The White Coat Investor just wrote a detailed guide on how to do a backdoor Roth IRA. It is a must read if your income is over the limit and you need to take advantage of a backdoor Roth IRA. The author shows each step from making the contribution to filling out the tax form 8606. The three main steps detailed as follow: “1. Get rid of any SEP-IRA, SIMPLE IRA, traditional IRA, or rollover IRA money. 2. Make a $5500 ($6500 if over 50) non-deductible traditional IRA contribution for yourself, and one for your spouse. 3. Convert the non-deductible traditional IRA to a Roth IRA by transferring the money from your traditional IRA into your Roth IRA at the same fund company.”
Couple Joanna and Johnny shows how two very different people in a marriage can thrive together. The couple states: “We finally found one thing we both agreed on wholeheartedly: what we wanted for our future. And we realized that had to create a budget if we wanted to reach our goals.” It seems that budgeting is the key for the marriage between a spender and a saver.
Check out BBC Capital – Top seven places to retire. It gives you some idea if you are nearing your retirement age and ready to travel. The top seven places to retire are Panama, Equador, Malaysia, Spain, Malta, Portugal, and Thailand.
Forbes also covers some of the best places to retire in U.S. Here are the top 10 places to retire in U.S.:
- Abilene, Texas: Robust economy, cost of living 17% below national average, average home price $142,000 (national average: $209,000). Low rate of violent crime. High number of doctors per capital. Warm climate.
- Asheville, North Carolina: Strong economy and scenic terrain and good weather, cost of living 3% below national norm, average home price $206,000. Abundant doctors. High volunteering culture.
- Athens, Georgia: Good tax climate in bustling college town (University of Georgia). Cost of living 1% below U.S. average, average home price $139,000. Low serious crime rate.
- Blacksburg, Virginia: Economically booming college town (Virginia Tech). Average home price $235,000. Above average air quality. Low crime rate.
- Boise, Idaho: Strong state capital economy. Typical home price $175,000. Good tax climate. Low serious crime rate. Strong marks for bikeability and volunteerism.
- Bowling Green, Kentucky: Vibrant, growing economy in college town (Western Kentucky University). Cost of living 11% below national average, average home price just $138,000, good tax climate. Low crime rate.
- Cape Coral, Florida: Rosy economy in half-century-old Gulf of Mexico cost city developed with a master plan. Cost of living 4% below national average, with home prices also slightly national average at $190,000. Good weather, above average air quality, low serious crime rate.
- Casper, Wyoming: Bracing economy and low unemployment in scenic, mile-high city. Cost of living at the national average, average home price $245,000. Above average air quality. Low serious crime rate.
- Colorado Springs, Colorado: Promising economic outlook and plentiful jobs in the outdoor playground bordered by scenic Pike’s Peak. Cost of living at the national average, average home price $225,000. Above average air quality.
- Columbia, Missouri: Booming economy in classic college town (University of Missouri). Halfway between St. Louis and Kansas City. Cost of living 5% below national norm, average home price $159,000. Abundant doctors per capita. Good bicycle environment.
The Globe and Mail just did an interview with Mr. Money Moustache detailing his approach on how to retire at age 30. Here’s an excerpt: “But even better, choose your career and employer (and gradually build up your own business) in such a way that you can live somewhere beautiful that is affordable. With good Internet access, you can pull in a six-figure salary while living in some seaside haven in Nova Scotia where the houses might cost 80 per cent less. Or you can do what I did and choose any other country in the world, figure out the immigration rules and expand your life to include this great new location. Living in Colorado where it is always sunny and I can ride my mountain bike on red rock trails in the middle of January, we also come to Canada and spend every summer there with family and friends. This was well worth the hassle of getting a degree in a portable field, deciphering a few government forms and going to some job interviews.”
Peter Adeney, the man behind Mr. Money Mustache, actually earns around $400,000 a year on his blog. His blog Mr. Money Mustache is currently one of the top blogs on the list of Top Personal Finance Blogs. Now that he’s retired with more money his family ever needs, Mr. Money Mustache plans to donate to money to worthy charity.