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Severe US winter storm could bring heaviest snowfall and coldest temperatures in over a decade BBC.comMajor winter storm bears down on America's midsection, as millions face snow, ice or heavy rain CNNDrivers skid and crash as wintry mix grips central US before moving east The Associated PressWhat to know about the heavy snow and ice storms soon to hit a swath of the U.S. The Washington Post
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Biggest winter storm in over a decade forecast to hit tens of millions of Americans BBC.comSt. Louis winter storm: How much snow and ice will we see? KTVI Fox 2 St. Louis'Heaviest snowfall in over a decade': Mega winter storm bears down on millions AOLWhat to know about the heavy snow and ice storms soon to hit a swath of the U.S. The Washington Post
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If you're like most Americans nearing retirement, you're worried about whether you have enough savings. In fact, only 22% of those approaching retirement believe they've saved enough to retire comfortably.
At a time when the stock market is down, inflation is rising and Americans are living longer than ever, concerns over the sustainability of retirement savings are no surprise. What you may not realize is that there are approaches that can stretch the savings you do have to position yourself more favorably in retirement.
SEE MORE Even the Experts Can't Figure Out How to Plan for Retirement Income
One such strategy is Roth IRA conversions. Essentially, when you make a Roth conversion, you pay the taxes that would otherwise be due during retirement at the time you convert. Then, when you retire, you've already paid the tax that you would otherwise pay during retirement on required minimum withdrawals (RMDs) from traditional IRAs. As tax laws currently stand, those withdrawals must begin at age 72.
By engaging in Roth conversions, you gain freedom from at least some of your RMD requirements, while also positioning yourself to ultimately pay lower taxes in retirement. In this article, I'll walk you through the four-step process you can follow to lower your taxes and stretch your savings dollars further in retirement.
Step #1: Assess Your Retirement Savings
The first step in this process is to analyze your retirement savings. By
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