Retirement can be a great time to pursue an interest or passion you’ve had but haven’t had the time or resources to put into while maintaining and actual career. If your passion or interest is developed enough you might even…
One More Advantage to Multiple IRAs in Estate Planning…
Yesterday I wrote about how having multiple IRAs can help you with estate planning as a vehicle for bequests and a way to leave money for friends and family. One thing I left out was how IRAs can provide an…
Estate Planning Benefits of Having Multiple IRAs
I’ve often talked here about the wisdom behind converting multiple IRAs into one or two accounts as you grow older. Mainly, that it makes it easier to manage your money and to prevent missed required minimum distributions (RMDs), which can…
Don’t Let College Derail Your Retirement Plans
College is expense. As such, it can be tempting to help your children pay for it so that they are not burdened with huge amounts of debt when they graduate. However, before you do so, you need to strongly consider…
The Big Thing Regarding Traditional to Roth IRA Conversions
If you have a traditional IRA and a Roth IRA, you may have had the question arise regarding whether you intend to convert your traditional IRA to your Roth IRA. If you haven’t thought about it, maybe you should consider…
Don’t Let Income Get in the Way of Making an IRA Contribution
Did you know that even if you have too much income to make a deductible contribution to a traditional IRA, you can still make a nondeductible contribution? There are two main reasons why you would do this: to obtain tax…
Make It Easier as You Get Older With Account Consolidation
As you work and save up for retirement, you may find it best to have multiple retirement accounts. Sometimes the reasoning behind that is to prevent the commingling of various funds (after-tax vs. taxable) or because an account is set…
Don’t Be Afraid to Save More Than You Need for Retirement
Deciding how much of your yearly income to set aside for retirement is not an easy task. The amount you choose will most likely be influenced by certain factors, including your yearly earnings, whether you have a family to support,…
Your Portfolio Shouldn’t Retire With You!
Just because you’ve reached retirement doesn’t mean your portfolio should stop working too. In fact, given how long people are living in this day and age, you most likely will need your portfolio to keep producing income for you in…
Is Your Retirement Savings Process Automated?
Putting money away every month for retirement can be a monotonous process and as such, it can be easy to forget to do it or overlook it. Furthermore, with technology making it easier and easier to automate the saving part…