Money Talk - June 2012
If you've struggled to make sense of the ongoing European debt debacle, you're not alone. Though new aspects of the situation seem to crop up every month, here are some of the most common factors that either reflect or affect sentiment about what's happening in Europe.
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Because retirement rules of thumb are guidelines designed for the average situation, they'll tend to be "wrong" for a particular retiree as often as they're "right." However, they can provide a good starting point for assessing your retirement needs.
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Several key federal income tax provisions expired at the end of 2011, with additional provisions, including the "Bush tax cuts" scheduled to expire at the end of 2012; new Medicare-related taxes are also on the horizon.
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Can I convert my traditional IRA to a Roth IRA in 2012?
It may be an excellent time to consider converting your traditional IRA to a Roth IRA. With recent market volatility, many investors have seen a reduction in the value of their traditional IRAs, meaning that the tax cost of converting may have dropped significantly.
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What happens if, after converting a traditional IRA to a Roth IRA, the value of your Roth IRA declines, making the conversion a bad deal from a tax perspective? No problem--the IRS allows you to recharacterize (undo) the conversion, and for tax purposes you'll be treated as if the conversion never occurred.
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A Mutual Savings Company
