Roth Conversions

Retirement Planning

Roth Conversions

There has been a lot of talk about Roth conversions so I wanted to help bring greater clarity to the issue. First, we will discuss the differences between a Traditional Individual Retirement Account (IRA) and a Roth IRA. Second, we will address what a Roth conversion is. Lastly, we will consider why and when would you…

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How to Avoid Senior Scams

The greatest financial scams are perpetrated on the most vulnerable group in America, aging senior citizens who are slowly losing mental capacity. The aging process invokes emotions of fear, consequently triggering emotions of anger or greed because the mental capacity to control these emotions with logic is impaired. Emotions are the trigger switches that sales people use,…

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How to Plan for your Parents’ Long-Term Care Costs

Could you be on the hook for your parents’ long-term care expenses? The answer is YES! In about 30 states, including Pennsylvania, there are laws called filial reasonability or filial support laws, which may obligate children to help defray their impoverished parents’ long-term care expenses. Most of these laws include civil enforcement, but several states…

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Simple and Solid Roth IRA Advice

Age 59½ is a key age for both a traditional IRA and a Roth IRA, because at age 59½, you may withdraw from either a traditional or a Roth IRA without incurring a 10% penalty. With a Roth IRA, however, you are required to have the account open and active for at least 5 years…

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Roth IRA Conversions—When Should I Convert?

Individual Retirement Accounts (IRAs) come in two varieties—the traditional IRA and the Roth IRA. The traditional IRA allows you the opportunity to claim a tax deduction on your income tax return for contributions made to the IRA, and you must pay income tax on withdrawals from the IRA. The Roth IRA does not allow you…

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Giving and Happiness

An article that I read in Investment News attributed happiness among seniors to their generosity and indicated that relationships serve as a powerful source of fulfillment and happiness. In our lives money can serve as a useful tool, but money alone cannot buy happiness. Of course you can find temporary joy in a new purchase,…

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Roth IRA Conversions – When Should I Convert?

By Sue Slowinski Individual Retirement Accounts (IRAs) come in two varieties—the traditional IRA and the Roth IRA. The traditional IRA allows you the opportunity to claim a tax deduction on your income tax return for contributions made into the IRA, and you must pay income tax on withdrawals from the IRA. The Roth IRA does…

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I see the Light of Retirement

I see the Light of Retirement You are scheduled to retire on July 1st 2015, and the excitement is building, but before you get too excited make sure you have your bases fully covered. Before retiring consider 4 key issues, to include: medical, income, debt, identity. Medical planning is probably the most important issue to…

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Roth IRA’s

Stated simply, if you have cash in banks or assets in taxable brokerage or mutual fund accounts, but you do not have a Roth IRA, you are missing a tremendous opportunity. This article can end on the power of that one statement, but the advantages of the Roth IRA warrant further explanation. First, if we…

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