Page 6 - The Shores of Jupiter - January '25

Page 6, The Shores
® Helping Disorganized, Forgetful, And

Financial Focus

When Is A Good Time For Scattered Adolescents

Roth Conversion? By Jim Forgan, Ph.D., Executive functioning skills can be learned, practiced
Licensed School Psychologist and improved. This month I am offering an in-person
By Sally Sima Stahl, A parent described her executive functioning course for students in grades 6
Edward Jones eighth-grade son to me, through 9. Your student can join us for three, 90-minute
In life, you often get “He has struggles following sessions of fun, interactive activities to learn executive
second chances—and multiple oral instructions functioning skills related to organization, planning, time
the same is true with at the same time. His management, memory, and attention. The group size is
investing. To illustrate: information retention in the limited to 10 students.
You might not have been short term is challenging We will use games, scenarios, and videos to illustrate
able to contribute to a especially for unpreferred points and practice skills. Students receive written
Roth IRA during your topics. He has completed handouts to keep which summarize the new skills. We
working years due to your homework and forgot to are approaching this mastermind course for teens using
income level, but you turn it in. He waits until the last minute to start projects a cognitive behavioral framework. That means that if
may get that opportunity or studying for exams. What a hot mess!” you can change your thinking and learn new skills, you
as you near retirement or even when you are retired— This mom was describing her son’s executive can change your behavior. Your student can learn skills
through a Roth conversion. functioning weaknesses. The term executive functioning for success this year and beyond. Are you tired of being
And you can do so by converting your traditional encompasses our brain’s ability to manage different your child’s only executive assistant and ready for your
IRA to a Roth. While this sounds simple, there’s a major systems such as planning, organizing, maintaining effort, adolescent to hear about success skills from someone
caveat: taxes. You’ll be taxed on the amount in pre-tax remembering, self-regulating, attending, and completing other than yourself?
dollars you contributed to a traditional IRA and then tasks. School success depends, in part, on having strong Call (561) 625-4125 if you would like to sign up or if
converted to a Roth IRA. (If you have both pre- and after- executive functioning skills. Executive functioning you need school neuropsychological testing to give you
tax dollars in your traditional IRA, the taxable amount is weaknesses can cause smart kids to become scattered, understanding and answers. Learn more at JimForgan.
based on the percentage of pre-tax dollars.) disorganized, and forgetful. These weaknesses might be com/executive.
Why is a Roth IRA desirable for some people? Here accompanied with ADHD or learning disabilities but can
are the key benefits: also be stand-alone difficulties. Our executive functions
If you have large amounts in a traditional IRA, the improve with age and fully mature in our late teen years
tax bill on conversion can be significant. The key to to early 20s. Thus, there’s hope for your student’s growth.
potentially lowering this tax bill is timing. Generally
speaking, the lower your income in a given year, the more
favorable it is for you to convert to a Roth IRA. So, for “Service is our number one priority”
example, if you have already retired, but have not started 561-743-0070
collecting RMDs, your income may be down.
• Tax-free withdrawals—you put in after-tax dollars
to a Roth IRA, so you can withdraw your contributions www.palmspoolservices.com
at any time, free of taxes and penalties. And if you’ve
had your account for at least five years and you’re at
least 591⁄2, you can also withdraw your earnings free
of taxes.
• No RMDs—With a traditional IRA, you’ll have to
start taking withdrawals — called required minimum
distributions, or RMDs — when you turn 73, or 75 if
you were born in 1960 or later. But there’s no RMD
requirement with a Roth IRA — you can essentially leave
the money intact as long as you like.
Timing also comes into play with the financial markets.
When the market is going through a decline, and the
value of your traditional IRA drops, you could convert
the same number of shares of the underlying investments Expires 2/15/25.
and receive a lower tax bill or convert more shares of these
investments for what would have been the same tax bill. State Licensed & Insured CPC #
• Tax-free legacy for your heirs—When your Serving Palm Beach County 1457468 • LPG#30099
heirs inherit your Roth IRA, they can withdraw the
contributions without paying taxes or penalties, and if
the account has been open for at least five years, they can
also withdraw earnings tax-free.
Finally, you could lower your tax bill in any given year CAMPBELL AND KARLIK, P.A.
by stretching out your Roth IRA conversions over several
years, rather than doing it all at once. ATTORNEYS AT LAW
But even if you were aware of these advantages, you
might not have been able to invest in a Roth IRA for
much of your life. For one thing, you might have earned
too much money— a Roth IRA, unlike a traditional IRA, Wills • Trusts • Estate Planning • Probate
has income limits. Also, a Roth IRA has only been around
since 1998, so, in the previous years, you were limited to Taxation • Real Estate • Corporations
a traditional IRA.
You’ll want to consult with your tax advisor before
embarking on this conversion—but if it’s appropriate for
your situation, you could find that owning a Roth IRA can
benefit you and your family for years to come.
As you approach retirement, though, you might start
thinking of just how much you’d like to benefit from a
Roth IRA.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency of
New Mexico, L.L.C.; and Edward Jones Insurance Agency
of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors Diane L. KarLiK
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, Tel: (561) 625-5220
CFP , AAMS , 1851 W. Indiantown Road, Ste. 106, 3450 Northlake Boulevard Suite 210 Fax: (561) 625-5201• Mobile: (561) 797-5004
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Jupiter, FL 33458. Palm Beach Gardens, FL 33403 EMail: dlkarlik@aol.com