A backdoor IRA is a legal strategy that allows high-income earners to bypass income limits on Roth IRA contributions. Do you make too much money to contribute directly to a Roth IRA but still want those sweet tax-free withdrawals in retirement? A backdoor Roth conversion might be your ticket to tax-advantaged retirement savings. But the … Read more
Roth IRA losses aren’t typically tax deductible. An exception is when youve fully withdrawn and closed the Roth IRA account, and total distributions are less than contributions. Even then, it must be claimed as a miscellaneous itemized deduction, subject to restrictions. Learn more about the rules and qualifications and how to report Roth IRA losses … Read more
Ever wondered how Uncle Sam keeps tabs on your retirement savings? If you’ve been putting money into a Roth IRA and thinking “hmm, does the IRS actually know about this?”, you’re not alone. This question pops up a lot especially since Roth contributions don’t show up on your tax return like traditional IRA contributions do. … Read more
Let’s be real – nobody likes to think about what happens after they’re gone. But if you’ve got stuff (and we all do) then you should probably care about something called “probate.” It’s a word that makes estate planning attorneys grimace and heirs groan. But what exactly is probate and why does it get such … Read more
Saving for retirement can feel like trying to hit a moving target while blindfolded How much is enough? Will I end up eating cat food in my golden years? (I hope not!) Let’s cut through the confusion and figure out what’s considered a good nest egg for retirement in 2025 The Million-Dollar Question (Literally) According … Read more
Dealing with an inheritance can be challenging, especially when it involves dividing financial assets among siblings. Understanding the Inherited IRA split between siblings is an important part of this process. An Inherited IRA, or Individual Retirement Account, allows beneficiaries to inherit funds from the original account holder while enjoying tax-deferred growth. When a parent passes … Read more
Is $1 Million Really Enough for Retirement in 2025? Let’s face it – we all dream of hitting that magical $1 million mark in our retirement accounts But the burning question remains exactly how much income will $1 million generate when you’re ready to kick back and enjoy your golden years? I’ve worked with countless … Read more
The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau’s median income for couples 65 and over: $76,490 annually or about $6,374 monthly. Would you and your partner enjoy a high-quality … Read more
A pension provides a reliable source of income in your retirement years, making it easier to manage your expenses and enjoy the life youve always dreamed of. For most retirees, receiving a pension wont affect the amount of your Social Security payouts. You can enjoy both. However, if your pension comes from a certain type … Read more
Are your retirement savings a little low? Youre not alone. In fact, about one in five (21%) of Baby Boomer workers has less than $50,000 saved for retirement, according to the Transamerica Center for Retirement Studies 2023 survey. If youre in that low-to-no camp, here are the things you can do to help shore up … Read more
