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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Should You Choose a Regular 401 K or Roth 401 K
Many employees have a new retirement-saving option, and many more will have that option over the next year or two. Should you take this option? In addition to regular 401(k) plans, employers now can offer Roth 401(k)s. The rules are very simple. There is no tax break for deferring salary into the Roth 401(k); it […]
New Estate Planning Rules on IRAs and Trusts
The IRS recently made it easier to use a trust with your IRA to protect assets for future generations. You still should use an Estate Planning attorney to ensure things are done properly, but the new ruling adds more certainty than we had in the past. The type of trust people most often want to […]
Inheriting 401(k) Plans has become Easier
Income taxes are likely to be lower for many who inherit 401(k) plan accounts and other employer retirement plan accounts, thanks to the pension reform law the President signed into law in August. The law puts non-spouses closer to an equal footing with spouses who inherit the accounts. Employers are not required to give heirs […]
How to Plan for New IRA Benefits in 2010
Retirement account owners, especially up-per income owners, will receive significant new tax benefits in 2010. These benefits can be maximized if a plan is established now and actions are taken over the next few years. Two tax benefits begin in 2010, if Congress does not change the law. The first benefit is the repeal of […]
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Nine Important Questions to Ask IRA Custodians
IRA custodians are not all the same. Most people know that and do some comparison shopping before they select a custodian. The comparisons usually end with fees and investment choices. But other IRA issues can matter more and can dramatically affect the percentage of your IRA that benefits your heirs. A custodian needs to be […]
How To Avoid Costly IRA Mistakes
Though set up to help regular people save, IRAs are fraught with complicated tax rules. Missteps can be made without the owner knowing it until it is too late to correct the problem. The result often is higher taxes and penalties. Sometimes the result is reduced IRA options. Here are some little-known but very common […]
Should you Stay in the 401(k) or Roll Over?
Handling the 401(k) balance at retirement once was an easy decision. In almost all cases, it made sense to have the balance rolled over into an IRA. Things are changing. New retirees might find it advantageous to stay with their 401(k) plans after retirement. There are many reasons to transfer out of the 401(k) plan […]
Five Proven Ways to Reduce the Mortgage on your IRA
Most people who are busy accumulating large balances in their IRAs and 401(k)s forget that the IRS holds a mortgage on those accounts. You put pre-tax dollars in the accounts and let income and gains compound tax deferred. But that balance in the IRA is not all yours. The price for those tax breaks is […]
