Backdoor Roth IRA Contributions

Implementing a “Backdoor Roth” strategy is a terrific way to build after tax retirement balances.  Roth IRAs allow for annual non-deductible IRA contributions which grow tax-free and there are never any required distributions as with a tax deductible IRA.  This makes Roth IRAs a very appealing savings option for those … Read more »

Medicare Open Enrollment for 2020 is Coming Up Soon

It’s that time of year for seniors again – Medicare Open Enrollment period.  When television ads begin in earnest and mailboxes are stuffed full of confusing advertisements for Medicare and its various policies.  Open Enrollment begins on October 15th and lasts through December 7th.  In an effort to help folks … Read more »

Use Your Health Savings Account for Retirement Planning

Health Savings Accounts (“HSAs”) are a tax advantaged plan originally intended for people with high deductible health care plans.  The idea is that qualifying taxpayers can deduct their annual contributions into these plans, then withdraw the money, tax free, to pay for health care costs.  Since many taxpayers will not … Read more »

#SaveNow, #ProfitLater

The Sooner Young Professionals Plan for Retirement, the Better A recent article on Yahoo Finance reported that just one in three workers will have saved enough money to retire comfortably by age 67 and highlights the importance of why starting to save early is key. Delaying contributions to savings by … Read more »

Older than 70 ½? Making qualified charitable distributions from your IRA could save you money

Qualified charitable distributions (QCDs) from individual retirement accounts have risen in popularity.  These QCDs allow seniors older than 70 ½ to make a direct transfer to charity, rather than taking their required minimum distribution (RMD).  Gifts are allowed (up to $100,000 total) in lieu of or in addition to their … Read more »