, ask yourself "What will happen to all of my stuff, and who is going to take care of my overall well-being if I am not able?"  As you ponder this thought, either a sense of angst or peace will follow.  If you have angst then you probably need to do an evaluation of

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