Contributing to IRAs in retirement - Many people assume, "I'm retired, I can't contribute anymore." If your spouse is still working, and you meet income requirements, a non-working spouse CAN contribute. And Roth IRAs are not deductible, so the government does not make you start withdrawing at 70.5 - or ever - since you have already paid taxes on this money. Folks over 50 can contribute $6500/ year, which can really add up to a nice bucket of tax-free money. If you don't need it, a spouse or some other beneficiary will.- Early start for children - You can put away money for a baby or child of any age for education. But what if you could give them a head start on retirement? Any young person who has "earned income" can have a Roth IRA - who writes the check for it doesn't matter. So if you are a parent, grandparent or whomever, you can start a Roth IRA as soon as that child has a summer or part-time job. Just don't contribute more than the child makes. What a fabulous gift - think how it could grow in 40+ years!
- Life Insurance on college students - Have you co-signed a student loan for a college student? If so, is the loan forgiven if the student passes on? In that unlikely event, make sure you have purchased enough term life insurance on that student to cover the amount and term of the loan. Insurance on a young person is very affordable (because the chances he or she will die are slim, thankfully).
To set a time to sit down for a complimentary, no-obligation review, contact Laura Zahn, CUSO* Financial Advisor, at Laura.Zahn@cusonet.com
or (509) 323-1323.