I am 32 and max out my retirement savings every year through 401k and IRA. I also save an equivalent amount that I put into savings/investment accounts. How should I think about trading off between maximizing my contributions to retirement accounts versus putting less in my retirement accounts so I have more liquid assets to put [...]
I made a non-deductible "Backdoor" Roth IRA Contribution (to get around income limits), and my taxes went up in TaxAct when filing taxes. I am using a 1099-R that I received with a Gross distribution (box 1) and Taxable amount (box 2) in agreement, plus 2b checked (taxable amount not determined). Distribution code is showing "02 [...]
I'm 40 years old, in good health, and considering a life insurance policy for the benefit of my wife and one-year old. Would you rather get a whole life insurance policy, or a term life insurance policy and "invest the difference" in the market? I'm also contributing to a 401K, a 529 account, and have about [...]
I am 26 years old and have had some bad spending habits and am currently in debt. What is the best way to pay it down? I have been making $100,000 per year for the past couple of years. I have $30,000 in credit card debt. What is the best way of paying this down? What [...]
What happens to your 401k if you quit your job/move to another company? Shaun Erickson CFP® Boston, MAWhen you leave, you will typically be given information on your options for your 401k plan. Generally, you have a few options: 1) Leave it in the plan (not all companies allow this option) 2) Cash out (pay tax and [...]
If I'm around the limit for a Roth IRA (110k single I believe), should I open a traditional IRA as well? I'm starting to max my 401k and want to open an IRA as well and start maxing it. 1 person found this answer helpful Shaun Erickson CFP® Boston, MA You should discuss the benefits of this with your [...]
What can I do if I have an erroneous delinquency on my Credit Report? I am using Credit Karma to monitor my credit. Today I received an update that a new account (under a financial institution I've never heard of; AMCA) has been placed in collections. The amount is nominal at $50. I don't know who [...]
From a planning perspective, we have found that one of the areas that tends to cause the most amount of confusion, and misinformation, is Social Security claiming strategies. Unfortunately, many of the resources available to those approaching social security age seem to only compound the problem. Employees at your local Social Security Office can be a [...]
What mortgage options are available for people with underwater mortgages purchased after December 26, 2009? Shaun Erickson CFP® Boston, MA You can start by checking with the Attorney General's Office in your home state. Your state may have resources to assist with loan modifications. For example, in MA we have the HomeCorps program which provides assistance to those [...]
November 13 – Bulldog ConnectionBryant alumnus and former lacrosse player Tim Duffany ’06 networks with current student-athletes as part of the Bulldog Connection program that brings former athletes to campus to mentor current athletes. If you are a former varsity athlete, plan to join us for the spring program on April 6, 2013. Legendary American football coach Vince Lombardi said, [...]
