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Jim Blankenship is a Enrolled Agent and financial planner (BlankenshipFP)who will tell us the ins and outs of IRA conversions to Roth IRA when your income is too high. Jim is the author of several books, including "The IRA Owner's Manual". We are excited to have Jim back so we can ask him lots of detailed questions about Roth IRAs, a very tricky subject when your earned income exceeds certain limits.
Most investment choices don't earn great curiosity, but if any are deserving of that kind of attention, it would be the Roth IRA.
Financial planners routinely say that younger people should invest in a Roth because they would most benefit from its many wonderful qualities. But the truth is, Roth IRA accounts make a good choice for people of all ages.
With Roth IRAs, savers get a tax-free stream of income in retirement. And it's not just the contributions that come out tax-free. Uncle Sam doesn't lay a finger on any of the earnings. It can be a pretty sweet deal when you're talking about decades of compounding.
The only catch is that you pay income tax on your contributions upfront (post-tax dollars).
Unlike the traditional IRA, which gives investors a tax deduction for the year the contribution is made, the Roth version lets savers contribute after-tax money today and withdraw principal and earnings tax-free at retirement.
The Roth can also be used for educational purposes, major medical expenses, and first home buys...with qualifications.
For individuals looking for tax diversification in retirement, the Roth IRA is one of the few tools they can create that ensures that they have a stream of tax-free income in retirement.
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See you next time.
Learn how to invest in person retirement accounts such as IRA,401k and 403b.
learn iras and 401ks to invest as a retirement account.
Jim Blankenship is the founder and principal of Blankenship Financial Planning, Ltd., a financial planning firm providing hourly, as-needed financial planning and advice. A financial services professional for over 25 years, Jim is a CFP® professional and has earned the Enrolled Agent (EA) designation. Jim is also a NAPFA-registered financial advisor, which designates him as a Fee-Only Financial Advisor.
Prior to establishing his independent firm, Jim operated a successful tax preparation service; he also managed information technology operations for a major financial services corporation. Jim is a member of the Garrett Planning Network, a nationwide network of fee-only advisors, founded by nationally-known Sheryl Garrett.
Jim got into this business when his search for an objective financial advisor proved fruitless. It turns out that there were no objective financial advisors in Central Illinois who were willing to work with someone of modest means. Always a do-it-yourselfer, Jim began working to expand his knowledge in order to manage his own finances. As the quest for knowledge evolved, he discovered that he was not alone in the search for objective financial advice — many others want and need the same kind of objectivity and knowledge that he was developing — so Blankenship Financial Planning was launched.
You’ll find Jim’s writings all around the internet, as he is a regular contributor to Forbes.com,TheStreet.com, and FiGuide. Several other sites also republish his work.
He has also written An IRA Owner’s Manual and A Social Security Owner’s Manual – both books provide comprehensive guides to these vexing subjects.
Joyce interviews Katheryn Evans of Strategic Sound Solutions on the why's and wherefore's and what's of having an IRA.
Joyce Joneschiet (Jonah-shite) Principal interior designer of Encore Living Interiors and Publisher of Encore Life Magazine hosts Encore Living Radio with her co-host Aaron D. Murphy, a licensed Architect, President of ADM Architecture and Managing Editor of EmpoweringTheMatureMind.com.
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