Tag: Individual Retirement Accounts

‘You would have to tread very carefully’: Like Peter Thiel, you too can turn your Roth IRA into a pot of gold — with some serious caveats

Peter Thiel transformed a tiny Roth IRA worth approximately $2,000 into a $5 billion tax-free behemoth, according to an article from the investigative news site...

To Roth or not to Roth? Part II

I have advice for those of you who would dare to question the conventional wisdom about Roth conversions to your 401(k)s or IRAs: Be prepared...

Deferring taxable income is usually a good idea — but here’s how it can backfire

Conventional wisdom says that taking steps to defer your current individual federal income bill is almost always a good idea. True, if you expect to...

‘I’m still not on the Roth IRA bandwagon’: Have you made these tax blunders?

With the May 17 filing deadline now in the past, you’ve probably filed your 2020 Form 1040. If so, mission accomplished. Good. But could you...

If you’re in your 50s or 60s, consider these moves to avoid higher taxes in retirement

If you are working with an eye toward retirement or even semiretirement, you are probably (hopefully) saving more than you could in the past in...

Should you convert your IRA to a Roth if Biden’s infrastructure plan passes?

Some Americans may be preparing to convert their retirement assets into Roth accounts in response to President Biden’s future tax plans, but they should hold...

We have $1.6 million but most is locked in our 401(k) plans — how can we retire early without paying so much in taxes?

I am trying to come up with a path to retire within the next two to three years and need some help. I will be...

Opinion: How to create your own estate plan

Nobody wants to think about dying. That’s one reason why many of us procrastinate in putting together an estate plan. Another factor, of course, is...

I’m 28, have zero debt, a 401(k), Roth IRA and $45K in the bank. My parents want me to save for a home. I want a Tesla Model 3. Who’s right?

Dear Quentin, I’ve been flip-flopping back and forth between buying a new car or putting a down payment on my first home. With my parents...

Opinion: How to make sure your spouse gets your retirement savings when you die

If you designate beneficiaries for your retirement accounts, that’s usually a surefire way to pass those assets directly to your desired heirs without going through...

Don’t contribute to your 2020 IRA until you read this

Don’t click that mouse. Before you plunge your $6,000 annual limit into a “Roth” individual retirement account for 2020, stop for a second and look...

Should I take a $1,913-a-month pension or a $445,000 lump sum?

My husband and I are 65 years old. He’s retired with a monthly pension of $1,800, and when he dies, I will be collecting the...

6 tax moves to consider before the end of the year to lower your 2020 tax bill

With year-end rapidly approaching and the general election finally over, it’s time to consider moves that will lower your 2020 tax bill and hopefully position...

There are only 5 days left to get this tax-smart retirement benefit

The extended tax filing deadline is July 15, and with it comes the last day to fund or max out an individual retirement account for...