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(NECN) – For more on how to plan your finances for retirement, we were joined by Jennifer Lane of Compass Planning Associates.
Mark from Burlington, Mass. wrote, “I converted my regular IRA to a Roth IRA in June. Now I'm expecting a bonus that may make my income too high for a Roth. What are my options?"
Lane said there is no income limit for conversion and that people can undo a conversion.
Beth from Worcester, Mass. asked, "I turned 70 in September. Do I have to take a certain amount out of my IRA this year?"
Lane said that taking money out is due Apr. 1 the year after someone turns 70 and ½. She said to plan to take some money out in 2014 and some in 2015.
Jillian from Boston wrote, “My daughter worked this summer. I'd like her to use the cash for college but is she eligible for a Roth IRA?”
Lane said she is eligible if the earnings are $5,500 or less. She said watch out if it is a small amount because some companies have a minimum amount.
If you have a question, you can email Lane at Jennifer@necn.com.