Good Financial Reads: Advice for Roth IRA Conversions

Advice for Roth IRA Conversions

Backdoor Roth IRA: What is it and Why Should I Care?

by David Barfield, Datapoint Financial Planning, LLC

In previous blogs, I’ve written about the importance of tax diversification in retirement, especially if you plan to retire prior to age 60.  Diversifying your assets across the three tax buckets during your accumulation years can help smooth out taxable income and give you flexibility to somewhat control your tax rate in retirement.  The three tax buckets I’m referring to are:

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Can I Contribute to a Traditional IRA and a Roth IRA at the Same Time?

by Michael Reynolds, Elevation Financial LLC

An IRA can be a great tool for retirement savings and investing. It’s an individual account, and it offers tax benefits depending on your situation.

There are two types of personal IRAs (we’re going to exclude talking about the SIMPLE IRA and SEP IRA in this case).

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How to do a Backdoor Roth IRA Conversion

by Robert Stoll, Financial Design Studio, Inc.

People and families with high income often feel like they’re not able to save enough for retirement. Maxing out one’s 401(k) is a great start, but how do you save money beyond that? And due to income limits, you may not be able to contribute directly into a Roth IRA.  Is there still a way to save money into a Roth IRA even if your income exceeds the thresholds? The answer is YES, through a Backdoor Roth IRA Contribution. This post will walk you through the benefits of saving money into a Roth IRA, and how to do a Backdoor Roth IRA Contribution.

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Is Now the Time To Do a Roth Conversion?

by Daniel Haines, SummitView Advisors

If you could choose any retirement account to have your assets in, a Roth IRA would likely be at the top of the list. Tax-free growth and a lack of required minimum distributions are a couple of the reasons we have previously highlighted for why to invest in this type of account. To get more funds into a Roth IRA, investors may want to consider a Roth conversion, where assets from a traditional IRA are converted to a Roth IRA. In this article we cover the benefits and considerations retirement savers should think about when looking at this planning strategy.

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Roth Conversion: Is It Right For You?

by Elliott Appel, Kindness Financial Planning

Are your beneficiaries correct? 

Are you sure?

Because beneficiary mistakes can be one of the most costly and heartbreaking mistakes in financial planning. 

Plus, they are easy to make. 

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Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

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