Submitted by Sophia Bera on Mon, 10/21/2013 - 12:00pm
Combining love, lives and laundry is one thing. Combining your money is another. New marrieds who both work do well to think about what to do with two incomes. Here are some pointers.
New couples ask me how to improve their finances. Easy: Start talking about “your money” as “our money” and plan as a couple. Once you marry and support one household with two incomes, shift your thinking.
You don’t bring in two incomes now – you bring in one bigger income that opens financial planning doors.
Submitted by Rick Kahler on Fri, 10/18/2013 - 3:00pm
Presidential wishes seldom easily translate into law. Just look at the fracas over Obamacare and the federal budget. But President Barack Obama has several proposals that promise a significant impact on retirees, inheritors and savers. Regardless of whether these will get through a Republican-controlled House any time soon, they serve as a marker for what the future may hold at some point.
Even after the Obama Administration is history, the U.S. government’s enormous obligations will push Washington into looking at ways to pay the burgeoning tab.
Submitted by Sophia Bera on Thu, 09/19/2013 - 12:00pm
The further the goal, the harder for us to see it. Retirement seems distant indeed to many investors and savers, especially young adults just beginning lifetimes of perhaps record length. Procrastinating and even assuming, as the young sometimes do, that you’ll never need retirement money threatens your future.
Submitted by Matthew Illian on Wed, 06/26/2013 - 12:00pm
The Roth individual retirement account is like a superhero of savings vehicles. Nothing else can offer savers more support and flexibility with their retirement savings.
Mr. Roth, like Superman, is great at all sorts of things, while others such as traditional IRAs only do one thing well, like Aquaman. Roths provide tax-free growth, freedom from future taxes and penalty-free emergency withdrawals.
Submitted by Blair Hodgson D... on Thu, 06/13/2013 - 3:00pm
Individual retirement accounts and qualified plans like 401(k)s can be wonderful assets to leave to your heirs. But you need to do some extra planning to make sure the money goes to the right family members and minimize their tax bill.
Submitted by Hilary Martin on Mon, 05/20/2013 - 12:00pm
Congress recently made it easier to convert to a Roth individual retirement account. But unless your tax rate increases in retirement, converting your traditional IRA to a Roth IRA may not actually save you any money.
Roths are popular because, unlike traditional IRAs, distributions in retirement are tax-free. In other retirement plans, the initial contribution is tax-deferred, and the distributions are treated as ordinary income. So when you convert to a Roth, you opt to pay taxes now rather than later. Our cash-strapped government is in favor of that.