Roth IRA

401 k

10 Facts About Early Distributions You Must Know

Amid the tough economy, lots of people tapped into their 401(k) retirement plans or Individual Retirement Accounts (IRAs) as a way to get cash to pay the bills. That money probably gave you a short-term cushion, but it also has long-term tax consequences, particularly for those who were under the age of 59 ½ at …

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investing

Why It’s Never Too Late to Start Investing

Q: I am 26 and behind in the investing game. My bank offers a Roth IRA and i’m going with that. I was thinking about going with Edward Jones for a 401(k). Is this a good idea? A: Congratulations on getting started investing. You’re not too late to the investing game: you’re right on time. A …

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Roth IRA

How to Benefit From Opening a Non-deductible IRA

You are correct in your assumptions. Yes, you can open two IRAs (one for 2009 and one for 2010), and safely convert them into a Roth this year because of the removal of the income limits on Roth conversions. I double-checked with an expert on this, David Mendels, who is a Certified Financial Planner and the President-Elect of the New York Chapter of the Financial Planning Association. David is also an adjust faculty member at New York University, as well as the head of the fee-based financial planning firm, Creative Financial Concepts, LLC. So he is very well-credentialed and I’m confident in his knowledge ane expertise. He told me to offer you two caveats, just to make sure your efforts go smoothly.

roth ira

Should I Roll Over My IRA Account into a ROTH IRA?

Q: Should I roll over $30,000 in my traditional IRA account into a ROTH IRA? I am 50 years old. A: Although the earnings in both types of retirement accounts grow tax-deferred, for longer-term financial planning, I like the benefits of the ROTH IRA over the Traditional IRA. Additionally, recent changes governing IRAs make it more financially …

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