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Welcome!I am a knowledgeable financial professional with over 15 years experience in helping individuals reach their retirement goals.
If you have a specific question please contact me at: askjanjaffin@aol.com. I will make every effort to answer the question in a prompt manner. If I determine that the question is worthy of interest to other visitors, I will publish it on my site. I will never divulge your last name or e-mail address.
Please check out the articles I have written on different retirement issues. I will be adding more pertinent information all the time.
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Featured Question
Deferred IncomeHello, When I attained the age of 62 in September 2007, I retired. I had money in a deferred income fund. I withdrew 38,339 of it in January 2008 and paid a 20% tax on the withdrawal. I filed for SS at the end of January 2008 and started receiving SS payments in February 2008.
1. Do I have to declare the deferred income on my 2008 tax return? Gross or net?
2. Do deferred income receipts count as income which reduces the SS payment?
Thanks
Judy from Biloxi, MS
Answer>>
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Articles
When to Retire One of the most important decisions you will make in life is
the one regarding when to retire. There
are many considerations when you make this choice, among them:
*Your
health and medical history
*The
longevity of your family
*Your
ability and/or desire to continue working More>>
Is A Roth Right for You? Beginning in 2010, the Tax Increase Prevention and Reconciliation Act lifted
the restrictions on who can have a Roth IRA by allowing anyone, regardless
of their income or tax filing status to convert their Traditional IRA to a
Roth. Some articles and advisers are saying everyone with a Traditional IRA
should convert to a Roth. However, not everyone would benefit from a Roth
Conversion. More>>
Avoiding Penalties for Early Retirement The Substantially Equal Periodic Payments portion of the IRS Code 72(t) is of particular importance to early retirees, because it allows a person to access their IRA funds prior to reaching age 59 ½ without paying an additional 10% penalty.
More>>
Roll Over With so much being written and talked about regarding Roth IRA conversions, you may be wondering whether you can “roll-over” your qualified retirement plan directly into a Roth IRA. The simple answer is “yes,” because of the passage of the Pension Protection Act of 2006. The new legislation allows eligible qualified retirement plan assets to be rolled over directly into a Roth IRA beginning January 1, 2008. There is no longer a requirement that the qualified plan be rolled over to a Traditional IRA and then converted to a Roth IRA. However, there are rules that must be followed when rolling over qualified assets to a Roth IRA:
More>>
Maximizing Your Retirement Savings You have contributed to Social Security your entire life, and now you wonder if
it will be there for you when you are ready to retire. None of us have
that answer, but there are ways to help ensure you maximize your
opportunities to save for retirement.
More>>
Investing in an Annuity People are retiring younger, living longer and have a desire for a better life
in their later years. In many cases their savings are low or non-existent and
pensions are scarce. The markets are constantly changing. many investors find
they need fixed assets in their portfolios as they near retirement because of their desire for stability. Some people turn to CDs for this dependability, but many have invested in fixed annuities.
More>>
Choosing an IRA Choosing which IRA is right for your individual circumstances is very important.
There are distinct differences in a Traditional IRA and a Roth IRA, however they
are both good choices when saving for retirement.
An IRA can best be
described as a "Basket" holding different investment options,
i.e. stocks, bonds, annuities, CDs, mutual funds. Your investment choices will depend on several criteria, More>>
Traditional vs a Roth IRA There are two different types of IRAs available today, the traditional IRA (deductible and non-deductible) and a Roth IRA. Traditional
IRAs are usually funded with pre-tax dollars, which means you will have
to pay taxes on the entire amount when you withdraw your funds. Roth IRAs are funded with after-tax dollars, and can be taken tax-free when certain conditions are met. You
may be hearing a lot lately about converting your traditional IRA to a
Roth IRA in order to take advantage of tax-free withdrawals in
retirement. More>>
Year End Tax Planning Since we are in the last few weeks of 2009 and looking forward to a new year in 2010, now is an excellent time for a financial review to ensure you take advantage of every opportunity to increase your savings for retirement and lower your tax bill as much as possible.
More>>
Guest Articles
Mortgage Market Dilemma As soon as 2009 came to an end, a lot of financial analysts have been predicting that mortgage rates are expected to go up. In the beginning of 2010, the Federal Housing Administration declared that amendments would be carried out to the FHA mortgage lending guidelines. FHA is the subsidiary of the Department of Housing and Urban Development in the United States.
These declarations over and above the banking dilemma that unstabilized the mortgage lending industry are compelling prospective mortgage loan borrowers to get well equipped prior to signing the dotted line. In getting ready for a new mortgage, increasing numbers of consumers are looking for online help. More>>
6 Smart tips to avoid mortgage modification scams Mortgage modification is a viable option when you are struggling to make mortgage payments. But there are lots of mortgage modification scams happening nowadays. This article highlights 6 smart tips that can help in avoiding mortgage modification scams.
More>>
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