here’s a fine line between keeping financial records for a reasonable period of time and becoming a pack rat. A general rule of thumb is to keep financial records only as long as necessary. For example, you may want to keep ATM receipts only temporarily, until you’ve reconciled them with your bank statement. But if …

Organizing your financial records is a cyclical process rather than a one-time event. You’ll need to set up a system that helps you organize incoming documents and maintain existing files so that you can easily find what you need. Here are a few tips. Create your system: Where you should keep your records and documents …

Do you find yourself treading water financially even with a relatively healthy household income? Even with your new higher-paying job and your spouse’s promotion, do you still find it difficult to get ahead, despite carefully counting your pennies? Does your friend or relative halfway across the country have a better quality of life on less …

You’re about to receive a distribution from your 401(k) plan, and you’re considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble free, there are some pitfalls you’ll want to avoid. 1. Consider the pros and cons of a rollover. The first mistake some people make is failing to consider …

Often in life, you have investment goals that you hope to reach. Say, for example, you have determined that you would like to have $1 million in your investment portfolio by the time you retire. But will you be able to get there? In trying to accumulate $1 million (or any other amount), you should …

We encourage you to contact us and just ask if we can help. It seems that everyday we encounter people who are in the midst of a crisis. Oftentimes it is tax or financial related. What many people do not realize is that we have collected a wealth of free information and make it available …

This is my final post on Roth Conversions – I think. After careful consideration – understanding the differences between a Traditional and Roth IRA and determining that it is likely the best decision for you, you converted your Traditional IRA to a Roth! Feeling so good about the decision, you attempt to educate all your friends …

Until now we have only discussed IRA basics. Earlier posts provided information on Traditional IRAs and Roth IRAs. Once you understand that converting a Traditional IRA to a Roth typically creates a tax liability for the amount converted, why would anyone convert? Since the idea of accelerating income flies in the face of traditional tax planning, you …

With the lure of tax-free distributions, Roth IRAs have become popular retirement savings vehicles since their introduction in 1998. But if you’re a high-income taxpayer, chances are you haven’t been able to participate in the Roth revolution. Well, that has all changed. What Changed? In 2006, President Bush signed the Tax Increase Prevention and Reconciliation …

In Part I of the “Roth Coversion Series”, we considered the nuts and bolts of a Traditional IRA. With all the talk of converting to a Roth (In essence moving a Traditional IRA to that of a Roth.), we certainly want to know more about this type of retirement account. What is all the hype …