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Seeking Solid Financial Footing for the Next Decade: 10 Tips for 2010!

Over the last several decades—even before Americans first felt the brunt of the recent economic crisis—the financial landscape in the United States has been changing dramatically.

Submitted by Jayven M. Rappa on Tue, 04/13/2010 - 9:19am

Deadline Rapidly Approaching to Recharacterize 2008 Roth Conversions!

Did you convert a traditional IRA to a Roth IRA in 2008 only to see your new Roth IRA balance decline due to market conditions? If so, you may want to consider recharacterizing your conversion.

Submitted by Jayven M. Rappa on Mon, 04/12/2010 - 2:50pm

Will I be taxed on the growth of the cash value of my life insurance?

One of the advantages of cash value life insurance is that the cash value is allowed to grow without incurring a current tax liability.

Can I avoid the 10 percent penalty tax for early withdrawals from a traditional IRA?

Possibly. In most cases, the IRS imposes a 10 percent penalty tax on withdrawals made from traditional IRAs prior to reaching age 59½.

Estate Tax Update!

There has been much discussion about the temporary repeal and reinstatement of the federal estate tax.

Submitted by Jayven M. Rappa on Thu, 10/15/2009 - 6:25pm

Can I deduct premiums paid for long-term care insurance (LTCI)?

It depends on several factors.

Can I take money from my IRA without any penalty?

It depends. If you are 59½ or older, you can take money from your IRA without penalty.

I need money--can I take funds from my IRA?

Yes, but you may be subject to a 10 percent penalty for early withdrawal if you're not yet age 59½.

Can I roll a retirement plan distribution into an IRA?

If you're asking this question, you probably have a 401(k) or other retirement plan through a former employer.