13 Jan 2021 | What you need to know about backdoor Roth contributions

It's never too late to start saving

A "It's never too late to retire early" Delaying Social Security could be a colossal mistake Image Source: Motley Fool When it comes to deciding when to claim Social Security benefits, you have several options. You can file at the age of 62 to start receiving checks as soon as possible. Or you can wait a few months or years to earn larger monthly payments.  Retirees are often advised to wait until age 70 to start claiming Social Security. Waiting results in the largest possible payments each month. However, there are several reasons why holding off could be a risky move. Sometimes claiming early is your best bet. This is how you can protect yourself Recommended Link: When the governor of California saw the spike in COVID hospitalizations, he panicked.   He locked down nearly the entire state.   And he dealt a death blow to tens of thousands of businesses in the nation's richest state.   Now, other states are sliding down the same path.   This is not just the second wave of the pandemic. It's also the second wave of the pandemic depression.   The good news is that we have a way to help you protect your portfolio. Headlines you shouldn't miss   How to prioritize your 401(k), Roth IRA, and HSA contributions   Here's how to divvy up your retirement savings.   What you need to know about backdoor Roth contributions   The indirect Roth IRA contribution is a viable tool for some but not all clients.   Should you open a Roth IRA for your child?   Here are five rules you need to know about before you do.   Why you should consider a Roth IRA conversion   Take a distribution from your traditional IRA or 401(k) and contribute that money into a Roth IRA.   What investors need to know about self-directed IRA investing   This can be a hot topic for investors who want to diversify out of the stock market.   This is why you shouldn't use only a 401(k) for your retirement   Your workplace plan makes saving easy, but you may regret putting all your eggs in the 401(k) basket. It's never too late to start saving,   Gordon Fox     P.S.   Know someone who'd love the Late Investor? Be sure to send them to this link so they can get signed up: investinglate.com   The Late Investor, 20 N. Orange Avenue, 32801, Orlando, United States You can unsubscribe here any time.