The key methods mentioned across these sources include: Using non-deductible contributions as the basis for tax-free conversions Implementing partial/serial conversions to stay in lower tax brackets Strategic timing of conversions during lower-income years Careful documentation of the tax basis in your IRA Let me craft a comprehensive article on this topic, Are you sitting on … Read more
Should you really agree to give up control of your assets? There are some good reasons to get this type of trust, but there are some major drawbacks as well. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Despite what you may have heard, you … Read more
In June of 2022, inflation reached a staggering high of 9. 1%—the highest jump seen since the 1980s. Although the rate has since dropped, it remains above the 2% average that indicates price stability. As of January 2025, the rate sits at 3%, meaning Americans paychecks aren’t stretching as far for common consumer items. In … Read more
Want to know when you can retire with full benefits if you were born in 1957? The short answer is that you can retire at age 66 years and 6 months. But there’s a lot more you should know about how to retire! I’ve spent years helping people understand their Social Security benefits. Today, I’m … Read more
Can You Actually Do a Backdoor Roth If You’re Married Filing Separately? Let’s cut to the chase No, you cannot do a backdoor Roth IRA if you’re married and filing your taxes separately I know this might be disappointing news for many couples who choose this filing status, but unfortunately, the IRS rules are pretty … Read more
In a relay race, any runner will tell you that handoffs are the difference between winning and losing. If you can’t move the baton smoothly from one person to the next, you don’t stand a chance—no matter how fast you are!. When it comes to building wealth, you have your own handoff to manage. You … Read more
Credit card debt can be overwhelming, especially when it begins to spiral out of control. When facing significant financial hardship, some individuals consider tapping into retirement savings through hardship withdrawals to pay off high-interest credit card balances. But is this actually permitted? And more importantly, is it a wise financial decision?. Before you make up … Read more
Are you staring at your 62nd birthday and wondering if you should hit that Social Security button right away? Or maybe you’re thinking “What if I just wait ONE more year?” Well you ain’t alone in this confusion! I’ve been researching Social Security strategies for years, and lemme tell you – that single year between … Read more
Are you stuck between choosing an annuity or a certificate of deposit (CD) for your savings strategy? You’re not alone! I’ve been researching these financial products extensively to help my clients make better decisions with their money and I’m excited to share what I’ve discovered. Annuities and CDs both offer safe and guaranteed returns, but … Read more
Generally, pension and annuity payments are subject to Federal income tax withholding. The withholding rules apply to the taxable part of payments or distributions from an employer pension, annuity, profit-sharing, stock bonus, or other deferred compensation plan. You must also follow these rules when getting money from an individual retirement account (IRA), an annuity, an … Read more