Too many people assume they should just rollover their old 401(k)s to a personal IRA. Or they may be sold on the benefits of doing this by a financial advisor. If you are planning on an early retirement, this could be one of the biggest mistakes you could end up making.
Maxing out an HSA can be a great strategy for people who plan to retire early. But one of the most common mistakes I see people make is they don't use them correctly. Keep reading to learn how to truly maximize the benefits of an HSA so that you can reduce your taxes now, and reduce healthcare costs later.
here are many professionals who would benefit from contributions to a Roth IRA so that they have money to withdraw tax-free in early retirement, but the IRS rules prevent them from doing so because their incomes are too high. If you fall under these rules, fear not, as there are other ways to build up that tax-free nest egg.
Are you concerned about buying the wrong types of life and disability insurance or overpaying for what you really need?
Mega backdoor Roth IRAs are complicated retirement savings strategies. But for high-income families, they could be an extremely valuable tool.
No matter what your current financial circumstances are, you should have an estate plan. This is often one of the most overlooked aspects of financial planning, but by having a proper plan in place you can gain peace of mind while living, and save your loved ones a lot of heartache after you pass away.
I have seen clients make a number of mistakes when it comes to the Backdoor Roth IRA strategy, and one of the most frequent is not being aware of the pro-rata rule and how it can cost them.