Roths are popular because, unlike Traditional IRAs, distributions in retirement are tax-free.

However, the ability to contribute to a Roth IRA has always been subject to fairly restrictive income caps.

To lessen the restrictions, in 2010, Congress passed a law allowing anyone (no income restrictions) to take an already-existing Traditional IRA and convert to a Roth IRA.

Roth contributions are after tax dollars, though, so the conversion amount becomes taxable income. This can translate to a hefty tax bill depending on the size of your conversion, and the taxable income can trigger the new Medicare surtax.

This year, Congress lightened restrictions even further by declaring that employer-sponsored 401(k) account balances are convertible to Roth 401(k)s, as long as your plan allows for Roth 401(k) accounts.

Since then, many people have converted or are considering converting to a Roth with the idea that they are taking advantage of a huge tax benefit: tax-free retirement income.

So are these folks really getting a free lunch?

Actually, the answer to this question involves you guessing what tax bracket you’ll be in during retirement relative to the tax bracket you’re in now.

As it turns out, the only way you’ll be better off in retirement with a Roth IRA is if you are in a higher income tax bracket then than you are now. [i]

Here’s how it works…

…with a Traditional IRA

Say you’re in a 30% tax bracket now.

Further, let’s say you earn $1,000 before tax and contribute the entire $1000 to your Traditional (pre-tax) IRA. Now say you earn a rate of return that triples the money by the time you retire.

So now you have $3,000, and when you take the money out of that account after age 59½, you pay 30% tax on it, so that leaves you with $2,100.

…with a Roth IRA

Now, let’s say you earn the same $1,000.

You pay 30% tax on it, leaving you with $700 and contribute that amount to your Roth IRA. In the Traditional IRA scenario, compound interest tripled your IRA money, so this money will triple too[ii].

So, now what do you have? That’s right: $2,100. 

Look at that. You end up with exactly the same amount of money!

And the math works the same for every dollar amount, so again,

The only way you’re better off with a Roth is if your tax rate is higher during your retirement than it is now. 

In that case, for example, if you were in a 30% tax bracket now and a 40% tax bracket in retirement, the Traditional IRA result, paying 40% of $3,000 ($1,200), would be $1,800 instead of $2,100. Now you’re better off with the Roth.

Stay in Control of Your Taxes

That said, it is a good idea for you to be able to have some control over your tax rate in retirement, so I do recommend having some portion of your savings in a Roth, some in a Traditional IRA and some in a taxable account.

So, should you convert to a Roth?

Since Roth conversions turn into taxable income and you’ll have to come up with the cash to pay the bill, my recommendation is that you consider taking some of your Traditional IRA or 401(k) and convert to a Roth if you have the cash to pay the tax.

The post Should I Convert to a Roth IRA? appeared first on Healthy Wealthy Families.

Actually, sudden money occurs far more frequently than we are aware of. Unfortunately, we often don’t see it or plan for it before it’s too late.

What is a Sudden Money Event?

A sudden money event occurs any time someone receives an amount of money that can dramatically alter their financial future.

For someone making $50,000 per year with $20,000 in savings, inheriting $250,000 is a sudden money event.

However, for someone with $2,000,000 already in the bank, the $250,000 is just nice to have. It would probably take more than $5,000,000 to be a sudden money event for our friend who already has $2,000,000 saved.

For a young person, like a college student with minimal income, a seemingly trivial amount like $10,000 can even be a sudden money event (truth: it happened to me).

A divorce can be a sudden money event. In many marriages, the husband handles the finances. After a divorce, and especially if the wife hasn’t worked or her husband has far out-earned her, she will eventually end up with a lump sum of money, but no skill in preserving or managing it.

NOTE: In some cases, the wife handles the finances, and in that case the roles above could be reversed.

Inheriting money or property can be an extremely emotionally complex sudden money event because of the grieving process and some people’s mixed emotions about inheriting money that they didn’t earn from a loved one.

Divorce and inheritance are by far the most common sudden money events. Other sudden money events include lucrative compensation contracts, an IPO, selling a business, and of course, winning the money.

The Sad Fate of Most Sudden Money Recipients

Sadly, the National Endowment for Financial Education reports that as many as 70% of people who receive financial windfalls lose the money within a few years. The majority of financial windfall recipients squander their life-altering sum and end up living with tremendous regret.

However, contrary to popular opinion, these folks don’t squander money because they’re uneducated or because they don’t care. Unfortunately, we all have a Money Mindset that programs us to behave around money in a particular way, and many times these programs don’t get seen until they are magnified by a sudden money event.

And don’t start thinking, “But that wouldn’t happen to me!” Our behavior around money is ripe with cognitive biases—our brains play funny tricks on us. Remember that before 70% of financial windfall recipients lost their money, they all knew about the ones who did it before them.

How to Preserve Your Sudden Money

With appropriate education and planning, you can maximize the value of your sudden money to yourself and the people you love the most.

But please, don’t go it alone. The first thing you should do when you know you have received or will receive sudden money is to gather a team of advisors who will get to know you, including your principles values and goals, and then set about helping to make sure you achieve the things that are most important to you.

The post Have You Already Received Sudden Money and Don’t Know It? appeared first on Healthy Wealthy Families.

Warren Buffett, called the “Oracle of Omaha”, is considered the most successful investor of the 20^th century, and Trump has built a real estate empire from which he draws an annual salary of $60 million. They make their billion dollar empires seem almost like a birthright.

How do those people make it look so easy to make lots of money no matter what environment they’re in?

Is it raw brain power? Well, neither Warren Buffett nor Donald Trump is the smartest man on the planet. And we all know plenty of intellectually gifted people who toil away for a teacher’s salary, so it’s not intelligence. 

Maybe it’s practice? World class athletes practice more than anyone else, so maybe practicing produces financial success. But most of us spend our entire adult lives practicing making money! No, it’s not practice.

On the opposite extreme, consider the financial misfits.

We’ve all heard the stories of lottery winners who go broke. One study even concluded that lottery winners are more likely to file for bankruptcy within a few years of receiving their windfall than they would have been if they had never won!

Photo Credit: © Mark Hirschey / Wikimedia Commons

Also, 78% of former NFL players file for bankruptcy or are under financial stress within 2 years of retiring, despite the fact that all new NFL recruits receive personal finance training, some of which is taught by the Harvard business school.

And both football players and lottery winners know these statistics before they repeat the mistake.

And it’s not just lottery winners and football players who lose fortunes. The National Endowment for Financial Education reports that as many as 70% of people who receive a financial windfall lose the money within a few years.

Are you a Midas, a financial misfit, or something in between?

If you are in the lucky position of not having squandered a life-altering amount of money, it’s so easy to point at the socio-economics of the people who play the lottery and some of the young men who get drafted into the NFL and say, “They’re uneducated.”

Actually, most people don’t say it quite that politely.

But all they did was make big, public mistakes. Haven’t you made financial mistakes? I know I have.

And, as a financial advisor, I’ve talked to a lot of very smart people who’ve admitted big financial mistakes. I even know smart people with high incomes who make financial mistakes, like dipping into savings every month—and feel they have no control over it.

So, why are some people reliable to make millions, and some are reliable to lose millions?

In fact, getting back to our friends Warren Buffett and Donald Trump, why is it that Warren Buffett is always in the black and Trump always seems to be bankrupting his latest project? Not only do they constantly make a lot of money, but they constantly behave around it in the same way.

What I’m pointing to here is the patterns people have around money.

It almost seems like they are programmed to behave around money in a particular way.  And that’s because they are programmed to behave that way. And YOU are programmed to behave a particular way around money, too. Your programming is a function of what I call your Money Mindset.

Just like a computer program that always spits out a particular result, we are all a function of our internal coding about money.

Fortunately, it is possible to interrupt patterns that don’t work, or don’t work as well as you’d like them to. This all begins with identifying your Money Mindset, and the systems of behavior you have around money that keep it in place.

The post Who Else Wants to Be Rich Like Warren Buffett? appeared first on Healthy Wealthy Families.

That some people seem to make money like Midas while some spend it like Tyson?

I know high-income earners who consistently spend more than they make and people with average salaries who tuck away nearly half of it. Also, many people suffer from very complex and negative emotions about money.

Personally, I had my own irrational financial behavior. I received financial windfalls twice in my twenties. Don’t get me wrong, I didn’t win the lottery, but these checks were in amounts that, if invested, could have contributed nicely to my retirement savings. And even though I have a degree in Economics and I’m a responsible person, I simply couldn’t spend the money fast enough. I have nothing to show for it today, except a well-learned lesson.

So, what explains all of this widely varied and sometimes even destructive behavior?  What is shaping people’s thoughts and actions around money?

The Power of Language

The idea that language might shape our thoughts and actions may seem foreign to you. Yet, Dr. Lera Boroditsky, Assistant Professor of Psychology at Stanford University and Editor in Chief of Frontiers in Cultural Psychology, has shown that language doesn’t merely express what are otherwise universal thoughts, rather, language gives rise to our thoughts, our experience of the world, and therefore our actions.

Her research has demonstrated the causal role of language in how people think. According to Boroditsky, “It turns out that if you change how people talk, that changes how they think. If people learn another language, they inadvertently also learn a new way of looking at the world. When bilingual people switch from one language to another, they start thinking differently, too.”

For example, our experience of time, which can never be seen, touched, tasted or felt, is almost entirely a function of language. What do you say to yourself and others about time?

“I don’t have time.”

“Time marches on.”

“Time flies when you’re having fun!”

“The clock stood still.”

Both the first and third statements refer to the experience of time moving quickly. Yet, notice when you read the first statement to yourself, you probably experience some form of frustration, anxiety, pressure, or perhaps confinement. And when you read the third statement to yourself, you experience some happy memory of the past, time spent with loved ones or an especially exhilarating experience.

Language gives rise to experience.

Money, like time, is also largely conceptual.

What Is Money?

Cash is just a representation of money. If even half of Americans stopped recognizing cash as money it would quickly be worthless.

Actually, an increasing number of retailers have stopped taking cash, and if you don’t believe me, try paying cash for a cocktail on a commercial flight. Cash is not money.

Money is also not the numbers you see in your bank account when you log in to see your balance or open up your monthly statement. Your credit card, though it has the power to transfer money, does not physically contain money that somehow exchanges ownership when manipulated by the sales clerk.

Further, gold is not money, and checks are not money. So, I ask again, what is money?

For you economists and sociologists, money is a solution to the problem of double coincidence of wants. It is merely an agreement about something having universal value, and without the agreement it is absolutely nothing.

Money, therefore, is a concept.

And yet, money and the social meaning that surrounds it are extremely significant in our culture. People have strong emotions about money, fight over money, divorce over money, even kill for money.

Where does all that meaning come from?

It comes from the language we use about it.

And the language we use about money is far from universally agreed upon.

Each of Us Has Our Own Money Vocabulary

And this fact should begin to explain to you why some people fight so much about money.

It is estimated that there are some 100,000 adjectives in the English language, but few of us use more than a handful of them to describe money.

And the words you use to describe the concept of money limit what money can be for you. Because money is so conceptual, we must use language to describe it. However, the word “describe” can also mean “to trace the form or outline of.” In other words, once you have described it, you have put it in a box. Now, in your understanding, money is what you have described it to be, but it is not anything else.

At some point in our childhoods, we all got an idea of what money was, we started to talk and think about money that way, and we got stuck with it. I call this your Money Mindset.

What is Your Money Mindset?

According to Klontz, Kahler, and Klontz, some of the most common Money Mindsets are as follows:

1. I don’t deserve money.

2. I deserve to spend money.

3. There will never be enough money
   *Incidentally, this one was mine, and I’ll give you one guess what someone has to do with a large check when their Money Mindset is “There will never be enough money.”

4. There will always be enough money.

5. Money is unimportant.

6. Money will give me meaning.

7. It’s not nice (or necessary) to talk about money.

8. If you are good, the universe will supply all your needs.

My experience is that Money Mindsets are as varied as people are. Do you relate with any of these?

It is possible to transform your Money Mindset, and therefore your financial situation, experience, and results.

I personally have done this work. I used to gleefully spend every dollar that came into my possession (and more), only to return to scarcity and lack of freedom. And now I consistently save almost half of my income.

I have also done this work with our Sudden Money clients to ensure that they maximize the value of their financial windfall to themselves and the people they care most about by avoiding the all-too-common fate of windfall recipients.

Identifying your Money Mindset, the systems of behavior it causes, and the emotions that surround it is the beginning of gaining freedom.

Once you accept that your Money Mindset is merely one (valid) way of relating to and experiencing money, but that it is not true in any objective sense, you have dislodged certainty and made room for exploration.

So, tell me, what do you think your Money Mindset is today, and better yet, what would you like it to be?

Referenced Book Citation:

Klontz, Psy.D, Brad, Rick Kahler, CFP, and Ted Klontz, Ph.D. Facilitating Financial Health (Tools for Financial Planners, Coaches, and Therapists). Cincinnati, Ohio: National Underwriter, 2008. 78-79. Print.

The post The Money Mindset: How to Transform Your Financial Life Once and For All appeared first on Healthy Wealthy Families.

The average refund will be about $2,800, and even though 75% of Americans nearing retirement age have less than $30,000 in their retirement accounts, research tells us that some still plan to spend the financial windfall (mostly on vacations and consumer electronics). 

As we know from our work with Sudden Money clients, people tend to mentally account for money based on where it came from.

Now, I know that you know that a dollar is a dollar no matter if it’s in your bank account or in your hand.

However, it has been shown that most people treat money differently based on whether it came in the form of their monthly payroll deposit, a Christmas check from their grandparents, or their annual tax refund.

However, this kind of thinking is flawed, so I am here to encourage you to resist…

Here are the 3 biggest tax refund mistakes to avoid:

1. Don’t Be a Lottery Winner
   Don’t relate to this check like anything other than your hard-earned money! You did not win the lottery, you simply loaned the money (interest free, no less!) to Uncle Sam for a year. Spend it in the same conservative way you’d spend your paycheck.

2. Don’t Be Like Mike (Tyson)
   Don’t squander the money. If you’re on track with your savings goals for the year, and have stayed on budget, then do as you will. However, if you’re in debt or off track on your savings, tonight’s big expense is often tomorrow’s big regret. I say, go for the CZ’s and the faux fur, Mike.

3. Don’t Get Cold Feet
   Saving for retirement ain’t necessarily sexy—but don’t let yourself refuse to make the commitment or develop a wandering eye. The extraordinary power of compounding will turn that $3K into $30K and even more if you invest it right and nurture it with patience. Don’t give up on your plan to have this money make a difference in your life over the long-term!

Most people are getting this one right these days, though.

To reaffirm your faith in your fellow Americans, here are some of this year’s National Retail Foundation survey results for the question, “What do you plan to do with your tax refund?” 

• By far the largest percentage of Amerians expect to save at least some of their tax refund: 43.8%

• 39.8% will use some of the money to pay down debt

• 28.7% will pay for everyday expenses

• Major purchases, such as a television or new car, are anticipated by 12%

• And 11% of Americans intend to enjoy their tax refund with a vacation

Point of interest: The Internal Revenue Service reported in 2012 that it cut checks for $337 billion of tax refunds for tax year 2011. Wow.

http://www.nytimes.com/2012/07/22/opinion/sunday/our-ridiculous-approach-to-retirement.html?_r=0

http://www.businessnewsdaily.com/3758-tax-refund-windfall-american-families.html

http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=1317

The post The 3 Biggest Tax Refund Mistakes to Avoid appeared first on Healthy Wealthy Families.

When David Stockman, a former White House Budget Director who never actually balanced the federal budget, suddenly claims to have the power to forecast a major economic crisis, frankly, it’s hard for us to understand why anybody pays attention.

But David Stockman, Ronald Reagan’s budget chief back in the 1980s, has received a lot of attention for his scorching Easter Sunday article in the New York Times, telling us that America’s future is bleak and everybody should get out of the investment markets as quickly as possible.

Stockman’s advice is getting a lot of attention from triumphant doomsayers who have been predicting America’s downfall for decades, and from us economists, who wonder where Mr. Stockman learned basic math.

If You Buy His Book, He Wins

The article was written to publicize Stockman’s newly-released book, called The Great Deformation, and what it shows is that Stockman knows how to generate a lot of attention. It calls the Federal Reserve “a rogue central bank,” and declares that the US is fiscally, morally and intellectually bankrupt. It predicts a global currency war that America will lose. So what is Stockman’s sage advice? “Hide out in cash.”

Interestingly, the article says that the problems began in 1933, when the American dollar went off the gold standard, and have worsened since.

What Happens to People who Hide Out in Cash?

Anybody who hid out in cash since 1933 would have missed the greatest period of stock market returns in world history–not to mention the enormous strides in standards of living.

Predictions of Extended Doom & Gloom Have Always Been Wrong

Even the Great Recession meltdown in 2008 has been followed by a long, steady recovery that has produced new market highs. And despite 80 years of disconnect from the gold standard, the dollar remains strong, and is the reserve currency against which all others are measured.

Predicting doom is a great business to be in, because our minds are wired to spook at the first sign of danger, and our eyes are instantly attracted to warning signs. People buy because they’re afraid not to. The only problem with the doomsayers who have made these predictions is that they have never actually been right. Betting on the end of the world, or the end of the U.S. economy, or the death of the stock market, has never been a winning choice. So far, in the history of time, every single market downturn has been followed by a steady and strong recovery.

Stockman’s Lack of Credibility

In addition, you have to wonder how credible Stockman is to be telling us our economic future. Never balancing the federal budget puts him in pretty good company, but Stockman has had an undistinguished Wall Street career at Salomon Brothers and the Blackstone Group, and his job as CEO at Collins & Aikman Corp. led, less than two years later, to the company filing for Chapter 11 Bankruptcy protection.

If Warren Buffett tells us to get out of stocks, I will listen carefully to his arguments, and you WILL hear from me about them.

However, when David Stockman peddles gloom, because he seems to be the only Wall Street executive who has to supplement his income by book revenues, we simply put our hands over our ears and continue with our investment policies.

What You Would Miss Out on is Far More Frightening

If you had retreated to cash in 1933, when the S&P 500 was trading at 6.25, (not a typo) and stayed out while it rose to (recently) over 1,550.

Missing out on 24,700% overall growth might be too scary even for David Stockman to contemplate.

By Bob Veres and edited by Hilary Martin, MBA, CFP®

Sources:

http://www.businessinsider.com/david-stockman-america-is-doomed-2013-3

http://www.csmonitor.com/USA/USA-Update/2013/0401/David-Stockman-warns-of-economic-collapse-critics-cry-cranky-old-man

http://blogs.wsj.com/marketbeat/2013/04/01/skeptics-scoff-at-david-stockmans-doomsday-scenario/

The post Stockman’s Doomsday Prophecy appeared first on Healthy Wealthy Families.

Are you serious about achieving your retirement goals?

Have you ever had the experience, along your path to achieve a goal, that doing one simple little thing moved you forward exponentially toward that goal?

Sometimes we take a series of small, seemingly meaningless steps and then BAM!, another seemingly small action adds tons of clarity and gives us a strong sense of accomplishment.

This is one of those things. Personally, I do this at least once a week, but usually every day. Well, okay, every WEEK day. I recommend to my clients that they do it, and I help them get there.

Actually, not only does  it help you achieve your retirement goals, but it gives you tremendous peace of mind about your money. Yes, this is one of those things that definitely has benefits in multiple areas.

So much so that my blogger pal Joel Zaslofsky, who authors Value of Simple, which is about how to simplify, organize and be money-wise, offered to publish a guest post by me on the subject.

So if you’re wondering what this whiz bang tool is to achieving your retirement goals, and I hope you are by now, check it out by clicking here!

PS. If you’re my client, and we haven’t done this together yet, check in with me and I’ll make sure you get on that Yellow Brick Road.

The post This ONE Thing Will Help You Achieve Your Retirement Goals appeared first on Healthy Wealthy Families.

The conventional wisdom among the attorneys and CPAs who plan for estate taxes, right up until the new Fiscal Cliff legislation was signed into law, was that the $5 million exemption was probably too good to be true. Couples could gift up to $10 million to their heirs without paying any gift taxes, and if you died with less than $5 million in your estate, your spouse could pick up the remainder and add it to his/her exemption, meaning that any family with less than $10 million in assets passing on to heirs could, with virtually no planning, escape federal estate taxes altogether.

A deal like that won’t last in this age of budget deficits, right? During calendar 2012, the assumption was that Congress would set a lower exemption of anywhere from $1 million to $3 million per individual. So estate planning professionals busied themselves drafting irrevocable grantor trusts and advising their clients to put millions of dollars out of reach of the anticipated new estate tax realities.

Then something funny happened: when it passed the American Taxpayer Relief Act of 2012, Congress not only made the $5 million exemption permanent, it also indexed those historically-high exemption amounts to inflation, so that this year the personal estate tax exemption climbs to $5.12 million. And contrary to virtually every professional expectation, Congress also kept the gift tax exemption at the same level as the estate exemption–and made THAT permanent. Many were speculating over the past couple of years that the linkage between the gift tax and estate tax exemption had been a careless mistake by the committee members who had drafted prior legislation.

The result? Assuming these thresholds stay permanent, the overwhelming majority of American citizens won’t have to face an estate tax ever again. They won’t have to consult with an expert to concoct a lot of fancy strategies, like putting their investment assets in an LLC and then gifting shares of the LLC at a “minority interest valuation discount” (don’t ask), or buying permanent life insurance inside a carefully-crafted insurance trust, or creating a grantor trust that is defective under IRS rules so that the grantors also pay the taxes on those assets on behalf of their heirs.

Meanwhile, a lot of trusts that were set up in the last two years are probably unnecessary under the new tax regime, and trusts are often not the most tax-efficient vehicles on the planet. The new 39.6% top tax rates affect taxpayers with more than $400,000 (individual) or $450,000 (joint) in income. But that highest rate kicks in at just $11,950 in non-distributed income for a trust. A trust’s capital gains are hit almost immediately at the highest possible rate–20% plus the 3.8% Medicare tax. This is true even if the beneficiaries are in a much lower tax bracket.

Meanwhile, one of the more amusing consequences (assuming you’re one of the few people who finds estate tax issues humorous) is the sudden impact all this is having on the 16 states which currently impose their own estate taxes. Suppose, for example, a person with $4 million in assets lives in New York, which has a state estate tax exemption of $1 million. After that, the state taxes the deceased’s assets at a 16% rate. But currently there is nothing to prevent this person from gifting $3.1 million to her heirs on her deathbed, thereby taking her state-taxable estate below the threshold.

For many people, these permanent higher thresholds are great news, and will greatly simplify their lives. Millions of dollars will no longer have to be spent on trusts and creative strategies, streamlining the economy. Now just need to figure out something that the attorneys and accountants who crafted fancy ways to reduce the tax bite can do with all their free time.

Written by Bob Veres and edited by Hilary Martin

The post What You Need to Know About Estate Planning in 2013 appeared first on Healthy Wealthy Families.

The post Update 2013: Income Taxes You Need to Know About and The Fiscal Cliff appeared first on Healthy Wealthy Families.

Of course, stores and banks aren’t going to go through the trouble of putting value on plastic cards if it isn’t going to generate revenue, so understand what you’re getting into. Gift cards can be more secure than cash, but you should make sure you’re not paying expensive fees and that the cards can be replaced if stolen.

NerdWallet, a San Francisco based personal finance site, recently completed a comprehensive study of the costs, features and benefits of the 96 most popular gift cards on the market. Here are the highlights of that study:

There are three types of cards: store gift cards, bank gift cards and prepaid debit cards.

If you select a store gift card, make sure the card can be replaced if lost or stolen (preferably without a receipt) and that the store doesn’t charge you a fee for shipping the card.

Bank cards are more likely to be replaced if lost or stolen, but a full 100% of those cards carry a transaction fee and many cards charge inactivity fees beginning after 12 months.

Some prepaid debit cards seem to be the worst option, most of them charge either an activation or a monthly fee, and 31% of them charge for every PIN transaction!

The favorite gift card of the study was the American Express Bluebird, but there is good reason to believe that American Express, which offers the Bluebird card in conjunction with WalMart, will begin inching up fees as the card becomes more popular. Also, the card is only accepted where American Express is accepted, so your loved one might face disappointment at the register if they’re not paying attention.

The final lesson on gift cards is this: Never, ever use gift cards to give more than a trifle of value, maybe $25, $50 or $100, but not more. Consider cash if you can hand the gift directly to the recipient. If you want to give a gift larger than $100, I suggest doing so via personal check or an interbank or bank-to-bank transfer.

As for me, I’m folding up a crisp $50 bill and handing it to my 12yr old godson this Christmas. If he loses it, he’ll cry crocodile tears but it is my hope that he’ll learn the lesson of taking care of his money.

For the details on NerdWallet’s study, click here.

Also, check out this cool infographic:

Via: NerdWallet

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