Posts Tagged ‘Couples’

2010 Roth IRA Income Limits Effectively Removed

Okay, let’s try this again. There are no longer any income phase-outs on Roth IRA conversions from Traditional IRAs. As in previous years, individuals or couples with a modified adjusted gross income (MAGI) over a certain limit are ineligible to contribute directly to a Roth IRA. In 2010, the phase-outs begin at $105,000 for single filers and $167,000 for those married filing jointly. However, with no conversion limitations, people with any income can simply contribute to a Traditional IRA and then convert that to a Roth IRA immediately afterwards. This is great news for those higher income earners… Read the whole article...

Your Most Important Financial Decision: Choosing a Spouse

I disagree with the common assumption that buying a house will be your biggest financial decision. I believe your choice of a marriage partner will be your single biggest financial decision.  Besides, who do you think is going to help you make the house decision? Therefore, make your spouse decision carefully.  The reasons go far, far beyond money, but since this is a financial blog, let’s focus on the financial implications for a moment. Studies have shown that savers tend to be attracted to spenders.  Experience confirms that savers get annoyed with spenders and spenders get frustrated with savers.  Ahh. … Read the whole article...

529 Plan Promotion: Couples Get $150 Jumpstart to College Savings

This is a reminder that the Ohio CollegeAdvantage 529 Plan is offering some excellent incentives for those looking to start putting some money aside for college. Open to residents of any state, the best part is that this is one of the nation’s best 529 plans for those looking for low-cost investment options and a good customer experience. Here’s an example of how a couple can earn a free $150 jumpstart on their college fund. While I use the term “parent”, this would work for any two people - grandparents, aunts, brothers, friends, etc. Parent #1 opens a… Read the whole article...

Financial considerations when facing separation

It is a well-known fact that financial problems are a leading cause of divorce. According to studies published in the Journal of Political Economy, couples that experience any significant and unexpected change in income—positive or negative—are at risk of divorce. Furthermore, there is evidence that couples’ financial problems are linked to increased levels of stress, conflict, and decreased levels of marital satisfaction. With so many families struggling financially as unemployment rates continue to rise, it’s ironic that less people are calling it quits. According to the American Academy of Matrimonial Lawyers, 37 percent of the divorce attorneys polled reported that they’ve… Read the whole article...