As Russia-Ukraine tensions roil the markets, now is a good time to deploy any available cash in your retirement accounts, according to financial advisors.
Barse said he is urging clients to take a proactive approach to see how they can take advantage of current market conditions.
Certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland, said she had her 25-year-old daughter fully fund her Roth IRA account over the weekend. "The best thing for you to do is not panic," Cheng said she told her daughter. Cheng also said that if someone is in a good position, now is a good time to invest.Investors may also want to consider Roth conversions, Barse said, which involves transferring retirement assets from traditional IRA or other pre-tax retirement account to post-tax Roth IRA. The transfer will create a tax liability now, which could be reduced in a down market.
Tax-loss harvesting enables investors to sell investments at a loss and replace them with other securities. This can help reduce the taxes paid on investment gains or other taxable income. Importantly, investors would need to hold off on buying the same or similar securities within 30 days before or after the sale, so as not to run afoul of IRS wash sale rules and trigger penalties.
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