In 2010, going tax-free by converting to a Roth IRA for retirement is a hot topic covered by Business Week Magazine recently. Such a move could save thousands of dollars later in life, say financial experts across the board, pointing to federal and state taxes that are likely increase.

Currently tax rates are at 25 to 35 percent, but if taxes are increased, the rates could go as 45 percent in 2011, and that’s quite a bit of cash to dole out in one’s golden years.

In 2010, those in the annual wage bracket of $100,000 and up may convert from a traditional IRA to a tax- free Roth IRA, according to Bernadette Holland, a certified financial planner, and vice president of the Holland Group, Janney Montgomery Scott, Bethlehem, PA. Holland hosts seminars in her area for those qualified candidates interested in learning more about the changes in federal codes.

One glitch, to convert to a Roth IRA, one needs $35,000 to do so.

In addition to speaking with a qualified financial planner, Holland also suggests interested individuals to inquire about converting to a Roth IRA with their attorney and CPA.

For more information about The Holland Group, Janney Montgomery Scott, visit visit http://www.jmsonlinefc.com/thehollandgroup/

Long-term health care insurance is not necessarily a hot topic around the water cooler. However estate and financial planners assert that long term plans for the retirement and baby boomer set should be getting more buzz, particularly with health care reform and talk of Medicare reductions in the national spotlight.

“As a larger percentage of the population moves into retirement phase, and a larger number of people are living longer, the insurance industry is becoming increasingly competitive with policies for long term health insurance,” says Richard Eckhoff, a certified financial planner with Monmouth Investment Advisors, Lincroft, N.J.

Eckhoff, who also serves as president, Network 1 Assurance, Red Bank, New Jersey, says newer plans address the golden years, and cover whether a long term health need arises.”

Stuart Sturrock, a senior living specialist and co-owner, MillBrook Home Care Partners, Center Valley, Pennsylvania, notes that current health care plans leave a dose of gray areas when it comes to home care, and quality of living.

Currently, plans favor either a senior citizen who is hospitalized, or living solely in a care residence.

“It’s far less expensive and far better for the family if a senior can continue to live at home,” notes Sturrock. He says that many seniors are capable of residing at home, but may need help with the basics: shopping, groceries, basic home chores, bathing, grooming, etc.

Looking at how to improve long term health care needs by allowing seniors to reside at home would greatly reduce anxiety and cost, particularly as Medicare cuts loom ahead, adds Sturrock.

In fact, today’s baby boomers whose own parents have long term health care needs is often a reality check of what they, themselves may be in-store for in the future.

“Most of the problems with care for the elderly occur when there is not enough money to care for them properly. There’s feelings and emotions for loved ones who need it. It is an emotionally loaded topic,” adds Eckhoff.

In most U.S states, the cost of a quality senior care residence or nursing home currently costs about $11,000 a month.

The good news: new long-term health care policies are far more comprehensive than a decade ago. And with experts like Sturrock speaking out about the needs for seniors and home care, perhaps .. will be met.

“The newest policies have evolved tremendously over the past five years, giving far more coverage and peace of mind,” adds Eckoff, noting some points to consider:

• Long term health care plans pays for the cost of long-term care, whether one needs assisted living, or home health care.

• Policies are based on certain “triggers,” or “activities of daily living,” also known as ADL’s in the industry.

• Long-term health care insurance assures health care for those living with needs not covered in a regular hospital.

• Time to consider whether to purchase such a plan, is when one is entering retirement phase. The earlier one enters a plan, the more cost effective.

• Individuals with a family history of long term genetic ailments, may consider purchasing such a plan earlier in life.

• The newest plans are far more cutting edge, and far more flexible than previous plans on the market.

• Consumers should consider such policies from an estate planning aspect, and consider a policy from a larger, recognized insurance name.

1. It’s still not too late to set aside cash and a cash budget for holiday gift giving.
2. This year, early October is a great month to peruse special discounts on pre-holiday bargains for everything from electronics to apparel, toys, gadgets, and jewelry.
3. A credit card should be viewed as a tool, not a necessity for holiday shopping. Thus, if you can’t pay the credit card off the month after you purchase, do not use it for holiday spending.
4. Every time you use a credit card, be aware of the asset ratio and ability to pay back.
5. If gifts or essentials are placed on a credit card this holiday season, be certain to use a credit or debit plan that offsets purchases by accruing rewards you truly need, such as travel, hotels, miles, or better yet, savings in a bank account.
6. Get crafty and create gifts everyone will love on a budget.

Stay tuned to Wellspring Health and Style for our editor’s picks for holiday giving with recipes, and ideas for making gifts from scratch, at home.