My Financial Advisor Told Me To Not Get A Roth Ira

Apr 25, 2016. If I want to meet with my advisor or see how my investments are doing, all I have to do is flip open my computer. IBR vs REPAYE, PSLF vs refinancing, 401(k) vs defined benefit plan, Backdoor Roth IRAs, the tax code, mortgages, active versus passive investing, options, muni bond yields, revocable trusts.

Dec 3, 2015. I wanted to roll my 401k into a Roth IRA, but the guy acted like an annuity was the same thing and kind of steamrolled me (and I trusted him since my dad trusted him), so I'd have to look to. It's a lot easier to tell people who don't have money not to use a financial advisor because they have fewer options.

I’m a CPA, not a financial advisor. But I’m the first point of contact for many of.

Sep 7, 2017. The disadvantage is that when it comes out, you have to pay tax on it,” says CFP professional Herbert Hopwood, CFA, president of Hopwood Financial Services in Great Falls, Virginia. Contributions to Roth IRAs are made after taxes are paid, so there is no deduction. Instead the contribution grows tax-free.

I sat down with my accountant and had him compute the numbers. He told me. Roth IRA conversion. I think it is an excellent strategy and something more people should take advantage of. After all, if you can turn tax-deferred money.

The Mega Backdoor Roth strategy could allow you to contribute an extra $36,000 to your Roth IRA every year!

When I heard about the nifty tax-shielded deal, which continues to grow ever after, I asked my wife, Polly, "Why do we not have one of these?" I called The.

"My first response is not receiving the employer’s matching contribution," he tells CNBC Make It. "If you have a 401(k) at work and you choose to open a Roth.

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Mar 26, 2017. It's an perennial question in personal finance when it comes to retirement planning: should youcontribute to a Roth IRA or a traditional IRA?. The most common financial advice on the subject is to roll over that 401(k) into an IRA in order to reduce fees and open up more investment options. But that might.

I can't count how many times clients and prospective clients asked me, “How do financial advisors get paid?. My clients told me they greatly appreciated my attempt to provide transparency in an extremely nontransparent business. Incentives are fine but we're talking about investments, not hamburgers or used cars.

We can avoid the higher tax bracket by mixing the withdrawals from regular and Roth IRA. I was assuming that. I wanted to buy stocks and the investment advisor told me he was amazed by what I was doing but then steered me to do the IRA. I love my ROTH IRA and its one of the best financial decisions I've ever made.

It forced me to look deep within myself and ponder what I could be capable of doing at my very worst. That’s not a comfortable topic to consider, but it’s something I and other financial advisors must. Marc Mukasey, told the.

She tells us: “The best bit of financial advice I got was from my grandfather, who was brought up in the depression and the inter-war years and was very sharp on.

Apr 23, 2015. Get started with a free financial assessment. “Someone recently told me I should have around $200,000 in my 401(k) by now, which made me feel horrible. When my. “One thing I'd urge Jenny to keep in mind is that if she's not able to put the full $350 into her Roth IRA one month, that's OK. Saving.

Would this be a good option to put my money in if I’ve already maxed out my 403(b) and am over the income limits for the Roth IRA. you’re getting, it could be reasonable or not. I think one thing to keep in mind is that typically when.

Tax time often brings a lot of solid questions from folks pondering their investment strategy, considering retirement, or expressing concerns about their overall financial. my 401K from a traditional IRA to a Roth IRA. This would require.

But not so fast, I was told by Dan Thomas, a CPA financial. my taxes, the recharacterization deadline doesn’t hit until Oct. 15, giving me another couple of months to think about what to do. “One of the beautiful things about a Roth IRA.

The Mega Backdoor Roth strategy could allow you to contribute an extra $36,000 to your Roth IRA every year!

What is a Roth Ira? How do you open one and what are the benefits of having one? Isn't my 401k enough? Find out why I consider Roth IRAs (financial) life. You may not realize though that a Roth IRA is versatile enough not only to be used for retirement, but can be used to build for all kinds of big financial milestones in.

Yes and No. I think you should put together a financial plan for yourself. Whether you do it or whether a financial advisor does it, it needs to be done. Ask yourself. There are perfectly valid reasons to open a Roth IRA, but you need to figure out if those reasons apply. After you put. And which fund won't cause me losses?".

My latest portfolio report card is for P.L.R. in Medley, Florida. This vibrant married couple is in their early 60s. He’s still working and she’s retired. P.L.R. has a financial advisor. P.L.R. told me they are still in the accumulation phase.

For head hunters and lead selling companies to not bother me. I would have to say work on getting. are wrong. My 2018 would be more productive if we could reach a final decision/outcome on the "fiduciary rule" for financial advisors.

Jan 4, 2016. Still, Malani took me on as a client, as she was sure she could not only get my finances to a more manageable place, but also put me in a position to. the advice, and so I stopped putting money into my 401(k)and began allotting the same amount of money from my paycheck into a Roth IRA at Capital One.

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May 9, 2016. The DOL fiduciary rule will forever change financial advice, and the industry now faces the challenge of adapting to the new regulation. RIAs, who already are held to a fiduciary or “best interest'' standard, will have small operational changes to make to serve retirement plans and IRAs. They'll need.

May 22, 2017. Spousal contributions are allowed for both the Trad and the Roth, and they essentially allow a spouse with income to contribute to the IRA (either variety) of the spouse who either does not have income, or whose income is below the maximum available contribution for the tax year. The contributions are.

The tax savings on the choice to invest in a traditional IRA or a Roth IRA alone can lead to substantially greater savings than an investor could get by working without an advisor. When you meet with a planning-based investing professional like Clayton and Jeff, you can expect them to answer your questions fully—no.

Jun 6, 2017. Full disclosure, I'm not, obviously, because I am one. I'll tell you this, though… Coming from someone who's been in this industry for over a decade, if I was looking to hire a financial advisor there are a few questions I would need to have answered in order to feel comfortable about trusting one with my hard.

Completing a financial plan is essential – we are already into February and you have no time to lose if you have not. Let me give you a simple, real-life.

If not, how do I get that score higher. Q: A friend told me that when he takes out his required minimum distribution from his traditional IRA and pays the tax, he then puts the money in his Roth IRA. I believe since this was not earned.

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The W-2s are rolling in, people are beginning to anticipate their tax refunds, and they’re also beginning to stress about.

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Jun 1, 2016. You've heard the advice when it comes to saving for retirement: contribute enough to your employer-sponsored retirement plan to get the company match, and then contribute up to $5,500 per year to a Roth IRA. But Roth IRAs have income limits — $133,000 for single tax filers, and $196,000 for married.

Aug 11, 2016. Here is another one I hear often, “My friend told me a Roth doesn't make sense because I will be in a lower tax bracket after retirement.” First. Heck no! If you don't have a pension and you don't have social security, you will have to use your 401k/IRA assets. Guess what happens when you pull money from.

Be careful: if you inherit a Roth IRA and are not. my financial advisor, I rolled over the mutual funds into an IRA, but moved the stock into a regular brokerage account. It was worth about $80,000, but I only had to pay tax on what it.

Backdoor Roth IRAs are a hot topic. Joining me via Skype to discuss them is Michael Kitces. He is a financial. pretax IRA regardless of income. If my income is high and I’m an active participant in an employer retirement plan, I might.

May 30, 2017. Industry organizations such as Finra and the Center for Fiduciary Studies offer online credentials and criminal history checks of financial professionals and. He has now become the icon of a wealth advisor who should not have been trusted. Most people tell me they want someone who is trustworthy.

Jun 27, 2017. If you are near retirement, I recommend you spend some money on a independent, fee-only financial advisor, who can explain your Roth IRA. just remember what I've said above: Roth IRA earnings shouldn't be touched unless you have some good reason which will help you avoid taxes and penalties.

So for this episode, hosts Alison Southwick and Robert Brokamp recruit a special guest to help answer their queries: Megan Brinsfield, head of financial planning for Motley Fool Wealth Management. Taxes, though, are not. my.

The concept was the public would come in and ask financial or tax question and an advisor. Roth. My wife brought the magazine home to read my article and I.