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 […]
3 Retirement Accounts for the Self-Employed
If you are self-employed or a contractor at a hospital, here are three accounts that you should consider setting up. Solo 401(k) or Individual 401(k) for the Self-Employed I like the Solo 401(k), also known as the Individual 401(k), because it offers the most flexibility. You get an employee and employer contribution totaling $55,000. Plus, there […]
What You Need to Know About Backdoor Roth Conversions
As Benjamin Franklin once said: “In this world nothing can be said to be certain, except death and taxes.” Franklin’s right. As an investor, you’ll be paying taxes. But there are strategies to reduce how much you’ll pay, and that can make a big difference in the size of your portfolio when you retire. In […]
Why Gen Y Needs to Start Saving Now
Many Millennials say they’ve learned good financial lessons from watching older generations struggle with the consequences of bad money management in the Great Recession. But saying and doing are two different things — and recent polls suggest that when it comes to the “doing,” Gen Y isn’t doing enough. Consider these facts on Millennials and […]
Making the Most of Your Entry-Level Salary
It can be hard for young professionals starting out today. Getting your finances in order — while paying bills, repaying student debt, and finding enough left over to save some too — can be difficult when you’re trying to do it all on an entry-level salary. The trick is to have a plan and arm […]