You may be thinking about taking your Social Security benefits early. After all, you have paid Social Security on your earnings for years and you deserve to have them pay you for a change. And, since you are allowed by the government to take Social Security income as early as age 62, and “Normal Retirement Age” is 67 for all Americans born in 1960 or later, giving up those benefits for 5 years seems like way too much. What you may not realize is how much that early payout may cost you. … Read more

For most people, we think that the Roth is a better deal. The choice is between a one-time tax deduction on your contribution to the IRA and tax-deferred accumulation or tax-free accumulation for the rest of your life. The only time that the one-time tax deduction makes sense is if you think that you will be in a lower income tax bracket in the future (when you will use your IRA fund) than you are now. Since I am personally of the opinion that income tax rates are more likely to go … Read more