Why More Americans are Putting their Eggs in Roth Baskets

Estate Planning

(Reuters) – Affluent Americans are showing a growing preference for paying taxes on their retirement savings sooner rather than later. Data released earlier this month by the Internal Revenue Service shows that conversions from tax-deferred individual retirement accounts to Roth IRAs increased ninefold in 2010, to $64.8 billion. That was the first year when a […]

2013 Roth IRA Contribution Limits Explained


If you plan on making contributions to your Roth IRA or opening a Roth IRA account, you will need to know about updated 2013 Roth IRA contribution limits and income limits. Failing to know about these limits can lead to unexpected taxes and possibly penalties when you attempt to withdraw money from the account. Many […]

401k Rollover To IRA: Options To Consider

Thumbnail image for 401k Rollover To IRA: Options To Consider

Employees who take advantage of employer-sponsored investment accounts can benefit from interest earnings on monies saved. When it comes time for an employee to leave a job or change employers, some decisions must be made as to where the money in a 401K investment account should go. A 401K rollover allows employees to avoid withdrawal […]

How to Use Your Roth IRA For A Vacation


The other day I overheard a few friends talking about their honeymoon in Hawaii.  My wife and I would love to go on a trip to Hawaii, but it’s just a little too expensive for us right now.  That is, unless you cash in your Roth IRA to go on vacation. That’s exactly what this […]

How To Take Advantage of Roth IRA Tax Benefits

Thumbnail image for How To Take Advantage of Roth IRA Tax Benefits

We all know that saving money is really the key to building long-term wealth.  Just this week, I was reading an article by Mark Cuban, discussing how to create real wealth.  Right now Mark Cuban is a really happy guy.  He is the outspoken, charismatic owner of the Dallas Mavericks, and if you weren’t aware, […]

8 Exceptions to the 10% Penalty for an Early IRA Withdrawal

Thumbnail image for 8 Exceptions to the 10% Penalty for an Early IRA Withdrawal

Need cash?  Thinking about taking an IRA withdrawal? Think long and hard because you may have to pay  a nice little 10% penalty for early IRA withdrawals! IRA penalty – Oh yeah, Uncle Sam will love you! If you are age 59 1/2 or older, you can take an IRA withdrawal without any penalties at all. If […]

What Kind of IRA Rates Are You Getting?

Thumbnail image for What Kind of IRA Rates Are You Getting?

I should do a post of the most commonly asked questions I get when talking about personal finance with folks. How much interest is your IRA paying would probably rank in the top five for sure! Or you could phrase it this way – what are your IRA rates these days?  Or even, What’s the best […]

4 Factors to Consider Before Doing a Roth IRA Conversion


So we are about halfway through 2010!  Hard to believe isn’t it? Although some of the buzz has seemingly died down about the year of the Roth IRA Conversion, there is still some controversy regarding whether folks should convert their Traditional IRAs to a Roth. For those of you wondering what exactly is a Roth IRA,  Well, here are the […]

What Should You Do With Your 401k Plan When You Leave Your Job?


“Mr. Jones, we appreciate your work for us, but unfortunately there’s just not enough room in our budget for you. Here’s a packet of information regarding your retirement account.  Please look this over and have a decision made about your 401k plan by the 31st.” Ever hear these words? Maybe your company didn’t sound as nice, […]

What You Need to Know About Roth IRA Conversions


By now you’ve all heard of the opportunity for Roth IRA conversions right? Ok, but maybe you are unsure what a Roth IRA conversion is all about. Let’s dispel any myths about this and take a look at exactly what’s going on for this year for Roth IRA conversions. This post will be more of a lesson in what’s […]