Who Should Consider a Mega Backdoor Roth Conversion?
For many folks saving for retirement these days, they have a dizzying array of choices to fund their plan. Heck, just Google “retirement planning” and you’ll get over 4 million hits alone on the subject. You can choose from investments such as stocks, bonds, mutual funds, ETFs, bank CDs and money market funds, insurance products, and the list goes on. You also need to consider the account type that will house your investments, from a tax perspective. For example, funds can be invested in a taxable account – think of a brokerage account or other account in which you pay taxes on your gains each year.
Honored as ‘Best Financial Planner’ for the Fourth Consecutive Year
Cutter Financial Group is thrilled to announce its fourth consecutive win as the ‘Best Financial Planner’ in The Best of the Upper Cape awards, designated by The Enterprise.
401k? A Roth? Which is Right for Me?
If you’re like most retirement savers, you regularly hear a lot of industry acronyms and jargon thrown around by the media, by friends and family, by your employer, and perhaps your financial professional too. Things like the 401k, the 403b, the IRA, The SEP-IRA, the Roth IRA, the Roth 401k . . . I know it’s a lot.
The Final Piece of Your Retirement System
Planning for retirement is often considered a marathon, not a sprint. It starts when we’re young and get our first “real” job and we’re encouraged to start contributing to the company’s 401k plan. Over the years, we may seek retirement planning advice from friends or family, but we still have years before we retire so we don’t usually have a real plan at this point. We have a smattering of various financial products that were purchased for specific, isolated needs.
But as we approach our 40’s and 50’s, we start to realize that it’s time to get serious about it.
Don’t Let Past Money Mistakes Dictate Your Future
Have you ever wish you could go back in time for do-over? If you were suddenly twenty or thirty years younger, what would you do? What would you change?
Persistent Inflation Continues to Cause Pain for Americans
The survey also found that 65% of respondents said that high prices have made their financial situations worse, while just 34% said their family’s monthly income has risen in the past year. Rental costs in particular are proving to be particularly challenging for households, with almost one in five saying that they fell behind on rent at some point in 2023 – up from 17% the previous year.
So, just when will this period of high inflation end, we all want to know? Well, this week let’s dig into what’s going on with inflation and when we might expect some relief.
Adulting 101 – Money Matters for Life After College
ou know, learning and implementing good money habits is one of the best investments you can make for your future self. But oddly enough, there’s a real lack of information geared towards the younger generations, and millennials in general.
Are You Always Broke? Maybe This Is Why
Are you one of those folks who always works hard and saves regularly, yet still feel like you can’t get ahead? Maybe you have a decent salary and good benefits, and you try and stick to your budget as much as you can – but you feel like the prospect of retirement is worlds away?
A Financial Option for Overachievers
Have you ever thought about what would happen if you were to save too much money for retirement? Folks, it’s a real thing. If you’re one of those rare, disciplined savers who lives a modest life, you may find that you actually have more than you’ll ever need in retirement, maybe lots more.
How to Limit Your RMDs
This week, I’d like to offer four strategies that can help you limit your RMDs if you find you don’t need – or want – the additional income. One straightforward answer is to simply keep working.