back door roth

Don’t Let a Backdoor Roth IRA Become a Trapdoor IRA

One of the things I love most about working at Financial Finesse is the privilege of working with some of the best financial planners in the nation. My Floridian colleague, Mark Dennis, is near the top of that list. Not only is he a master fisherman with a hilarious wit about him, he’s in the final stages of earning his Ph.D and writing a dissertation exploring the factors that affect when people choose to take Social Security. In other words, he’s much smarter than me. This week, I’m sharing some of Mark’s wisdom with this guest post on a topic that comes up more and more in our helpline calls.

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millionaire

How To Become A Millionaire In Just 15 Minutes

You can’t help but talk about the lottery with a jackpot sitting at about $1.5 billion dollars. One of my colleagues, Teig Stanley, was talking to me about a recent conversation he had with our colleague, Doug. Here is what he said: Read more

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Should You Convert to a Roth IRA Before Retirement?

I recently saw this article titled “Why Boomers Should Convert to a Roth IRA” that argues why Boomers should convert to a Roth IRA a few years before retirement. It makes sense at first. Why not pay taxes now and have all your future income from the Roth IRA be tax-free? Read more

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Will You Still Need Life Insurance When You Retire?

Many important decisions must be made as you approach retirement. How much income will you need?Are you on track to retire? How much will your health care cost? What are the best investment options? Read more

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Just-how-much-SHOULD-you

Financial Rules Of Thumb: Retirement Savings

Continuing my financial rules of thumb series, this week let’s talk about a question that pretty much every person has asked me on our Financial Helpline: How much should I be saving for retirement and how much do I need total? While the answer varies depending on each person’s circumstances, goals and ultimately their values, there are some rules of thumb for those who either don’t feel like running a retirement estimator calculation or who just aren’t quite sure yet what their goals are. Read more

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How To Save For Retirement Without Your Employer’s Help

At Financial Finesse, we help people make the most of their employer’s benefits to improve their retirement preparedness. But we recently received a comment on one of our Facebook posts from someone whose company doesn’t offer retirement benefits. If you’re in a similar situation, what can you do? Here are some options:  Read more

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What’s Really Scaring Us This Halloween

What are you afraid of this Halloween? Forget ghosts and goblins. According to a report released last year by Bank of America’s Merrill Edge, there’s a 55% chance you fear not having enough money in retirement (versus 37% for losing your job and 25% for gaining weight). Read more

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Downsizing Your Retirement Expenses

As people get closer to retirement, priorities change. The financial resources spent on home improvements and the time and energy necessary to maintain a full-sized home often become a little more of a burden. As kids leave the house and launch into their careers and start building their own families, there’s often a bunch of unneeded space.  Read more

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Good Things Come To Those Who Wait

I was recently talking to my parents about Social Security and was surprised to discover that they had no idea they could delay their benefits past their retirement.This is important because it’s usually the best strategy yet most people collect at the earliest age of 62. Here are some reasons why delaying might make sense:  Read more

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Passive Income Strategies For Retirement (And Now)

Last week, I had lunch with my good friend Brian who just happens to be a local realtor. Normally when we hang out, it is on the soccer field so as a result, we don’t get to discuss business too often. However, our recent discussion was a little different because we actually had time to talk about some passive income strategies. Read more

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