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Money Wisdom: FAQ’s about IRA’s

Money Wisdom

NEW HAVEN, Conn. (WTNH) — CT Style Reporter Natasha Lubczenko, welcomes “Money Wisdom” sponsored by Johnson Brunetti. We are educating you about smart ways to manage your money.

Joining us is Eric Hogarth, Certified Financial Planner and Johnson Brunetti Partner with the details.

Today we’re doing something fun and informative. We have got some viewer questions sent in for you guys at Johnson Brunetti regarding IRAS.

  1. Can I contribute to a Roth IRA during retirement with self-employment income and take the income tax savers credit?
  2. Are people able to withdraw money from IRA’s penalty free due to COVID-19?
  3. This year they are allowing you to NOT take money out of an IRA if you choose. Is it wise to NOT take it if you don’t need it and let it make interest or dividends where it is?
    I’ve been told to take it because most likely taxes will be going up next year.
  4. I am one of those who financed 401k contributions by sticking with tax-deferred contributions only. Now, as I approach required MRD time in a couple of years (I am 70 1/2 this year), I have a big fat roll-over IRA. I figure that my combined marginal federal + state income tax rate is at least 26%. What options do I have to mitigate this tax burden?

Free Offer – The Money Map Book

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Johnson Brunetti’s goal is to take the fear out of your financial future and give you confidence in what lies ahead.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

About Johnson Brunetti
Johnson Brunetti is an independent Retirement and Investment Specialty firm with neighborhood offices located throughout Connecticut and Massachusetts. Our firm was built based on the foundations of integrity, trustworthiness and creating a sense of confidence for our clients as they approach their retirement years.

Founded in 2003, the firm has grown to a staff of over 35. Joel Johnson, CFP® and our team of experienced professionals have helped and guided over 3,500 families through the retirement planning process.

We offer complete services to address all of our client’s financial priorities:

  • Retirement Planning
  • Estate Planning
  • Asset Management
  • 401K Guidance
  • Wealth Protection
  • Long-Term Care Insurance Options

                   
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.

Johnson Brunetti is a sponsor of WTNH Money Wisdom.

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