WealthTrace Financial Planning & Retirement Planning Blog


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  • The Benefits Of A Backdoor Roth IRA

    by Doug Carey | Feb 04, 2020
    A backdoor Roth IRA is completely legal and most online brokers have systems set up to handle it. There is also no income restriction on this strategy. Here is how it works: Basically, you contribute money to a traditional IRA and then immediately convert it to a Roth IRA. The money in the Roth now gets to grow tax-free and when you withdraw the money in retirement, you won’t pay any taxes at all on the withdrawal.
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  • Are You Paying Too Much For Your Investments?

    by Doug Carey | Jan 13, 2020
    High fees can take a big bite out of your investments. Index funds, with low fees and passive management, normally outperform their more expensive, actively managed peers over time. It's a good idea to review your investments on an annual basis to make sure fees are reasonable and asset class balances are where you want them.
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  • Taxes Could Be Going Up Soon: How It Impacts Retirement Plans

    by Doug Carey | Dec 05, 2019
    At the end of 2025, federal income tax rates are scheduled to go back to where they were before the Tax Cuts and Jobs Act (TCJA) of 2017. Many expect Congress to extend the tax cuts, at least for lower brackets, but nothing is guaranteed. If tax rates are set to increase, Roth IRA conversions today would make more sense for many people.
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  • Social Security: Later Can Be Better

    by Doug Carey | Nov 26, 2019
    Very few people wait to take Social Security at age 70 or later. But, retirees with a decent amount of investments probably should wait until that age.
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  • Common Mistakes People Make When Saving For Retirement

    by Doug Carey | Oct 23, 2019
    Seemingly small decisions can lead to huge changes in wealth over time. Paying high fees, contributing to the wrong types of accounts, or not getting the full company match can mean the difference between retiring early with enough money or working well into your 70s.
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