As we enter the last quarter of the year, there is still time to contribute to certain accounts before 2022. Because some of the maximum account limits changed from last year, and some haven’t, here’s a quick review of those limits and when you need to contribute: 2021 Account Limits: HSA For your health savings […]
How to Plan Strategic Retirement Withdrawals
If you’re preparing for retirement, there are potential savings you should consider with your withdrawals. With just a few key moves, you could maximize your money and gain significant savings when it comes time to withdraw money in retirement. Here are a couple of the moves that pay off the most for retirees: Diversify for […]
2020 Roth and Backdoor Roth Conversions
COVID-19 left many people short on cash in 2020. Layoffs, furloughs and cut hours meant less income. As challenging and stressful as it is taking a pay cut, even a temporary one, there are some ways to use it to your advantage. If you experienced an income loss steep enough to knock you down a […]
Navigating a Backdoor Roth Conversion
A backdoor Roth conversion helps higher-income earners cut down on their tax burden when their income exceeds the limits of a traditional Roth. In a Roth, your money grows tax-free and you won’t pay taxes when you withdraw from your account later on. The backdoor conversion is a way to take advantage of the tax […]
Mega Roth Conversions
Mega Roth Conversions – The Basics If you want to get more money into a Roth IRA than what you can normally do, then you may want to think about doing a large, or mega, Roth conversion with after-tax money. This mega Roth conversion strategy could allow you to add an additional $36,500 into a Roth […]