Are you considering whether to convert your traditional IRA into a Roth IRA? There could be some benefit in doing so. With a Roth IRA, you’re allowed to take withdrawals tax-free after age 59½. Withdrawals from your traditional IRA are taxed as ordinary income.
Another potential benefit is Roth IRAs don’t have required minimum distributions (RMDs) at age 70½. If your goal is to keep your funds in your IRA as part of a legacy planning strategy, the idea of eliminating RMDs may be appealing.
Every parent wants the best for their child. In many cases, that may mean funding a child’s education. However, many parents are learning that their efforts to give their child a good education could come back to harm their own ability to retire comfortably.
According to estimates from the Government Accountability Office, as of 2015 there were 2 million holders of Direct Plus Loans between the ages of 50 and 64. There were an additional 200,000 Direct Plus Loan holders over the age of 65. Those numbers have more than doubled since 2005.1
First Fidelity Group
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