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Turn Your Roth IRA Into a Super-Roth
Lucia Capital Group Weekly

Turn Your Roth IRA Into a Super-Roth

November 14, 2019

Roth IRAs can be wonderful savings instruments for people looking for tax-free growth potential. But because a Roth IRA is (of course) an IRA, that means you’re stuck with the relatively low IRA contribution limits of $6,000 (or $7,000 if you’re at least age 50). A 401(k) plan, though, has much higher contribution limits at $19,000 (or $25,000 age 50+). Further, some employers also allow for after-tax contributions to their 401(k) plan, meaning that you could potentially contribute up to $62,000 to your company retirement plan, depending on your age and some other factors. These higher deferral limits may offer you the rare opportunity to eventually roll all of your post-tax money from your 401(k) into your Roth IRA – WITHOUT having to do so on a pre-tax/post-tax pro-rata basis.

Why Your Home May Be Your Best Tax Friend
Lucia Capital Group Weekly

Why Your Home May Be Your Best Tax Friend

November 7, 2019

So have you thought recently about selling your home? If so, you might be selling at a good time.  The Case-Shiller US National Home Price Index tells us that the average price of homes across the country has gone up about 56 percent since its most recent low level back in February of 2012.  For some people in certain housing markets, that adds up to a lot of gain, especially if they’ve owned their primary home for the past seven years or more. But you might also be concerned that you’ll have to pay a bunch of taxes when you sell because your home has gone up so much in value.  Well, there may be some good news for you.  You may be able to keep most – if not all – of the money you get from the sale of your home.
Why Millennials Prefer to Rent Instead of Own
Lucia Capital Group Weekly

Why Millennials Prefer to Rent Instead of Own

October 31, 2019

The Millennial generation is facing some unique challenges in life, and how those challenges are shaping their overall financial picture. One of the big things that Millennials are not doing, is buying a home. And it’s not necessarily because they can’t afford to buy one (although that does factor in for some of them); instead, they’re just choosing to rent. So what’s going on here? Are they just giving up on the American Dream of owning a home with a white picket fence, and two cats in the yard?

The Challenges Faced by Millennials
Lucia Capital Group Weekly

The Challenges Faced by Millennials

October 24, 2019

When it comes to money, it’s no real secret that the millennial generation tends to do things just a bit differently than the rest of us. And they have good reason. Since they were born, they’ve seen three decades of stagnant wages, a dot-com boom and bust, the Great Recession, and an income and net worth gap that’s at its highest levels in more than 90 years. They are facing some unique challenges in life, and how those challenges are shaping their overall financial picture.

Did You Just Get A 6.2% Raise?
Lucia Capital Group Weekly

Did You Just Get A 6.2% Raise?

October 10, 2019

If you look at your pay stub, you may have seen a deduction for FICA and Medicare. The FICA part is an acronym for Federal Insurance Contributions Act, which is the premium you pay that allows you to one day collect your Social Security benefits. Both you and your employer pay 6.2% of your salary as FICA, and the more you earn, the more you pay in both FICA and Medicare taxes. But while you pay the Medicare tax on an infinite amount of earnings, you stop paying the FICA tax at $132,900 of gross wages in 2019. This means that you get, in effect, a 6.2 percent raise for the rest of the year starting once you reach that level of income. What strategies should you consider with that “raise in pay?”

Which Pension Payout Option Should You Take?
Lucia Capital Group Weekly

Which Pension Payout Option Should You Take?

September 26, 2019

If you’re one of the lucky people who own a pension, you may have noticed that it before you start receiving the payments, it will offer different payout amounts. Normally, if you are married, benefits have to be paid in the form of a “qualified joint and survivor annuity”. This annuity pays a certain dollar amount to you during your lifetime, usually monthly, with at least 50% of that amount continuing to your surviving spouse after you pass. People who want to maximize their monthly retirement income are often tempted to choose the higher-paying single-life annuity for exactly this reason, but many of them are also concerned about providing for their spouses after they die. So how do you solve this problem? One way to potentially do that is through what’s called a “Pension Maximization” technique.