Are you aware of these potential tax breaks and tax-saving opportunities? The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive. At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers […]
Tag: roth
A Roth IRA’s Many Benefits
Why do so many people choose them over traditional IRAs? The IRA that changed the whole retirement savings perspective. Since the Roth IRA was introduced in 1998, its popularity has soared. It has become a fixture in many retirement planning strategies because it offers savers so many potential advantages. The key argument for going Roth […]
Traditional Vs. Roth IRA
Do you know the difference? Traditional Individual Retirement Accounts (IRA), which were created in 1974, are owned by roughly 33.2 million U.S. households. Roth IRAs, however, were created as part of the Taxpayer Relief Act in 1997, are owned by nearly 22.5 million households.1 Both are IRAs. And yet, each is quite different. Know the […]
Roth IRA Conversion in the Era of COVID-19
Is it right for you? The COVID-19 pandemic has shaken up nearly every aspect of American life. To say it’s been a difficult time would be an understatement. However, difficult times may open doors to new possibilities. Businesses are changing their ways of operating, and individuals are exploring new avenues for investment. It may be […]
Is Now the Right Time to Go Roth?
Some say yes, pointing to the recent federal tax reforms. Will federal income tax rates ever be lower than they are right now? Given the outlook for Social Security and Medicare, it is hard to imagine them falling much further. Higher federal income taxes could very well be on the horizon, as the tax cuts […]