Tax season is here and it's not too late to make an IRA - Fox 2 News Headlines

Tax season is here and it's not too late to make an IRA contribution

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Damon Dyas, Certified Financial Planner from Ameriprise Financial Services in Southfield joins Murray Feldman for Money Monday.

"Should you pay off your 21% interest rate credit card or build your emergency cash reserve?"  Most people would think to pay off debt but I would suggest building cash reserves.

Since tax season is upon us reminding viewers that it is not too late to make a IRA or Roth IRA contribution for 2013 would be helpful.  Also not to forget the catch up contribution for those who turned 50 in 2013.  Higher income earners who cannot contribute directly to a Roth may consider a non-deductible contribution to a traditional IRA then a conversion to a Roth IRA.

The Journal of Financial Planning recently published study suggesting that people should reduce the amount of stocks in their portfolios in the beginning of retirement then gradually increase equity exposure over time.  Doing so will increase the odds of their retirement assets lasting longer.  This is the opposite of what most people have been taught which is to reduce equity exposure throughout retirement. We could discuss the pros and cons of implementing this strategy.

MORE INFORMATION: http://www.ameripriseadvisors.com/damon.r.dyas/myteam/

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