IRA

thumbnail Bankrate Survey: 36 percent not saving for retirement

An article from Bankrate has been doing the rounds on the internet, picked up by numerous financial sites: Survey: 36 percent not saving for retirement

An alarming number of Americans aren't preparing for the day when they'll need to live off their savings.
More than a third of adults say they have not started saving for retirement yet, according to a national poll accompanying Bankrate's monthly Financial Security Index.
Even Americans who are getting close to retirement age seem to be struggling when it comes to planning their financial future. The survey shows that more than a quarter of the respondents age 50 to 64 have yet to start saving for retirement.

thumbnail Converting from a traditional retirement account to a Roth

Why would you want to convert from a traditional retirement account to a Roth?  In our opinion, the only reason to perform a conversion is to realize a higher final return at the time of distribution, which is an unlikely scenario for most people.

When you convert from an existing retirement account to a Roth, you need to pay taxes on the earnings made in the account, and typically the taxes need to be paid in the year of conversion. That means you’re paying taxes this year, instead of when you take the money out.

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