Tax season is here and it's not too late to make an IRA - Dallas News | myFOXdfw.com

Tax season is here and it's not too late to make an IRA contribution

Posted: Updated:

Damon Dyas, Certified Financial Planner from Ameriprise Financial Services in Southfield joins Murray Feldman for Money Monday.

"Should you pay off your 21% interest rate credit card or build your emergency cash reserve?"  Most people would think to pay off debt but I would suggest building cash reserves.

Since tax season is upon us reminding viewers that it is not too late to make a IRA or Roth IRA contribution for 2013 would be helpful.  Also not to forget the catch up contribution for those who turned 50 in 2013.  Higher income earners who cannot contribute directly to a Roth may consider a non-deductible contribution to a traditional IRA then a conversion to a Roth IRA.

The Journal of Financial Planning recently published study suggesting that people should reduce the amount of stocks in their portfolios in the beginning of retirement then gradually increase equity exposure over time.  Doing so will increase the odds of their retirement assets lasting longer.  This is the opposite of what most people have been taught which is to reduce equity exposure throughout retirement. We could discuss the pros and cons of implementing this strategy.

MORE INFORMATION: http://www.ameripriseadvisors.com/damon.r.dyas/myteam/

  • Murray FeldmanMurray FeldmanMore>>

  • Money Monday: Social media safety

    Money Monday: Social media safety

    Monday, July 7 2014 9:31 AM EDT2014-07-07 13:31:18 GMT
    The internet is like an elephant -- it never forgets. While spoken words leave little trace and are quickly forgotten, written words endure in the online environment. Whatever you post, tweet, update, share -- even if it's deleted immediately afterwards -- has the potential to be captured by someone, somewhere, without your knowledge.
    The internet is like an elephant -- it never forgets. While spoken words leave little trace and are quickly forgotten, written words endure in the online environment. Whatever you post, tweet, update, share -- even if it's deleted immediately afterwards -- has the potential to be captured by someone, somewhere, without your knowledge.
  • Money Monday: No one has a crystal ball on the market

    Money Monday: No one has a crystal ball on the market

    Monday, June 30 2014 10:44 AM EDT2014-06-30 14:44:05 GMT
    Jonathan Citrin of Citrin Group talks about how make investments after so-called experts were flat wrong about predicting how the market will perform.Play the video in the player to see his interview with Murray Feldman.Click here to learn more about the Citrin Group.
    Jonathan Citrin of Citrin Group talks about how make investments after so-called experts were flat wrong about predicting how the market will perform.Play the video in the player to see his interview with Murray Feldman.Click here to learn more about the Citrin Group.
  • A CEO's exit interview: Alan Mulally on his 8-years at Ford

    A CEO's exit interview: Alan Mulally on his 8-years at Ford

    Wednesday, June 25 2014 4:17 PM EDT2014-06-25 20:17:56 GMT
    Five short videos in what could be described as an exit interview to the media.  For business people of all kinds, there is some real insight to be had here as Murray Feldman poses questions that go beyond the auto industry.  Alan Mulally is candid with his answers.
    Five short videos in what could be described as an exit interview to the media.  For business people of all kinds, there is some real insight to be had here as Murray Feldman poses questions that go beyond the auto industry.  Alan Mulally is candid with his answers.
  • Local NewsLocal NewsMore>>

  • Pensioners approve Detroit bankruptcy plan

    Pensioners approve Detroit bankruptcy plan

    Monday, July 21 2014 11:39 PM EDT2014-07-22 03:39:04 GMT
    The city of Detroit says workers and retirees have approved pension cuts, a crucial step to emerging from the largest municipal bankruptcy in U.S. history. The city reported results Monday after two months of balloting ended July 11. A judge still must hold a trial to determine if Detroit's overall bankruptcy plan is fair and feasible, but support from retirees is vital.
    The city of Detroit says workers and retirees have approved pension cuts, a crucial step to emerging from the largest municipal bankruptcy in U.S. history. The city reported results Monday after two months of balloting ended July 11. A judge still must hold a trial to determine if Detroit's overall bankruptcy plan is fair and feasible, but support from retirees is vital.
  • DPD's 6th precinct struck by bullets in drive-by shooting

    DPD's 6th precinct struck by bullets in drive-by shooting

    Monday, July 21 2014 11:06 PM EDT2014-07-22 03:06:31 GMT
    Detroit police say bullets struck the 6th Precinct building during a drive-by shooting. This was the same precinct where four officers were shot back in 2011.
    Detroit police say bullets struck the 6th Precinct building during a drive-by shooting. This was the same precinct where four officers were shot back in 2011.
  • City turns down Vinsetta Garage's new parking proposal

    City turns down Vinsetta Garage's new parking proposal

    Monday, July 21 2014 10:31 PM EDT2014-07-22 02:31:49 GMT
    Vinsetta Garage, a popular restaurant in Berkley, proposed to tear down several homes and build a parking lot to solve the parking issue in the neighborhood, but the proposal was turned down Monday at city hall.
    Vinsetta Garage, a popular restaurant in Berkley, proposed to tear down several homes and build a parking lot to solve the parking issue in the neighborhood, but the proposal was turned down Monday at city hall.
Powered by WorldNow

KDFW FOX 4
400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices