State plans for low-income retirement saving gain momentum

Illinois State Senator Daniel Biss.

My home state of Illinois is not the first place that comes to mind for innovative approaches to retirement savings. We are much more infamous for our pension plan for state workers, which is the worst-funded in the country. But Illinois just became the first U.S. state to adopt a promising new approach to a […]

When does it make sense to accelerate tax payments on retirement accounts?


It’s almost a mantra of financial planning: Defer taxes on investments whenever you can, for as long as possible. But in some situations, it can make sense to get the tax bill out of the way sooner than later. Consider this: Recent Vanguard research found that 20 percent of account holders who take Required Minimum Distributions (RMDs) […]

Twitterverse has questions about retirement; we’ve got answers


The Twitterverse has questions about retirement. What’s the best way for young people to get started saving? Are target date funds good or bad? Should we expand Social Security to help low-wage workers? Those are just a few of the great questions I fielded during a retirement Tweet-up convened this week by my colleagues at […]

Why a Roth IRA for the baby would be a blessed event

Ray Boshara

When an infant is born, the hospital paperwork for parents includes birth certificate and Social Security number applications. Soon, though, there could be another document to fill out: a Roth IRA account setup form. That’s the thrust of the Roth Account for Youths Savings Act, or RAYS Act,introduced last week in the U.S. House of […]

Why more wealthy Americans are putting their eggs in Roth baskets


Affluent Americans are showing a growing preference for paying taxes on their retirement savings sooner rather than later. Data released earlier this month by the Internal Revenue Service shows that conversions from tax-deferred individual retirement accounts to Roth IRAs increased ninefold in 2010, to $64.8 billion. That was the first year when a $100,000 income […]