Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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Trial attorneys have been suing 401(k) plans in recent years for not giving participants good deals. The Supreme Court handed another defeat to the 401(k) plans, finding that the statute of limitations is renewed each time the plan’s board reviews investment choices. And a plan can be sued for a high-cost or high-risk investment option […]
Over the years economists discovered that people would save more for retirement if 401(k) plans set a default initial savings rate instead of providing there would be no savings rate unless the employee selected one. There’s a lot of inertia in people. Many people will leave their contribution rate at the default, because they don’t […]
IRA rollovers at first seem commonplace and easy. There even are television commercials about them. Yet, there is a lot more to rollovers than many people realize. When you don’t know the details, you risk losing money to taxes, penalties, and bad decisions. There are 31 different types of rollovers in the tax code, says […]
Most people in retirement planning learn that age 70 1/2 is important. Here’ an article arguing that the year before is more of a benchmark. You have to start planning for the following years’ RMD, and it also means you’re approaching other key IRA milestones. Age 69 1/2 is a big deal, a major year […]
What you don’t know about retirement can hurt you. In fact, just a few wrong decisions in your investments, taxes, or estate planning could completely derail your retirement plans. Worse yet, the rules of the game keep changing, making it harder to keep up. For these reasons, I’ve assembled all the key points – everything you need to know — into one comprehensive report. Click here today for free access.
It is past time to consign to the dustbin of financial history another long-time financial rule of thumb. I hear it regularly when making presentations. People say, “I thought it never was a good idea to buy an annuity in an IRA.” That used to be reasonable advice but no longer is in many cases. […]
A stream of tax-free income interests many people, and they know that a Roth IRA is a good way to establish tax-free cash flow. But they don’t want to pay taxes before they have to and balk at the tax cost of a conversion. To convert a traditional IRA to a Roth IRA you include […]
IRAs seem simple at first. You make contributions and manage the investments. Over time, however, IRAs become more complicated and even inconvenient. IRAs become especially troublesome for people as they begin to take distributions and especially after they reach age 70½ and beyond, because of the required minimum distributions. The RMD rules are not what […]
People in their late 70s and beyond often find that the RMDs increase over time and create higher income tax burdens for them. Fortunately, there are strategies for those who don’t want that steady increase of distributions during their lifetimes. l Take money out of the IRA before you are required to, and the earlier […]
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