April 12 ,2014 – Tax Issues, Portfolio Strategies, and Listener Questions

Chris flies solo on this week’s edition of “Something More.” As the tax deadline looms, he talks about tax information and issues, as well as things you can do now to be better planned and organized to file next year’s return. Chris also offers market commentary, ideas for portfolio strategies, and answers listener questions.

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March 22, 2014 – Guest Host Mike Burton

Mike Burton of Slade Mortgage sits in the host chair on this week’s edition of “Something More.” Mike welcomes special guests Cheryl Kramer and Karen Bar of the Housing Assistance Corp to chat about reverse mortgages. 

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How much can I contribute to my IRA in 2014?

The amount you can contribute to your traditional or Roth IRA remains $5,500 for 2014, $6,500 if you’re 50 or older. You can contribute to an IRA in addition to an employer-sponsored retirement plan like a 401(k). But if you (or your spouse) participate in an employer-sponsored plan, the amount of traditional IRA contributions you can deduct may be reduced or eliminated (phased out), depending on your modified adjusted gross income (MAGI). Your ability to make annual Roth contributions may also be phased out, depending on your MAGI.

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Are you ready to retire?

Here are some questions to ask yourself when deciding whether or not you are ready to retire.

Is your nest egg adequate?

It’s obvious, but the earlier you retire, the less time you’ll have to save, and the more years you’ll be living off of your retirement savings. The average American can expect to live past age 78. (Source: CDC, “Deaths: Preliminary Data for 2011″) With future medical breakthroughs likely, it’s not unreasonable to assume that life expectancy will continue to increase. Is your nest egg large enough to fund 20 or more years of retirement?

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Stretch IRAs

The term “stretch IRA” has become a popular way to refer to an IRA (either traditional or Roth) with provisions that make it easier to “stretch out” the time period that funds can stay in your IRA after your death, even over several generations. It’s not a special IRA, and there’s nothing dramatic about this “stretch” language. Any IRA can include stretch provisions, but not all do.

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