At this time of year, most of us should have received all needed tax forms, and be ready to file our Federal and State tax forms. In my case, I have enough paperwork coming in from enough places that I have to check each sheet against a list I've made to insure that I have everything needed for my accountant. Since my brother takes care of a the finances of a joint investment we own, I end up waiting for an extra month before sending paperwork to my accountant.
This year, I have to ask my account a simple question. Does it make sense for me to drop the maximum amount I can contribute into a Roth IRA? I'm not sure of where the stock market is headed, but I know that I want the tax advantages of a Roth IRA, as I will not need the principal invested for at least 5 years. (It makes sense for me to work part time, so that I can put money into this type of IRA.)
The big question I have to ask of myself: Do I want to work part time after I reach the age where I can collect Social Security? What are the tax consequences? How much more paperwork will I have to deal with if I do so? (I can only imagine the headaches I'll face if I ever change my name....)
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