The internet is a great place to do research on most any topic. You have to be cautious that the information you find is current and accurate. Here are five things to consider when researching retirement questions.
Check the Date
The tax code and rules change often. Check the date of the article to see when it was written. What was true three years or five years ago may not still be relevant. Often, brackets or income limits are adjusted for inflation each year. Those numbers need to be checked to see if they are the most recent limits.
Check out the Website
Is the website reputable? Who controls the content on the website? Are they creditable? Are they unbiased or are they selling a product or strategy? Do a search on the company to see if you come up with reviews. Look for unbiased information.
C&J Wealth Advisors engaged their client base in a fundraising campaign that generated over $4,800 for Aid to Distressed Families of Appalachian Counties’ (ADFAC) School Supplies Program. For every client donation, C&J Wealth Advisors made a financial pledge and volunteer efforts. This will help to purchase approximately 96 backpacks and supplies.
ADFAC’s 2017 goal is to provide 3,500 backpacks filled with school supplies to underprivileged Anderson and Morgan County children. In 2016, ADFAC helped 3,060 children in 30 area schools to have the necessary supplies. According to ADFAC, this was only 34% of the children that could have benefited from the 2016 program and the need grows.
Are you considering a Roth conversion, but you’re unsure whether or not it’s the right move for you? A Roth IRA provides a great way to help reduce the taxes you’ll pay during retirement, but it can also increase your income during the year that you convert, which could bump you into a higher tax bracket.
When you convert funds to a Roth IRA, your pre-tax funds will be included in your income in the year of the conversion. This will increase your income for the year of the conversion, which may impact deductions, credits, exemptions, phase-outs AMT (alternative minimum tax), the taxation of your Social Security benefits and more.