Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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Roth IRAs remain one of the most neglected tax and financial planning opportunities. Even many of those who convert their traditional IRAs to Roths don’t take advantage of all the strategies available to maximize tax-free wealth. It’s understandable that people are slow to convert their traditional IRAs to Roths. There are many factors to evaluate […]
The five-year waiting period for Roth IRAs causes some confusion, because the rules are confusing. For a distribution from a Roth IRA to be tax-free, it must be made after the later of the owner’s turning age 59½ and when the owner has had the Roth IRA for at least five years. For distributions from […]
People are most prone to make expensive mistakes and miss opportunities with the IRAs when it is time to take distributions. Required mini-mum distributions (RMDs) for those over age 70½ are a key source of lost wealth, and that is only going to get worse. The IRS in recent years concluded that RMD mistakes are […]
Most people don’t make the most of their 401(k) plans. They rely too much on the advice of the plan custodian or the default rules set by the plan. They also don’t fully understand the investments and other options offered by the plan. Improve your 401(k) account to start the year. Read this piece with […]
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IRAs are among the most valuable assets most of us own, especially after we leave an employer and roll over the 401(k) account to an IRA. For people who spent most of their careers as employees, the principal home and the IRA vie for the most valuable asset. Even small business and rental real estate […]
The investment universe is expanding for many IRA owners. Some uses of the accounts that are becoming more frequent are investing in a small business, either your own or that of a friend or relative, becoming a mortgage lender, buying real estate, and investing in gold, among many other investment options. Your IRA doesn’t have […]
Yes, your IRA could be hit with income taxes, even if it’s a Roth IRA. This is nothing new. The potential for an IRA or other qualified pension plan to owe taxes has been in the law for a long time. It hasn’t affected many investors, because it is only in the last few years […]
A goal of many IRA owners is to have their IRAs last the rest of their lifetimes and beyond. They’d like the IRAs to be inherited by loved ones and ultimately help fund the heirs own retirements or other needs. This goal is known as the Stretch IRA. The IRA’s life stretches for decades and […]