Latest News

  • Are funds from a Roth IRA conversion ever taxable?
    Q. I’m trying to understand the rules on IRA to Roth conversions. I was under the impression the five-year rule on conversions doesn’t come into play once you are 59 1/2 and if the Roth account had been open for at least five years. Or do you still have to…
  • Is there a tax-free and safe investment for me?
    Q. I’m looking at options for a tax-free, compound interest option for future needed money. I’m 64, retired, married to an 86-year-old handicapped man. The stock market isn’t dependable and my husband’s pension ceases at his death and I receive nothing because we were not married when he retired. Is…
  • How will my slot machine win affect my SSI benefits?
    Q. I received Supplemental Security Income (SSI). I hit a slot machine for $1,203 in Atlantic City and was told to spend down the winnings so my benefits don’t change. What am I legally allowed to spend the winnings on? Would food shopping count as spending it down? Thank you.…
  • Do I have to report this distribution on my 2020 tax return?
    Q. I took a Required Minimum Distribution (RMD) last year. I understand that this was not required. I assume that if I do not return this to my IRA account that I will need to report it on my 2020 tax return? — Retired A. You are correct. The CARES…
  • What happens to my benefit if my ex gets my Social Security?
    Q. It is my understanding that my ex may be eligible to receive Social Security benefits based on my record. Will that reduce the amount of my monthly benefit? We were married 21 years. She is 64 1/2 and I am 63 1/2. — Divorced A. You don’t have to…
  • Should we Convert our IRAs to Roth IRAs?
    We are in our late 70s. Should we convert our IRAs to a Roth? Q. My wife and I are in our late 70s and are living comfortably on our Social Security and Required Minimum Distributions. Most of our investments are in standard IRA accounts. I have been giving serious…
  • Can I Start a Roth IRA for my Minor Son?
    Q. My husband passed away a year ago and I’m receiving survivor benefits from Social Security to care for our 2-year-old boy . Can I use that money to set up a minor Roth IRA and 529 plan? He already has a brokerage account funded every month by my own…
  • Who benefits from higher home prices with a reverse mortgage
    Who benefits from higher home prices with a reverse mortgage? Q. When there is a reverse mortgage, what happens if the value of the home goes up? Does the owner get the difference between the mortgage amount and the higher home value, or does the mortgage company get it? —…
  • Will our daughter’s old creditors come after money we gift her
    Q. My wife and I are 70 and 73, retired and financially stable. Our oldest child went through a binge of bad behavior between 2010 and 2015 that included a divorce (no children), a repossessed car, defaulted credit cards, SSI for a short time, then SS Disability. She is remarried…
  • Will putting my son on my credit card account hurt my credit score
    Q. I put my son on my credit card to help his credit but I didn’t give him a card to use. Does his bad credit affect my credit score because he’s on that account? It seems like my score keeps going down for no reason. — Cardholder A. This…

Older News

Do I have to File a Gift Tax Return? -, October 25, 2019
How Do I Fix My Credit? -, May 16, 2019
If I take Social Security and still work, what happens to my taxes? –, February 7, 2019
Advisors Adopt Healthy Habits to Boost Morale And Avoid Burnout – Investor’s Business Daily, February 4, 2019
How Can you get An Adult Child to Save? –, December 5, 2018
How Can I Pay Small Fees for Mutual Funds? –, August 1, 2018
Do Children Need Life Insurace? -, March 22, 2018
How to Improve your Credit after Bankruptcy - Biz Brain, February 6, 2018
Social Security and Your Tax Burden – Biz Brain, December 12, 2017
Participating in Another State’s 529 Plan –, October 3, 2017
Saving in Out-of-State 529 Plan - Biz Brain, August 1, 2017
Helping Young Adult with First 401(k) –, July 17, 2017
Tax-Smart Withdrawals in Retirement - Ask, June 16, 2017
How to Set a Retirement Budget -, April 21, 2017
How to Choose a Low-Cost Broker -, March 7, 2017
Ideas to Reduce Living Expenses –, December 19, 2016
Choosing the Right Life Insurance -, October 4, 2016
Interest Rates and Car Loans –, August, 29, 2016
Credit Cards for College Students –, July 26, 2016
What to do with that old 401(k) –, May 25, 2016
Dollar Cost Averaging –, March 10, 2016
Trading in Those Old EE Bonds –, January 29, 2016
Deciding on Renting or Selling a Vacation Home –, December 23, 2015
Is Alternative Investing Right for You –, November 18, 2015
Seeing (and Feeling) Things from the Client’s Point of View – Financial Advisor IQ, November 13, 2015
Balancing College and Retirement Planning -, October 21, 2015
Leaving a Roth IRA to an Heir -, October 5, 2015
Roth IRA or Traditional IRA Contributions –, September 16, 2015
Insurance for a Pool –, June 15, 2015
Social Security Claiming Strategies –, May 28, 2015
Roth IRA versus Traditional IRA? –, May 8, 2015
What Job Loss Means to Retirement, Debt, Emergency Savings –, April 30, 2015
What to do with a Tax Refund? –, April 16, 2015
Affording a Larger Home while Saving for College -, February 12, 2015
Juggling 529 Plans for Three Kids –, January 9, 2015