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With the potential for tax-free retirement income, Roth IRAs may be appealing investment vehicles.There are three ways to fund a Roth IRA — you can open an account and contribute directly, youcan convert all or part of a traditional IRA to a Roth IRA, or you can roll over or convert funds froman eligible employer…

As the parent of a child with special needs, you face many of the same challenges thatany parent faces. But you’ll have to cope with some unique financial, medical, educational, and legal issues as well. Where do you start?Getting reliable information and support is important when you have a child with specialneeds. Start by talking…

When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes. A few words about transfer taxes The federal government taxes transfers of wealth you make to others,…

In today’s corporate environment, cost cutting, restructuring, and downsizing are thenorm, and many employers are offering their employees early retirement packages. Buthow do you know if the seemingly attractive offer you’ve received is a good one? By evaluating it carefully to make sure that the offer fits your needs. What’s the severance package?Most early retirement…

The longer you live, the greater the chances you’ll need some form of long-term care. If you’re concerned about protecting your assets and maintaining your financial independence in your later years, long-term care insurance (LTCI) may be for you. Who needs it?As we age, the odds increase that we’ll need some form of long-term care…

Self-employment is the opportunity to be your own boss, to come and go as you please,and oh yes, to establish a lifelong bond with your accountant. If you’re self-employed,you’ll need to pay your own FICA taxes and take charge of your own retirement plan,among other things. Here are some planning tips. Understand self-employment tax and…

Certain retirement plans can help you postpone the payment of taxes on your earned income.With a traditional 401(k) plan, for example, you contribute part of your salary into the plan,paying income tax only when you later withdraw money from the plan (withdrawals before age591⁄2 may be subject to a 10% penalty tax in addition to…

In times of crisis, you don’t want to be shaking pennies out of a piggy bank. Having afinancial safety net in place can ensure that you’re protected when a financialemergency arises. One way to accomplish this is by setting up a cash reserve, a pool ofreadily available funds that can help you meet emergency or…

529 plans can be powerful college savings tools, but you need to understand how your plan works before you can take full advantage of it. Among other things, this means becoming familiar with the finer points of contributions and withdrawals. How much can you contribute?To qualify as a 529 plan under federal rules, a state…

Your need for life insurance changes as your life changes. When you’re young, youtypically have less need for life insurance, but that changes as you take on moreresponsibility and your family grows. Then, as your responsibilities once again begin todiminish, your need for life insurance may decrease. Let’s look at how your lifeinsurance needs change…