Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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As part of your estate plan, you need to consider whether it’s possible your IRA or 401(k) could end up in the hands of creditors of one of your heirs. A general rule is that qualified retirement plans are exempt from bankruptcy claims. But that general rule applies only to the original owner of the […]
Interest in true self-directed IRAs is increasing, and that naturally is increasing the number of scams based on self-directed IRAs. The scams target primarily retirees and older Americans. A true self-directed IRA is one that essentially can invest in any asset allowed under the tax code. The tax code prohibits an IRA from owning only […]
Though the rollover is the most frequent IRA transaction, most people do only a few rollovers during their lifetimes. A consequence of this inexperience is that too many mistakes are made and people pay unnecessary taxes and penalties on their retirement nest eggs. There are more than 30 types of rollovers, though taxpayers often know […]
More money than ever is moving from 401(k)s to IRAs, and regulators don’t like some of the choices people make with their money. More than $600 billion was rolled over from 401(k)s to IRAs in 2020, according to the Secure Retirement Institute (SRI), which estimates that within five years the annual rollover amount will exceed […]
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A little-known strategy can help many people quickly generate large Roth IRAs. Some call it the Back Door Roth IRA and others call it the Mega Roth IRA, though both those nicknames also are used for other strategies. Some even call it the Mega Back Door Roth IRA. Whatever name you want to give it, […]
It is time to answer this question in the newsletter, because I have been receiving emails regularly asking about it. I advise my readers not to name a trust or their estate as beneficiary of an IRA, except for certain types of specially designed trusts. They also shouldn’t fail to name a beneficiary, because that […]
There’s a lot of interest this year in converting traditional IRAs and 401(k)s to Roth IRAs, and that’s caused a lot of people to ask about the confusing “five-year rule” for Roth IRAs. We recently had a teleforum with my readers, and the five-year rule was among the most-asked questions sent by email before the […]
The required minimum distribution from a qualified retirement plan varies from year to year. The amount depends on the age of the account owner or beneficiary and the account balance. What Is the Required Minimum Distribution? The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax deferral of […]
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