Many Baby Boomers are just now reaching the point where they are thinking about retiring and leaving inheritances for their children. Unfortunately, they are often finding it difficult to make plans because they have to care for their parents. The parents of Boomers did not expect to live as long as they are, and as a consequence they did not plan for it. When they run out of money, they often look to their Boomer children for help.The need to take care of their parents leaves many Boomers in … [Read more...]
Social Security: Can You Work While Collecting Retirement Benefits?
Did you know that you’re allowed to work while collecting Social Security retirement benefits? Whether or not your paycheck affects the amount of your Social Security depends on your age. When it comes to determining whether your benefits are affected, the government takes a three-tiered approach:Before You Reach Full Retirement Age. If you haven’t yet reached full retirement age (the range is from 65 to 67, depending on your year of birth), then earning too much money will result in a … [Read more...]
Should You Convert to a Roth?
This year marks a change in the law that governs who can and can’t convert a traditional IRA (or 401(k)) to a Roth IRA. In the past, there were income restrictions that prevented people above a certain income threshold from converting. This year, the income restrictions have been removed, and anyone can convert. But should you?There are some things you’ll want to consider in deciding whether to convert to a Roth IRA:How will you pay the conversion tax? Traditional retirement accounts … [Read more...]
