• Any benefit to convert a traditional IRA to ROTH for 80 yo with 1M$ balance?

    Best answer: If you convert to a Roth, you pay income tax on the ENTIRE balance this year. The primary benefit to converting is that there is not tax on FUTURE earnings in the account. At age 80, it is significantly less likely those earnings will be sufficient to make up for the immediate taxes. If you were 20 or 30, I would... show more
    Best answer: If you convert to a Roth, you pay income tax on the ENTIRE balance this year. The primary benefit to converting is that there is not tax on FUTURE earnings in the account. At age 80, it is significantly less likely those earnings will be sufficient to make up for the immediate taxes.
    If you were 20 or 30, I would say make the conversion. At 80, you are probably just as well off keeping the plan you have.
    7 answers · 2 days ago
  • I lost my job and am losing my mind?

    I’m 20 years old and have no money in my bank account. I was just fired from my job and can’t pay my rent, can’t afford to eat, and I’m now $3000 in debt. My car will probably be repossessed in the next month. My rent is paid for this month but I put it on a credit card and obviously can’t afford to pay the credit... show more
    I’m 20 years old and have no money in my bank account. I was just fired from my job and can’t pay my rent, can’t afford to eat, and I’m now $3000 in debt. My car will probably be repossessed in the next month. My rent is paid for this month but I put it on a credit card and obviously can’t afford to pay the credit card. I feel depressed too and like I am stuck in a rut. I’ve never been a depressed person until now. So I’ll probably end up homeless until I find another job and no my parents will not help me out. Has anyone else struggled like I have? How do I survive without food and shelter?
    77 answers · 7 days ago
  • Ways to make money?

    What are some ways to make money other than the traditional job? I’m 18 and looking for something that doesn’t require me to “come in” to work
    What are some ways to make money other than the traditional job? I’m 18 and looking for something that doesn’t require me to “come in” to work
    9 answers · 18 hours ago
  • How much money did you have saved up in highschool for when you left for college?

    Hey. I am a freshman in Highschool and was wondering what the average amount of money saved for after you move out is. Obviously my goal should be as much as possible but I want to make sure I’m on track if not ahead of what others may have saved. Thank you so much for your time.
    Hey. I am a freshman in Highschool and was wondering what the average amount of money saved for after you move out is. Obviously my goal should be as much as possible but I want to make sure I’m on track if not ahead of what others may have saved. Thank you so much for your time.
    8 answers · 1 day ago
  • How does a 401k work?

    Do you get paid a certain percentage of your yearly salary after retirement anually or is it different?
    Do you get paid a certain percentage of your yearly salary after retirement anually or is it different?
    9 answers · 3 days ago
  • I need advice saving money?????

    My name is Adrian and I'm 22 years old. have $6,555 saved in the bank right now, but I feel like everyone my age has way more money saved up. I pay for my car insurance, I help parents with rent. Am I broke for my age??????? Any advice please??????
    My name is Adrian and I'm 22 years old. have $6,555 saved in the bank right now, but I feel like everyone my age has way more money saved up. I pay for my car insurance, I help parents with rent. Am I broke for my age??????? Any advice please??????
    12 answers · 5 days ago
  • Do I have sucker tattooed on my forehead? How do crooks know?

    I keep getting scammed all the time and I am such an easy mark. For example, I went to gas station to pay for gas & soda. Clerk short changed me $15. Went to market and cashier short changed me $10. Another cashier didn't scan a $20 coupon and kept it herself. Went to another market, overcharged $6. I... show more
    I keep getting scammed all the time and I am such an easy mark. For example, I went to gas station to pay for gas & soda. Clerk short changed me $15. Went to market and cashier short changed me $10. Another cashier didn't scan a $20 coupon and kept it herself. Went to another market, overcharged $6. I never catch these "mistakes" until I get home and check the receipts! It's like I'm the easiest mark there is for these thieves!!!! How do they know????
    8 answers · 4 days ago
  • Qualify for chapter 7?

    Do you think I would qualify for chapter 7 bankruptcy - I owe $50,000 in credit cards alone, if you add my car loan , student loans and IRS it's almost $100,000. I incurred the cc debt in 2016 and got my car loan same year , student loans Iv had and IRS is a newer debt from claiming exempt on my pay checks... show more
    Do you think I would qualify for chapter 7 bankruptcy - I owe $50,000 in credit cards alone, if you add my car loan , student loans and IRS it's almost $100,000. I incurred the cc debt in 2016 and got my car loan same year , student loans Iv had and IRS is a newer debt from claiming exempt on my pay checks because I was broke I mean duh I racked up debt . This happened in year 2016 , I ultimately couldn't get a loan or afford one and so I stopped paying dec 2016 . At that time I was making I think 30-35,000 a year . Since then my income has gone up because I picked up some self employment on the side ( in may of 2017) and got a promotion at work ( april 2018) so my income is now maybe 70-80 k as of recently but I am dropping off the self employment and so it will be just work which is 54k . I just got sued by one credit card company and will be filing bankruptcy but I'm worried I won't qualify for chapter 7 since my income is over the median which for my state is 54,000k. I don't understand the whole median thing because how can they make you do chapter 13 if your income is over 54k yet your debts are double ? I don't own anything, I am very young and am ashamed to be doing bankruptcy . I just would like an opinion on if you think I qualify for chapter 7
    11 answers · 5 days ago
  • Refund or free can a in prenatal car?

    i may or may not be traveling and was wondering, Can you get a free cancelation or any type of refund if you cancel a rental car?
    i may or may not be traveling and was wondering, Can you get a free cancelation or any type of refund if you cancel a rental car?
    5 answers · 15 hours ago
  • Joint checking linked with my savings?

    When I was 17 I opened a joint checking with my father, with a savings. The savings closed and I had to re open it this year at 18 years old, thus being only my name on my savings eStatements. Am I the only one that has access to my savings ?
    When I was 17 I opened a joint checking with my father, with a savings. The savings closed and I had to re open it this year at 18 years old, thus being only my name on my savings eStatements. Am I the only one that has access to my savings ?
    7 answers · 3 days ago
  • Should I use my savings to pay for a certification program or go further into student loan debt?

    I have a small investment account, earmarked to pay off my credit cards by the end of this year. I also have student loans. There's a certification program I need to take so I can start my teaching career. Should I use the investment account money for the program and continue to pay my credit cards as usual or... show more
    I have a small investment account, earmarked to pay off my credit cards by the end of this year. I also have student loans. There's a certification program I need to take so I can start my teaching career. Should I use the investment account money for the program and continue to pay my credit cards as usual or pay off the credit cards as planned and go (even further) into student loan debt? Can't decide which is the better option.
    7 answers · 4 days ago
  • Does selling a vehicle count as income?

    Best answer: The boat should have been counted as part of your resources, which is why you were probably denied. If you sell it and then spend that amount down, you would be closer to being approved. You can keep one vehicle for your own use or that of a family member in your household without having it count as a resource for... show more
    Best answer: The boat should have been counted as part of your resources, which is why you were probably denied. If you sell it and then spend that amount down, you would be closer to being approved. You can keep one vehicle for your own use or that of a family member in your household without having it count as a resource for cash.

    See here:
    https://www.ssa.gov/ssi/text-resoucres-ussi.htm

    You can also always call them and ask for clarification.
    12 answers · 6 days ago