The Benefits of Roths
The Roth individual retirement account (IRA)
has been an attractive retirement savings option since its inception
in 1998. However, income eligibility restrictions have prevented
many higher-income individuals from using this savings vehicle.
Two recent developments are changing that - the removal of income
limitations for Roth IRA conversions and tax laws making the Roth
401(k) permanent.
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Undoing a Roth Conversion
When converting a traditional individual
retirement account (IRA) to a Roth IRA, transferred amounts must
be included in income if taxable when withdrawn (i.e., contributions
and earnings in traditional IRAs and earnings in nondeductible
IRAs), but are exempt from the 10% federal income tax penalty.
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Is Your 401(k) Plan Enough?
If you work at a company that offers a 401(k)
plan, especially if the plan offers matching contributions, that
401(k) plan may be the most important part of your retirement
investment plan. But should it be the only part?
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Segregating Your Goals
Your willingness to assume risk with your
investments is not necessarily a static concept. You may be less
willing to take risk with investments designated for an essential
financial goal, while you may be more willing to take risk for
nonessential goals. However, those varying risk levels may be
difficult to assess if all of your investments are commingled
in one account
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Back to the Drawing Board
When's the last time you looked at your
retirement plans? Don't let the recent market declines cause you
to just give up and ignore your plans. Sure, you'll probably need
to make some changes. So go back to the basics and reconstruct
those plans, following these key steps.
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