My Retirement Blog
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2008 Tax Brackets
If you’re interested in reading about the 2008 tax brackets as well as some of the increases for contributions, phaseouts, etc. then Blueprint for Financial Prosperity has a good writeup on the subject. In that look at the 2008 tax brackets, the site reviews the changes to the marginal tax brackets for 2008, compares them…
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Rollover Your 401(k) Directly Into Roth IRA
In 2008 and 2009, you will be permitted to directly roll over/convert a 401(k) into a Roth IRA as long as you’re willing to pay the taxes for the conversion and if your annual income does not exceed $100,000 (in 2010, the $100k rule expires). In 401(k) official terms, this means that you can convert…
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401(k) Linked Debit Cards Are A Mistake
A recent Yahoo! Finance article discusses an option some companies offer in which you can get a debit card linked to your 401(k) account. With a simple swipe of the card, you can borrow money from your 401(k). Without going into details of how it works, the mere fact that you can have such easy…
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Today is Jump-Start Your Retirement Planning Day
For two days, today and January 25th, Kiplinger?s Personal Finance and the National Association of Personal Finance Advisors (NAPFA) are offering free phone and email consultations with fee-only financial planners. Ask your burning questions today! I blogged the details at Blueprint for Financial Prosperity and you can read the article “Jump-Start Your Retirement Plan Days:…
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Beware Refund Anticipation Loans
In the next few months you’ll probably get your tax done and one of the things that might tempt you is something called a refund anticipation loan. It’s so simple, you do your taxes, the preparer looks at your return, and offers you a loan in return for a signature. There’s no waiting period, few…
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Don’t Mortgage Your Retirement
A recent story in Money on CNN Money is of a school psychologist that jumped into a $600k mortgage on a $77k/year salary; a mortgage that severely hampered her ability to save for retirement. The mortgage, combined with the loss in equity as the value of the home fell, prompted her to stop contributing to…
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Extra Standard Deduction for Seniors
If you are 65 or older, did you know that the extra standard deduction amount you get to add went up by $50 in 2007? It’s pegged to inflation so instead of an additional $1,250 on top of the standard deduction, you will be able to tack on $1,300 (for single filers). For those that…
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Sleep On Important Financial Decisions
Much like the Consumerist’s Confession series, Money magazine has a “Mole” in the financial planning industry and this week his (or her, but the picture is always of a him) advice is to sleep on any important financial decisions recommended by a financial planner. What’s fun about this particular article is that it goes into…
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Presidential Candidates & Retirement
Business Week has a great article today in which they summarize the plans and programs of each of the presidential candidates with respect to retirement and share their results. They discuss everything from Social Security to Medicare to Pensions to Long-Term Care. It’s a very good summary if you’re looking to learn the positions of…
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