I’ve talked quite a bit about making “backdoor” Roth contributions if you’re over the income limits for contributing to a Roth IRA. In short, you can make a non-deductible contribution to a traditional and then immediately convert it into their Roth.
This strategy has become so popular that mainstream publications such as Forbes have started talking [...]
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Archive for the ‘Retirement’ Category
Will the IRS Disallow Backdoor Roth Contributions?
Written by Nickel - 9 Comments
Published on February 1st, 2012 - 9 Comments
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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401(k), 403(b), and 457(b) Contribution Limits for 2012
Written by Nickel - Leave a Comment
Do you have a workplace retirement plan such as a 401(k), 403(b), or 457(b)? If so, then you might be interested in knowing that the contribution limits for these account types has increased for 2012.
This means that individuals under age 50 can contribute up to $17,000 to their 401(k) account this year, up from last [...]
Published on January 18th, 2012 - Leave a Comment
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Contribute to Your Roth IRA, Even if it Stretches Your Budget
Written by Nickel - 9 Comments
Your 2011 taxes are due in just under three months. That also means that you have just under three months left to make any 2011 IRA contributions that you might have been putting off.
But what if you’re neglected to contribute to an IRA because you’re not sure you can afford it? Maybe the only cash [...]
Published on January 18th, 2012 - 9 Comments
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Roth IRA Withdrawal Rules: How to Get Your Money Out Early
Written by Nickel - One Comment
As a followup to Friday’s post on contributing to a traditional IRA and converting to a Roth IRA (i.e., funding a “back door” Roth) I wanted to spend a little time talking about Roth IRA withdrawal rules.
This post was actually inspired by a comment from a reader named John who is interested in using IRA [...]
Published on January 16th, 2012 - One Comment
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Contribute and Convert: Funding Our Roth IRAs Through the Backdoor
Written by Nickel - 7 Comments
As a followup to my post earlier this week on Roth IRA income limits, I wanted to highlight how we typically make our Roth IRA contributions. For background, we’re in a relatively high (and variable) income tax bracket. Because of this, we flirt with the Roth income limits on an annual basis, and it’s hard [...]
Published on January 13th, 2012 - 7 Comments
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Roth IRA Income Limits for 2012
Written by Nickel - Leave a Comment
I recently wrote about Roth IRA contribution limits for 2012, which are unchanged from 2011. Today I want to talk about the current income limits for contributing to a Roth IRA. Here goes:
Married Filing Jointly: Contributions phase out from $173k-$183k
Single or Head of Household: Contributions phase out from $110k-$125k
Married Filing Separately, Living Apart: Contributions phase [...]
Published on January 11th, 2012 - Leave a Comment
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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What are the 2012 Traditional and Roth IRA Contribution Limits?
Written by Nickel - 14 Comments
With just a few days left before the New Year, I thought I’d put together a quick post on IRA contribution limits for 2012. As a reminder, contribution limits have been indexed to inflation since 2008, and can increase in $500 increments (as necessary). As you can see from the table below, however, nothing has [...]
Published on December 30th, 2011 - 14 Comments
Filed under: Retirement, Saving & Investing, Taxes
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Filed under: Retirement, Saving & Investing, Taxes
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Pay Off Your Mortgage With 401(k) Funds?
Written by Nickel - 12 Comments
Earlier this week, I ran across an article about a new piece of legislation being promoted by two Georgia Congressmen who want to allow people to pull money out of their retirement accounts to pay down their mortgages.
Dubbed the Hardship Outlays to Protect Mortgage Equity (HOME) Act of 2011, the legislation would allow homeowners to [...]
Published on October 28th, 2011 - 12 Comments
Filed under: Mortgages, Retirement, Taxes
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Filed under: Mortgages, Retirement, Taxes
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Why Reverse Mortgages Are Not a Retirement Option
Written by Hank Coleman - 9 Comments
Everyone has seen how housing prices have taken a nosedive in most markets across America since the start of the 2008 recession. Almost $3 trillion worth of equity has disappeared, and homes are now worth significantly less than what their owners paid for them. This evaporation of equity has dealt a devastating blow to many [...]
Published on October 27th, 2011 - 9 Comments
Filed under: Mortgages, Retirement
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Filed under: Mortgages, Retirement
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Being Retired? That’s So Tired
Written by Jeffrey Steele - 3 Comments
The American paradigm for decades was that you worked for an employer your entire life. Then at 65, you were feted at a retirement party, handed a gold watch by your boss, and sent off on a serene path into your Golden Years.
After 40 or 50 years savoring all the good things about work life [...]
Published on September 13th, 2011 - 3 Comments
Filed under: Retirement, Saving & Investing, Working
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Filed under: Retirement, Saving & Investing, Working
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