IRAs and taxes
My nephew is 66 and his wife will be 67 soon. They have 4 children and 3 grandchildren. He had several jobs after mustering out from a military and depleted all of his IRAs. He plans to retire at 70 and she retired from teaching after 30 years in 2016, so their combined income may be over $130,000. I heard you speak on Roth IRAs as vehicles to lower taxes after retirement and also to lower current yearly taxes. Should he increase his IRA deductions on his job to a maximum and/or get a Roth IRA also? If so, which Roth IRAs should he consider? Thank you.
Terry Says
It’s nice that you care so much about your nephew’s retirement planning — but this is a very personal issue. I’m sure you don’t know his budget or his spending plans. He and his wife need a Certified Financial Planner who will go over their entire financial situation. So instead of answering this question, please just send him to Wealthramp.com, where he can find a CFP who is a FIDUCIARY– fully disclosing all fees and promising, in writing, to put his interests first!
