By Roy Larsen, CFP®, AAMS® Still time for a 2018 IRA: Since we are talking about deductions, let's look at the income limits first. If you are covered by a retirement plan at work and have Modified Adjusted Gross Income of $63,000 or less as a single filer, or $101,000 or less, filing jointly, it is fully deductible. Up to $73,000 MAGI for singles and $121,000 for joint filers you can still claim a partial deduction. You must at least have enough earned income to support your contribution up to the limits of $5500 for an individual and $11,000 per couple. If you are age 50 or older, add another $1,000 to your maximum.
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By Roy Larsen, CFP®, AAMS® I'm guessing only planners may think like this but I have always been fascinated after a celebrity passing, what type of planning they may have done to protect their estate and pass their successes on to the next generation. Recently we lost Debbie Reynolds and her daughter Carrie Fisher in the same week and I couldn't help but take a peak at what their various estates looked like and what level of planning may have been accomplished. By Roy Larsen, CFP®, AAMS® Often, we have clients who are past age 70 1/2, who have started to take required minimum distributions and they simply don't want or need them. They don't want to pay taxes on monies that will simply go into their bank and in all likelihood, just sit there! Enter the qualified charitable distribution!
By Roy Larsen, CFP®, AAMS® Interviewing financial advisors for this very vital role in your life can be daunting. Plus, the 21st century brings with it new threats to your finances, so your “toolbox” of questions needs to be updated as well. You are trying to achieve many objectives, such as help to plan for key life events and investing your hard earned assets in the most appropriate way. You not only need assistance in achieving your goals but you want to do so in a fashion that represents who you are. You also want peace of mind and time so you can go off and do the things that are most enjoyable to you, which encompasses the majority of your focus and attention.
By Roy Larsen, CFP®, AAMS® Q: If I use the Roth backdoor technique when I'm less than 59 years old, do I have to pay a 10% penalty on the converted amount? A: Great question! No, there is no penalty to convert as you aren't taking a distribution. To maximize the conversion, use outside assets to pay whatever tax may be due. If you take taxes from the traditional IRA, you may water down the effectiveness dramatically.
By Roy Larsen, CFP®, AAMS® Q: I just received a letter of reconsideration and my son was denied SSI. He has severe ADHD and is on medication.
Provided by Roy Larsen, CFP®, AAMS® These are the words that make investors irrational: "This time is different" By Roy Larsen, CFP®, AAMS® What if’s are very rarely top of mind for most of us but with a little knowledge, time and most importantly execution, peace of mind for a possible incapacitation can be quickly addressed. In this article I hope to address the basic differences in Power of Attorneys’ and when this simple document simply isn’t enough.Lastly, what powers do you have if something happens to your adult children and grandchildren?
By Roy Larsen, CFP®, AAMS® We have all gotten them in the mail. They arrive as slick, colorful, glossy and in depth reports on a ground floor investment, still trading at pennies for the next great technology. They have fancy insider names to them like “Wall Street Insider” or “The Underground Stock Report”. They often link the promoted stock to legitimate companies or common sense needs around the globe. The problem is although it always sounds promising, you are gently being stroked and entranced into participating in what is known as the “pump and dump.”
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AuthorRoy Larsen is a Certified Financial Planner™ practitioner and Fee Only Wealth Manager who resides outside of Atlanta, Georgia. Roy's Financial Blog contains articles on the multiple and complex issues of living successfully in Retirement. There are additional resources on our educational website, www.successfulretirementinstitute.com.
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