In my last post I covered the basics of the Roth IRA. However, figuring out Roth IRA contributions can be tricky due to the phaseout rule. In this post I will provide examples of how to calculate Roth IRA contributions for a single tax filer and a married couple filing jointly. Single Filer If a single… [Read More] Roth IRA Contributions for Single Filers and Married Couples
Financial Planning Help with Mullooly Asset Management
Here we cover working with a financial planner, how to find a financial planner, what kind of questions to ask a planner. We also cover topics like whether you need a full financial plan at all, or, just need some basic help with areas like budgeting or saving for retirement.
You may not really need a financial planner at all. You might just need some answers to financial planning questions. Mullooly Asset Management does not write financial plans. Most of our clients want someone to manage their money and know we are available for financial planning consultations. If more detailed work is needed, we can suggest specialists in each area.
We also cover areas like saving for retirement, questions about paying for college, life insurance and estate planning basics, too.
If you do not see a financial planning topic you would like discussed in a post, feel free to get in touch with Thomas Mullooly and his team at 732-223-9000 or here.
Here are some of our most recent articles:
A popular way for individuals to save for retirement is through a Roth Individual Retirement Account or Roth IRA. Who can open a Roth IRA? Any individual who has earned income may open and contribute to a Roth IRA. Earned income includes any money earned from salary, wages, tips or commission. It does not include… [Read More] The Basics of a Roth Individual Retirement Account – Roth IRA
The Individual Retirement Account (IRA) is one of the most basic types of retirement savings vehicles available today. So who can open an Individual Retirement Account (IRA)? An IRA can be funded by an individual who has earned income in that current year — and is not over the age of 70.5. So if an… [Read More] Individual Retirement Account (IRA) Basics
Financial Planning for families is never easy. The Department of Agriculture, the USDA, announced the ESTIMATED cost of raising a child from birth up through age 18 is $245,000. But, according to the USDA, it costs more if you live in (or near) major cities. For example, if you live in the Northeast, congratulations, it… [Read More] Financial Planning For Families
There has been an ongoing debate about whether the Trump administration will repeal the Department of Labor rule implementing a fiduciary standard for all retirement accounts. Whether the new administration repeals the rule, waters it down or delays the start date; some damage has already been done. The Wall Street Journal recently published an article… [Read More] Increasing Fiduciary Awareness
There’s an excellent article written by Carl Richards featured in the NY Times. Richards is known in our industry because he comes up with cute images drawn on napkins that succintly get a message across. I’ll link to the article below. His point was the old “image” of retirement was “work hard from 25 through… [Read More] Retirement vs. Distribution