Word: convert
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Scali's comments came on the heels of a public announcement earlier this month by 7-Eleven and its parent company, the Southland Corporation. Southland has agreed to purchase 132 of the Massachusetts-based Christy's convenience stores for an undisclosed sum of money and convert them into 7-Eleven franchises...
...what's good for Roth and for Everyman isn't necessarily good for you. The Roth, as it's known, could stand improvement. For starters, there are ridiculous income limits. Couples earning more than $160,000 a year are ineligible, and if they earn $100,000 they can't convert an old IRA to the Roth. Boohoo for the rich? Not quite. A pair of big-city schoolteachers may not be able to convert, while some millionaires can. How? Defer a bonus. Take time off. For one year, just don't earn...
...which allows you to put away before-tax money and pay tax upon withdrawal, remains useful. But restrictions cut most people out. Still, there's $1.3 trillion sitting in the things, thanks to years of 401(k) rollovers and initially generous IRA terms. Much of that should and will convert to new Roth accounts, and that is plainly what's behind the current Roth marketing blitz...
...fall for it blindly. When you convert, you must pay tax on the whole bundle. Converting makes sense if you have non-IRA funds to pay the tax and will stay in the same tax bracket or move to a higher one. It helps if you invest in stocks and have 10 years before you'll need the money. If that's you, convert this year while the taxman is running a Roth special: you get to spread the tax liability over four years. But if you're near retirement and lean toward bonds or CDs, converting...
...conditions in our country today. This great nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself--nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days...