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A new Fidelity Investments study says a 65-year-old couple retiring this year may need more than $250,000 to pay for medical expenses, not including nursing-home care.
Will taxes be higher now or later? That is the big question that needs to be answered when deciding whether clients should convert their traditional IRAs to Roths. Fortunately, there are several strategies that can hedge a conversion now and mitigate the short-term tax hit.
Roth conversions could keep you very busy next year once the $100,000 income threshold lifts in 2010. The rules surrounding Roth IRAs are complicated, with serious tax and income implications for the unschooled. Start thinking through what's right for your clients with these strategies for conversions.
Because of their newness, few designated Roth accounts are qualified, which means rolling over the assets can get complicated. One mistake and your clients might end up paying taxes that they could have otherwise avoided. There are specific rules that apply only to these Roth 401(k) accounts, so make sure you understand the latest regulations.
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Social Security and Medicare Workshop
With Elaine Floyd, CFP®
May 12–15, 2025
The Discovery Meeting Workshop: Transform Your Discovery Process
May 19–20, 2025