Individual Retirement Accounts - IRAs
Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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More Lowdown on Roth IRA Conversions
The Roth IRA conversion opportunity is getting closer. Last month we discussed the basics of the opportunity and who should consider taking advantage of it. We continue the discussion in this visit with more details about the rules and ways you can enhance the benefits. To review from last month, next year the income limit […]
Returning Unwanted 2009 RMDs
Late in 2008, Congress suspended required minimum distributions for IRAs for 2009. If you are over age 70½, you don’t have to take an RMD for 2009. Some people did not receive word of the suspension before they took their RMDs in early 2009. Others had periodic distributions scheduled, and the distributions could not be […]
Preparing for the Roth IRA Opportunity
In 2010 all taxpayers will have the opportunity to create a tax-free stream of retirement income by converting traditional IRAs into Roth IRAs – and can receive a tax incentive to convert. Most Baby Boomers aren’t even aware of the upcoming conversion opportunity, and only a minority plan to convert, according to recent surveys. That’s […]
Understanding the 10% Penalty and Roth IRAs
One of the more confusing aspects of Roth IRAs is the 10% penalty for early distributions. The penalty is different for regular Roth IRAs and converted Roths. Tax-free distributions from Roths might be penalized. Don’t confuse the rules on taxes with the penalty. The same penalty and exceptions apply to traditional and Roth IRAs, unless […]
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Rollovers: When to Do Them; Doing Them Right?
Under the radar of most of the media and other observers is one of the fastest-growing and most important transactions in personal finance. It and the follow-on transactions are critical to the financial lives of most Americans. Yet, people receive little guidance on the transactions and frequently have thousands of dollars siphoned as a result. […]
Who Will Benefit from Your IRA?
One of the most important decisions about an IRA is naming the beneficiary or beneficiaries. There are many candidates for the biggest mistake made by IRA owners, and one of the leading contenders is the failure to name a beneficiary or naming the wrong beneficiary. If no beneficiary is named, the estate is the beneficiary. […]
Roth IRAs for Summer Work
Here is a power-packed way to help your grandchildren or children this summer. It gives them a financial incentive to work, but it also is a long-term incentive that will show them the value of saving and investing. Plus, you will provide them the core of a nest egg with Roth IRAs. The strategy is […]
Early Distributions Without Penalties
When cash is tight, people often tap their IRAs or other retire-ment accounts. There could be a penalty for doing so if you are under age 59½. But even then with a little planning you might be able to avoid the penalty and have more after-tax cash to spend. A distribution from an IRA or […]
