Ask Terry Questions IRAs and taxes

IRAs and taxes

By Terry Savage on December 24, 2018 | Financial Planning / Retirement

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, where he can find a CFP who is a FIDUCIARY– fully disclosing all fees and promising, in writing, to put his interests first!

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