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Leveraging the Power of a ROTH IRA this Tax Season.. but do so by April 15th
With a traditional Individual Retirement Account, you make contributions that can be tax-deductible (depending on your income) and are not taxed until they are distributed. This means you don’t pay taxes until assets are withdrawn in retirement.
You’re eligible for a Roth IRA if you have earned income, or your spouse has earned income and you file jointly, and your modified adjusted gross income falls below certain limits. Tax deferred and tax free in retirement, "basis" out anytime, worker aged 70 and up can set up. Invest up to $ 5500 under 50 and $ 6500 over age 50. Must have earned as much money as you put into account.
But should you?
What if you have a 401(k)?
As long as you are eligible to make contributions to a Roth IRA, then you can fund a Roth in addition to your 401(k). According to long-time financial Advisor Louise Googins, “Funding both can be a great way to get the most from your retirement portfolio. The question is, how much should you put in your Roth IRA and 401(k) to meet retirement goals?”
What if you have a traditional IRA? Consider converting it to a Roth IRA. Every income level is eligible to convert tax-deferred IRAs (traditional, SEP or SIMPLE) to a Roth IRA, but it may not be appropriate for you.
There are some important considerations you’ll want to consider as you weigh the pros and cons of tax season.
To learn more about Donor Advised Funds or other great tax deduction ideas, contact Googins and Anton -- an independent investment management company in the Greater Madison Wisconsin / Middleton area with over 50 years of combined financial advice, planning and wealth management experience.
Googins and Anton is an independent investment management company in the Greater Madison Wisconsin / Middleton area with over 50 years of combined financial advice, planning and wealth management experience. We work with doctors, attorneys, professors, CPAs, business owners, teachers, managers, retirerees, organizations, (to name a few) - in the greater Madison, Wisconsin area for more than 30 years. We have many clients who live in other states and many happily retired clients.
We've built our reputation on genuine care and concern for the success of EACH client. We’re small on purpose: it allows us to manage clients’ portfolios one investor at a time, and we’re not affiliated with banks or insurance companies; we’re independent which means your goals and agenda are our only concern.
Comfortable retirements, second homes, assets to use for children’s college educations and weddings - are the goals we help our clients achieve every day.
Whether your assets are in cash, stocks and bonds, collateralized securities, mutual funds, reits, fixed or equity-index annuities, variable annuities, life insurance, government bonds, certificates of deposit, or real estate, we’ll work together to manage your portfolio to achieve individual aspirations.
Email or Call us for a complimentary discussion: (608) 836-3229
Googins and Anton is an investment management company with over 50 years of combined financial advice and wealth management experience in the greater Madison, Wisconsin area
Googins and Anton Investment Advisors