Archive - January 14, 2010

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Benefits Of A Financial Plan: Retirement Planning
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How Much Can You Contribute to Your IRA if Married or a Widower?

Benefits Of A Financial Plan: Retirement Planning

One of the primary purposes of a financial plan is to identify how clients can achieve their financial goals while exposing themselves to the smallest amount of risk possible. For instance, I recently worked with a couple who just transitioned into retirement. This couple was accustomed to living a lifestyle that required $72,000 of annual gross income. However, this client’s million dollar nest egg was cut in half during the bursting of the credit bubble in 2008, and consequently, the clients were incredibly risk averse. In fact, their portfolio was 100% cash, and they didn’t want to invest in anything …

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How Much Can You Contribute to Your IRA if Married or a Widower?

2010 IRA MAGI Limits for a Filing Status of Married Filing Jointly or Qualifying Widow(er)Current Year MAGI Limits for IRAs – Married Filing Jointly or Qualifying Widow(er)

Note: for the purposes of IRA MAGI qualification, a person filing as Married Filing Separately, who did not live with his or her spouse during the tax year, is considered Single and will use the information on that page to determine eligibility.

For a Traditional IRA (Filing Status Married Filing Jointly or Qualifying Widow(er)):

If you are not covered by a retirement plan at your job and your spouse is not covered by a retirement plan, there is no MAGI limitation on your deductible contributions.… Read More

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