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Stonegate Financial Group Jameson Van Houten Discusses When A Backdoor Roth IRA Is Not Your Best Option

Stonegate Financial Group Jameson Van Houten knows that people who earn high incomes cannot directly pay into Roth IRAs, though they offer many benefits over other IRAs. Instead, people who earn more must contribute to the less advantageous traditional IRAs. However, recent changes made by Congress allow people to transfer their traditional IRAs into Roth IRAs, and this can be a great investment for many people. That being said, Stonegate Financial Group Jameson Van Houten knows that it is not the best choice for everyone, and there are several factors that may make a Backdoor Roth IRA the wrong choice for you. The following are the factors are factors that could make you ineligible for a Backdoor Roth IRA, or hinder the benefits of one.

  • Age Restrictions: If you cannot still add to a traditional IRA because of your age, you cannot transfer to a Roth IRA.
  • If you have an existing IRA: IF you have been paying into a traditional IRA already, any interest you have been receiving on that money will be taxed when you transfer it to Roth IRA, so depending on how much you have already invested, you may have to pay far more in taxes.
  • Early Withdrawals: You must wait until you are 59 ½ or until you have had the Roth IRA for 5 years before you can withdraw money from it. If you do not see yourself having this time before you need to make withdrawals, you may want to reconsider it or risk penalty fees of 10%.
  • Tax Changes: If you expect to be in a lower tax bracket in the follow years and can pay directly into the Roth IRA or if you plan on moving somewhere with drastically different tax laws, including low or no state income tax, a Roth IRA may not be the best choice for you.
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Things to Keep in Mind when Saving for Retirement from Stonegate Financial Group James Van Houten

Stonegate Financial Group James Van Houten knows the dire need for retirement savings, but many people have difficulty saving or think that they will not be able to do it. However, there are things that can be easily done to put money toward retirement saving and get yon on track for that time in your life.

First, it is very important to start saving early. The younger people are, the less they see the necessity for retirement savings, and don’t realize that they should be putting money away until later when they have less time to save. Even if you are nowhere near retirement, putting money towards it can only help you. Get started as soon as you can and when you start to reach retirement age, not only will you have less worries, you will probably also have a lot more money put away.

The easiest way to do this is to put money away every month. Treat it like a bill that you have to pay and put away the same amount every month and do not spend money on leisurely activities or new items until you have put that amount of money away. Treating savings like a necessity instead of an option will make you put that money away and ensure that you have it later on.

If you follow these tips from Stonegate Financial Group James Van Houten, you will be able to save money and get on the right track for retirement, no matter how old you are or what stage or life you are in.

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Stonegate Financial Group Jameson Van Houten Provides Advice for Recent Estate Beneficiaries

Stonegate Financial Group Jameson Van Houten knows that often, coming into a large inheritance from a loved one or relative comes at an emotionally trying and difficult time. It is important, therefore to make sure that an decisions that are mare are well-thought out and considered for a great length of time. There is nothing worse than making a hasty and emotionally driven decision and then regretting it later on.

One of the first things that recent beneficiaries must consider is how the inheritance money fits in with their personal business plans. While a greater lump sum of money is a blessing, oftentimes, things like investments, insurance, estate planning and additional taxes all need to be taken into consideration first and foremost.

Stonegate Financial Group Jameson Van Houten understands that inherited assets can sometimes carry lots of sentimental value, but how to liquidate the asset should be considered if it is extremely beneficial to your overall financial plans. Depending on the type of asset that it is and depending on how complex the asset is (like businesses, etc.), taxes and other liquidity issues should be considered with an experienced financial planner. More importantly, there are penalties that can be incurred for mishandling inherited retirement accounts, so it is always advisable to enlist the help of a trusted and certified professional in these matters.

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