Tax Hacks: The Backdoor Roth 401(k)

Sure, you may be familiar with a backdoor Roth IRA, but have you heard about it’s bigger and much better brother, the backdoor Roth 401(k)? Can I interest you in saving over $50,000 a year in your 401(k), all of which is tax-free income? No, this strategy is not for everyone, but those who want to really max out their savings, the backdoor Roth 401(k) … Continue reading Tax Hacks: The Backdoor Roth 401(k)

4 Steps To Avoid Being Ripped Off By A Financial Advisor in Michigan

Over the weekend an unfortunate story came out about a couple that was “bamboozled” by a financial advisor.  An excerpt From Reddit:   SO a week or two goes by. And I see a ~$30 charge go through for “disability insurance”. WHICH I TOLD HER I DIDN’T WANT!! And I just realize… this doesn’t feel good. It doesn’t seem right. She’s not listening to what … Continue reading 4 Steps To Avoid Being Ripped Off By A Financial Advisor in Michigan

RRSP Strategies When You Live In The U.S.

I often hear the same thing while working with people here in the states that also have Canadian assets like the RRSP or TFSA. “I work with my Canadian advisor with helping me on Canadian planning and use an advisor here in the states to help with my U.S. planning”. If you aren’t working with an advisor that understands planning issues in both countries, you … Continue reading RRSP Strategies When You Live In The U.S.

Joint and Survivor Pension Benefit or Insure Yourself?

If you are married and have a monthly pension, the recommendation is almost always to take the Joint & Survivor pension benefit option.  This means that while both you and your spouse are living, you will draw a slightly reduced pension compared to a Single Life Annuity. The benefit is that if the pensioner dies first, the spouse will still receive a benefit for his … Continue reading Joint and Survivor Pension Benefit or Insure Yourself?

Converting Your Insurance Policy to a Roth IRA at Retirement

It should come as no surprise that I hate life insurance in retirement. Unless, you are a business owner, have a large taxable estate (unlikely now a days), or have a special needs child, life insurance is just not necessary in retirement. Yet, one of the most popular questions I get is, “What do I do with this whole life insurance policy when I retire?” … Continue reading Converting Your Insurance Policy to a Roth IRA at Retirement