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.Read More
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?Read More
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.Read More
Chris talks about the market conditions as a result of the partial government shutdown, the Paul Ryan op-ed piece in the Wall Street Journal, and the debt ceiling crisis. Chris shares some information he learned at the Dorsey Wright conference about market indicators, trends, charting, and tactical strategies. Chris is also joined this week by Attorney David Jarominski of the Law Offices of Boyd and Boyd for a discussion of estate planning and estate settlement.Read More
Chris and frequent show contributor and co-host Mike Burton of Slade Mortgage discuss the government shutdown, the debt ceiling, and the Affordable Care Act on this week’s “Something More.” The quarterly review, reverse mortgages, and the topic of “systemic risk” five years after the financial crisis round out the show.Read More