From the Desk of: Todd Gregory
Are you this type?
You always go for the better price…
It’s called “price protection,” a little known credit card perk which some credit cards offer. If you buy something and it goes on sale, you can call your credit card company--and they’ll refund you the difference.
So, if saving money appeals to you, and you own a Whole Life or a cash-value Life Insurance policy, read on….
Do you have a written plan that covers every aspect of your financial life? If your answer is no, you’re not alone. According to a study from the Certified Financial Planner Board of Standards, only 19 percent of Americans could be categorized as “comprehensive planners.” The remaining 81 percent may plan for specific goals or challenges, like retirement or debt management, but don’t have a comprehensive plan that pulls everything together.1
Certainly, some planning is better than none. If you lack a comprehensive financial plan, however, you could be missing out on opportunities and may be unaware of potential threats.
The different areas of your financial life are likely intertwined, so any planning that you implement in one area could affect another. For instance, your retirement planning could impact your estate planning. Your college savings for your children could impact your ability to save for retirement.
While the benefits are fairly straightforward, there are a few complexities to consider. With some advanced planning, you can further maximize the tax advantages of the Roth IRA for future generations. There are also some mistakes that could wipe out any potential tax benefits.
Are you one of the millions of Americans who have decided to use a Roth IRA to accumulate retirement assets? That may be a wise idea. The Roth IRA has a number of appealing features, including tax-deferred growth and tax-free distributions after age 59½.