Page 14 - Jupiter Spotlight - January '25

Page 14, Jupiter Spotlight
Financial Focus ®

When Is A Good Time For lowering this tax bill is timing. Generally speaking, the lower But even if you were aware of these advantages, you
might not have been able to invest in a Roth IRA for
your income in a given year, the more favorable it is for you
Roth Conversion? to convert to a Roth IRA. So, for example, if you have already much of your life. For one thing, you might have earned
retired, but have not started collecting RMDs, your income too much money— a Roth IRA, unlike a traditional IRA,
By Sally Sima Stahl, may be down. has income limits. Also, a Roth IRA has only been around
Edward Jones • Tax-free withdrawals—you put in after-tax dollars to a since 1998, so, in the previous years, you were limited to
In life, you often get Roth IRA, so you can withdraw your contributions at any a traditional IRA.
second chances—and the time, free of taxes and penalties. And if you’ve had your You’ll want to consult with your tax advisor before
same is true with investing. account for at least five years and you’re at least 591⁄2, embarking on this conversion—but if it’s appropriate for
To illustrate: You might not you can also withdraw your earnings free of taxes. your situation, you could find that owning a Roth IRA
have been able to contribute • No RMDs—With a traditional IRA, you’ll have to can benefit you and your family for years to come.
to a Roth IRA during your start taking withdrawals — called required minimum As you approach retirement, though, you might start
working years due to your distributions, or RMDs — when you turn 73, or 75 if thinking of just how much you’d like to benefit from a
income level, but you may get you were born in 1960 or later. But there’s no RMD Roth IRA.
that opportunity as you near requirement with a Roth IRA — you can essentially leave This article was written by Edward Jones for use by
retirement or even when you the money intact as long as you like. your local Edward Jones Financial Advisor, Edward
are retired—through a Roth conversion. Timing also comes into play with the financial markets. Jones, Member SIPC.
And you can do so by converting your traditional IRA When the market is going through a decline, and the value Edward Jones is a licensed insurance producer in
to a Roth. While this sounds simple, there’s a major caveat: of your traditional IRA drops, you could convert the all states and Washington, D.C., through Edward D.
taxes. You’ll be taxed on the amount in pre-tax dollars you same number of shares of the underlying investments and Jones & Co., L.P., and in California, New Mexico and
contributed to a traditional IRA and then converted to a Roth receive a lower tax bill or convert more shares of these Massachusetts through Edward Jones Insurance Agency
IRA. (If you have both pre- and after-tax dollars in your investments for what would have been the same tax bill. of California, L.L.C.; Edward Jones Insurance Agency of
traditional IRA, the taxable amount is based on the percentage • Tax-free legacy for your heirs—When your heirs New Mexico, L.L.C.; and Edward Jones Insurance Agency
of pre-tax dollars.) inherit your Roth IRA, they can withdraw the contributions of Massachusetts, L.L.C.
Why is a Roth IRA desirable for some people? Here are without paying taxes or penalties, and if the account has Edward Jones, its employees and financial advisors
the key benefits: been open for at least five years, they can also withdraw cannot provide tax advice. You should consult your
If you have large amounts in a traditional IRA, the tax earnings tax-free. qualified tax advisor regarding your situation.
bill on conversion can be significant. The key to potentially Finally, you could lower your tax bill in any given year Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
by stretching out your Roth IRA conversions over several AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL
™
years, rather than doing it all at once.
33458.
Medicare Corner
With Kathy O Peripheral

Neuropathy?
Medicare season is
over … or is it? Jan. 1
to March 31 is Open FREE Consultation
Enrollment Period.
During this time,
people on a Medicare for Acupuncture
Advantage plan may
make plan changes. If
you meant to change
and didn’t, there is still
time. If you chose the
wrong plan, you can
change back to your original plan. Contact me to see 561-745-1002
if I can get you more benefits or lower costs than your
current plan. 654 West Indiantown
What about drug plans and supplement plans? If you THE PATIENT AND ANY OTHER PERSON RESPONSIBLE FOR PAYMENT HAS THE RIGHT TO Road, Jupiter, FL 33458
REFUSE TO PAY, CANCEL PAYMENT OR BE REIMBURSED FOR PAYMENT FOR ANY OTHER
are turning 65 or just activating your part B coverage SERVICE, EXAMINATION OR TREATMENT WHICH IS PERFORMED AS A RESULT OF AND
WITHIN 72 HOURS OF RESPONDING TO THE ADVERTISEMENT FOR THE FREE, DISCOUNTED
now you can enroll in any plan. There are other OR REDUCED FEE SERVICES, EXAMINATION OR TREATMENT. www.drlaruffa.com
circumstances that may give you a Special Enrollment
Period.
People with Medicare and Medicaid have more
options. Full Medicaid beneficiaries can change any
quarter. Medicaid beneficiaries are eligible for plans
that offer groceries. You may apply for Medicaid at
myaccess.myflfamilies.com, this program is for very
low-income people.
Choosing your Medicare and drug plan is very
important, but not necessarily permanent. This is
why the assistance of a no-cost local agent like me
is invaluable.
Medicare New Year’s Advice
Review plan information so you understand
benefits.
Download apps that your carrier offers to manage
claims and benefits.
Review medications with doctor at your annual
exam.
Earn rewards or use any extra benefits your
Advantage Plan offers each month.
If you still need to review or change your Medicare
plan, Open Enrollment is Jan. 1 to March 30 and you
may qualify for a Special Enrollment. Call me! If
you have Medicare Topic suggestions, email me
at czak82@aol.com.
I speak Medicare: Supplement, Drug Plan and
Advantage Plan.
For your free Medicare plan review please call
me. Kathy Olejniczak, Agent, at (561) 835-5413 or
cell/text (561) 212-7640.