Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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Near the end of the year is when many people consider converting traditional IRAs to Roth IRAs. Often in “Retirement Watch” and in my books, I explain when it is a good idea to convert your IRA. Since the advent of Roth IRAs, I’ve been at the forefront of determining when it makes sense to […]
It is time for IRA owners to be proactive by planning and implementing their strategies for the rest of the year. There are many steps that can in-crease the after-tax wealth of your IRA.These actions can reduce income taxes,avoid penalties, increase after-tax investment returns and more. But you don’t want to be like most people […]
The number of people naming charitable trusts as IRA beneficiaries is climbing, and for good reasons. Typically, IRA beneficiaries are individuals, often the surviving spouse or the adult children of the owner. The goal often is to create a Stretch IRA, with the beneficiary taking only required minimum distributions (RMDs) each year so the tax-deferred […]
There have been a lot of reports the last few years detailing the level of underfunding in state and local government pension funds. Most of these focus on how much money taxpayers will need to come up with in the future to make up the shortfalls. But lately there’s been another focus. Some argue that […]
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This month we’re going to look at what lately has been the question I’m asked the most distribution from a Roth IRA isn’t tax free until at least five years have passed. Longtime readers know I believe rules of thumb and shortcuts are dangerous, and this is a good example. The summary stimulates a lot of […]
One of the questions I receive most frequently from Retirement Watch subscribers is how to make estate planning gifts. Let’s take a look at the issues that recur among many readers. Gifts to family members are one of the staples of estate planning. But the tax law has changed, and that’s altered the role of […]
The Backdoor Roth IRA is a strategy available to someone who wants to contribute to a Roth IRA but whose income exceeds the contribution limit. The person can make a nondeductible contribution to a traditional IRA, and then convert that amount to a Roth IRA. There should be no income taxes on the conversion, if […]
One of the most difficult financial tasks facing a surviving spouse is how to handle the individual retirement accounts (IRAs) and other qualified retirement plans. Mistakes often are made with inherited IRAs, whether they are inherited by spouses, children or others. It is understandable. Retirement accounts are treated differently than most other assets in the […]