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Q&A: "I Inherited a Roth IRA from My Mother. What Are My Options?"

Question and background: My mother passed away (before retirement age) and left a small amount of money in her Roth IRA. I understand I can either withdraw a lump sum or roll it over into an IRA of my own, then take mandatory distributions. It seems like either way I don't pay an early withdrawal penalty, so I might as well take the cash now (it wouldn't bump me into a higher tax bracket). Is this decision a no-brainer or is there something I'm missing?

Estate Matters Retirement Accounts Retirement Income Tax

Q&A: "I Currently Have a Pension with Deferred Compensation. Should I Consider a Roth 401(k)?"

Question and background: I currently have a pension with deferred compensation. Should I consider a Roth 401(k)? I am a 42 year old law enforcement officer with a local municipality and contribute to a pension along with a deferred compensation, similar to a 401(k) with no match. My question is, they now offer a Roth 401(k) as well. Should I consider this investment? I could potentially retire in 10 to 12 years with a pension paying approximately 70% of what I currently make.

Pension Retirement Accounts Retirement Income Tax

Are You Strangling The Goose That Lays The Golden Eggs?

If you’re like many retirees—or those soon to be retired—your investment portfolio has probably taken a big hit in the recent market meltdown. Even traditionally conservative investments such as municipal bonds and dividend-paying preferred stocks have behaved in unusual ways. While you can’t control the markets, you do have some control over how and when you take withdrawals from your portfolio. And without even knowing it, some folks are strangling the very goose that lays their golden retirement nest eggs.

Investment Retirement Income