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In 1998, the Roth IRA was introduced. Since then, many people have converted all or a portion of their existing Traditional IRA’s to Roth IRA’s, where distributions are eventually tax free. When converting from a regular IRA to a Roth IRA, the amount of the conversion is taxable in the year of the conversion.

This law is changing, starting in 2010, anyone who converts to a Roth will pay no taxes that year, taxes will be due in 2011 and 2012. If there ever was a time to convert, 2010 is it. But like everything else, you need to do your homework. Let’s take a look at the Roth IRA Conversion calculator…

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Today is the first post, in a series of posts, where I’ll be reviewing the functionality of 6 financial calculators. I will explain, in plain language, how each of these calculators works and how to integrate the results of each, into your personalized ‘down home’ financial plan.

As promised, I will be creating a lot of hypothetical scenarios to use as references, too. I will also be adding more calculators as time goes by.

Roth IRA v Traditional IRA Calculator

The purpose of this Roth IRA calculator is to figure out which type of IRA is best for you. Now, as you may know, I’m a big fan of the Roth IRA and tend to favor it over a traditional IRA. Below is a screen shot where I’ve inputed some data and calculated the results…

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A little outline of what you can expect…Next week I will be (permanently) introducing 6 financial calculators to the site.

You will be able to click on the ‘Financial Calculators’ tab and go and use any one of the financial calculators whenever (and however) you please and print detailed reports, as well.

I’m introducing the 6 calculators that I think are most essential to my audience.

By using all, or the majority of these financial tools, you’re going to learn a lot about yourself, including the core benefits derived from a formal financial plan, that I always talk about:

Continue Reading “Introducing Financial Calculators”