Simplicity Digital Advisor

Understanding financial literacy concepts such as budgeting, saving, and investing is crucial for everyone, children included. Financial literacy is the ability to comprehend and make decisions that contribute to financial readiness. This proficiency isn’t inherently taught in schools and often falls on parents or other family members.

Near the top of the list at the start of every year are often financial resolutions—commitments to save more, spend less, pay off debt, or prepare for upcoming financial milestones. The challenge, however, lies in sticking to these financial resolutions throughout the year. Here are some strategies and tips to help improve the likelihood of sticking to resolutions.

A Roth conversion is the process of moving assets from a Traditional, SEP, or SIMPLE IRA, or from a qualified retirement plan, into a Roth IRA. When the conversion occurs, taxes are due on contributions and the accumulation. However, qualified distributions of earnings are tax-free later.