Reported about 1 year ago
Financial advisor Michele Cagan provides advice to a 48-year-old individual earning $310,000 annually with $546,000 in retirement savings but with a spouse on disability and no 401(k) plan. Options include contributing to a traditional IRA (non-deductible), opening a spousal IRA for the non-working spouse, and considering a backdoor Roth IRA since direct contributions are restricted by income. Additional suggestions involve optimizing mortgage payments, considering high-yield savings accounts, and seeking guidance from a financial advisor for retirement planning and maximizing savings.
Source: YAHOO