Roth IRA Limits for 2019

Did you happen to read IRS publication Notice 2018-83? Don’t worry, we read it for you. Each year, the IRS announces the contribution and income limits for the next calendar year. Unlike recent years, the changes for Roth IRAs (and Traditional IRAs) are fairly dramatic (for the IRS) and affect both contribution limits and income … Continued

Roth IRA Limits

How much can you make to contribute to a Roth IRA?   Quick Summary If you are single, you must have a modified adjusted gross income under $135,000 to contribute to a Roth IRA for the 2018 tax year, but contributions are reduced starting at $120,000. If you are married filing jointly, your MAGI must … Continued

Housing Options for Seniors

As people age, their housing needs change. The length of the daily commute may give way to concerns about being close to extended family. Proximity to a top-rated elementary school may be replaced by a desire to live close to a top-rated hospital. Everything about where you live should be guided by a consciousness of … Continued

Staying in the Stock Market in Your 60s

A widely accepted investing rule of thumb is to subtract your age from 100 to figure out what percentage of your portfolio should be in stocks instead of more conservative investments like bonds. At age 50, according to the rule, half your portfolio should be in stocks and the other half in bonds. At age … Continued

Saving Money After Retirement

Once you’ve retired, you soon discover whether those “best laid plans” were good enough. If you find yourself withdrawing more than expected from your nest egg, don’t panic. Instead, take advantage of these ways you can save and stretch your retirement funds to last as long as possible. Even if things are going well, it doesn’t … Continued

Social Security and Self-Employment

Paying your Social Security tax when you’re an employee is a pretty simple affair, since it’s taken right out of your paycheck. But what about people who work for themselves? How are they taxed, and how do benefits accrue for them? If you are self-employed and make more than $400 a year, you also have to pay Social Security … Continued

How Expensive Are Financial Advisors? And Are They Worth It?

Figuring out your financial plan can be challenging. Having a professional advisor to guide you through the process can make things easier. Many Americans, however, are flying solo when it comes to their finances. Sixty-eight percent of people polled in a Northwestern Mutual survey say they don’t have a trusted advisor who offers comprehensive financial … Continued

Should You Buy an Annuity?

Few financial products are as controversial as annuities. Their boosters—including the legions of insurance agents who sell them—will tell you that they’re the best way to assure yourself of a guaranteed income for life. Their detractors—including people who sell other types of financial products—will tell you that annuities are overpriced, laden with fees and an especially raw … Continued

Which Life Insurance Is Best for You?

Chances are, term life insurance is the best life insurance for you. But with all the different life insurance options out there, some of which might be heavily marketed to you (ahem, whole life insurance), you should try to understand why term life insurance is best for most people and why the other products are … Continued

Transfer IRA Money to an HSA

Thanks to the Health Opportunity Patient Empowerment Act of 2006, you have the right to make a one-time, penalty- and tax-free rollover of funds from an Individual Retirement Account (IRA) to a health savings account (HSA).  An HSA, which is an account designed for those who have a high-deductible health plan (HDHP), allows you to make tax-free … Continued